One of the partners in the redevelopment of the former General Motors plant in Doraville has proposed a separate $150 million mixed-use community along Buford Highway in the northern DeKalb County city. Backers and city officials hope the development will spur more growth in the corridor.
Stephen Macauley and one of his firms, Macauley Investments, have pitched a blend of about 500 apartments and senior residences, 14 town homes, retail, restaurants and a 140-room hotel on the site of a former Kmart just north of I-285.
The project is about a mile northeast of the Doraville GM plant where Macauley is part of a team revitalizing the old auto plant.
Luke Howe, head of economic development for Doraville, said the Kmart site is one of the city’s top priorities and the largest project along the highway in a generation.
In an interview this week, Macauley said the project is designed to be transit-oriented and include a mix of boutiques and international restaurants fitting with the diverse cultures of the city.
The 13-acre site is across the road from the Buford Highway Farmers Market.
The nearby GM project, which is being led by Atlanta-based Integral Group, is not a competing project, Macauley said. There, Integral and another Macauley company, Macauley + Schmit, have announced plans for a movie studio and a walkable mix of neighborhoods, retail and possibly corporate offices on the 165-acre site.
“We don’t see them as competitors at all. They’re complementary,” Macauley said.
Doraville officials have hoped the revitalization of the GM site could be not only a new downtown but spur redevelopment elsewhere in the city of about 10,600 people.
The Buford Highway project will be eligible for property tax breaks under a complex bond and sale-lease transaction with the Doraville Downtown Development Authority. The tax breaks on the property could be worth about $32 million over 20 years, Howe said. The incentive deal isn’t final, but the city and Macauley’s group have signed a memorandum of understanding.
Macauley said the project wouldn’t be feasible without tax incentives because the rents to cover the cost of development wouldn’t be competitive with rents from neighboring centers.
Developers plan to break ground next spring with completion expected in late 2017 or early 2018.
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