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Toro Development Company (TDC) has closed on a 1.64-acre parcel to develop The Reid, a 186-unit multifamily community on Memorial Drive in Reynoldstown, the company Wednesday announced. The property neighbors the Atlanta BeltLine’s Eastside Trail and Home Grown, a diner known for its Southern fare and retro style.
Fifteen percent of The Reid’s units will be affordable at 80 percent Area Median Income (AMI). The Reid marks the TDC team’s fourth multifamily project along the BeltLine, following Edge OTB, Anthem on Ashley and BOHO4W (now Camden Fourth Ward). Construction will begin Q1 2023 with first units delivering in Q3 2024.
The Reid will be developed on land formerly owned by the Reid family, which served as the location of their business, Reid’s Body Shop. After more than 60 years of operation, the family brought the property to market late last year, paving the way for multifamily residential development as previously zoned by the City of Atlanta.
The TDC team is quick to point out that Home Grown is not part of the land purchase, and they hope the diner will remain a fixture in Reynoldstown for a long time. “Home Grown is an Atlanta icon,” Richard Munger, partner at TDC, said in a press release. “We are big fans, and we know our residents will be too. With Home Grown and the BeltLine as our neighbors, this site is incredibly special, and we are taking great care in creating a place that helps address the significant demand for housing in Atlanta. We look forward to becoming an active member of the neighborhood and will be submitting the SAP in the coming days.”
TDC is honoring the Reid family’s contributions to the neighborhood through the name of the new development and is incorporating original memorabilia from the shop as an important part of the project’s design. These efforts will pay tribute to the family’s decades of positive impact on the neighborhood and preserve its legacy for generations to come.
“We were honored to learn the project would be called ‘The Reid,’” Robert Reid of Reid’s Body Shop said. “Our family has been an active part of the community for a long time, and we are glad the new owners care about the history of the property. We are excited to see this become a great new place for people to live.”
Located at 952 Memorial Drive SE, The Reid will feature a mix of studios, one- and two-bedroom apartments, as well as a rooftop pool. The ground-floor units will be designed to engage the street-level and support pedestrian activity. In addition to the BeltLine and Home Grown, The Reid is a short walk to a variety of retail options, including Atlanta Dairies and Madison Yards.
The Reid marks the first multifamily development in TDC’s portfolio. Founded by veteran real estate developer Mark Toro in 2021, TDC is led by a team including Richard Munger, John Kelley, Vicky Boyce, and Carla Cox. While working together at North American Properties Atlanta, the team led the turnaround of Atlantic Station, the ground-up development of Avalon in Alpharetta, and the redevelopment of Colony Square in Midtown, as well as a variety of best-in-class multifamily communities in Atlanta and Nashville.
Last month, TDC announced the first mixed-use project in its portfolio: the redevelopment of a 43-acre site in Johns Creek. The project will support the city’s recently passed Town Center Vision and Plan, a multi-phased development strategy focused on bringing new retail, dining, residential and entertainment experiences to the community.