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T.D. Jakes Real Estate Ventures intends to develop a mixed-use, mixed-income project on a 94.5-acre site in Fort McPherson, it said this week. The announcement came after the Dallas-based company was given the right to purchase the site last week by the Fort Mac Local Redevelopment Authority.
The redevelopment agency also opted last week to sell an additional 37.5 acres of Fort McPherson property to Tyler Perry for an expansion of Tyler Perry Studios. The actor and producer already owns more than 330 acres of Fort McPherson land.
T.D. Jakes said this week that its project will be adjacent to Tyler Perry Studios, between it and Lee Street and on the south side of Fort McPherson. Along with mixed-income housing and retail, its project would include an entertainment component with retail, restaurants, and a theatre district open to the public, the company said.
In their acquisitions, TDJREV and Tyler Perry agreed to pay $29 million and $8.4 million, respectively, the Atlanta Business Chronicle reported last week.
“Our development vision will reflect important, inclusive conversations, outreach and input from community members to ensure citizens of Atlanta will have the opportunity for new affordable housing and cultural space right in their ancestral neighborhoods,” Jakes said in a statement.
“We share in the City of Atlanta’s belief that the redevelopment of this fertile neighborhood is critical to the future growth of Atlanta.”
TDJREV didn’t respond to a request for comment on its development plans.
The spiritual leader and real estate developer’s track record includes Capella Park, a 400-plus acre community in Dallas.
“My vision is to develop an oasis within our cities for working families, walking them toward economic viability through financial literacy programs, live-work spaces, mixed income housing and multigenerational options that are so imperative to the betterment of our society,” Jakes said in this week’s announcement.