Though discussed for several years, the redevelopment of downtown Decatur’s Bank of America property is closer to reality. MRCT Investments of Atlanta has met all zoning regulations and the next step is permitting, according to Assistant City Manager Lyn Menne
There is yet no projected date for a ground breaking.
The property covers 2.77 acres including the plot once holding the original McKinney’s Apothecary building on Church Street. The first step is constructing a new bank building at the corner of Church and Commerce Drive. Plans call for bank operations to shift into the new building before the project’s remaining build-out so the bank won’t ever closed.
The development will have 232 apartments — including 28 affordable housing units — 25,000 square feet of ground floor commercial/retail and a below-ground 486-space parking deck. In phase two, the current bank site will hold an 80,000 square-foot office building.
The apartments break down into 5 to 7 percent efficiency, 35 to 40 percent one-bedroom, 35 to 40 percent two-bedroom and 10 to 12 percent three bedroom.
Based on current numbers Menne said it’s anticipated that these apartments will supply 23 to 35 school-aged children. The three most recent Decatur apartment developments — Arlo, Alexan and Place on Ponce — add a total 98 students to City Schools Decatur.
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