Gritty, underutilized and peppered with graffiti, Memorial Drive is poised to look radically different in the next 18 months. Three large developers are leading the charge to bring apartments, retail, and dining options to this stretch of state highway that connects established neighborhoods Grant Park, Reynoldstown, and Cabbagetown. Memorial Drive Development will be a boon for nearby employers and developers alike.
A February Atlanta Magazine survey of millenials provides a glimpse into the demographic developers are hoping to attract. When asked, “Do you see yourself living in metro Atlanta 10 years from now?” 33% answered definitely, while 48% answered maybe. The main factors driving these affirmative, or at least lukewarm responses, were cultural attractions, restaurants, and employment.
Proximity to downtown Atlanta employment is paramount with 56% of respondents considering it “very important to live near where they work.” With the King Memorial Marta Station Stop at 377 Decatur Street and Bus #21 along Memorial Drive, residents can arrive at the downtown core in under 10 minutes.
A well-regarded study by a group of Georgia Tech students envisioned a safer and more walkable Memorial Drive. A former student was recently hired to work with GDOT and improve the bicycle and pedestrian infrastructure along Memorial Drive.
Allow us to share our three favorite Memorial Drive development projects
1. Fuqua Development’s purchase of 17 acres along Atlanta BeltLine’s Eastside Trail and purchase of the 300,000 square foot former Leggett & Platt building.
Fuqua has already put its money behind its belief in this area that is so close to the downtown core. They are the development firm behind Glenwood Place, which broke ground in the spring of 2015 at Interstate 20, Bill Kennedy Way, and Glenwood Avenue. By utilizing a large grocery store as an anchor, Fuqua made sure to include senior housing along with Class A apartments, and retail and dining options. Since Fuqua has other investments in close proximity to their recent Memorial Drive acquisition, we’re looking forward to their second mixed use development that will offer a multitude of options for future residents.
2. Urban Realty Partners plan for 300 apartments at 780 SE Memorial Drive.
These residences will be located right next to a planned overhaul of the former Habitat for Humanity building. This will feature “mom and pop” shops, which could include a pharmacy, dry cleaner, and doctor’s office. These residences also benefit from having an established neighborhood directly to the west.
3. Paces Properties strategy to transform the Atlanta Dairies building, into a bustling home for live music and locally owned businesses.
A search for nearby music venues shows a dearth of live music along Memorial Drive, save for a few bars. A unique concert venue adds to Atlanta’s cultural scene. This is highly valued by the 21% of Millenials who cited “cultural attractions” as the top reason to live in Atlanta.
EpiCity continues to monitor Memorial Drive for available properties that meet our standards for investment. We have acquired properties along this stretch of Memorial Drive and are currently in talks with investors. Please contact Tom at (404) 995-9595 or at TStokes@EpiCity.com if you are interested in future opportunities.