A developer has officially signed on to invest $50 million in a mixed-use project that will replace an aging and largely empty Doraville shopping center.
Kaufman Capital Partners will receive about $19 million in property tax abatements for its efforts, city officials said.
The redevelopment known as The Village at Tilly Mill Crossing is slated to go up on the site of the 35-year-old Friday's Plaza, located at Tilly Mill Road and Peachtree Industrial Boulevard. More than two-thirds of the existing shopping center will be demolished to make way from more than 300 apartments and about 3,500 square feet of retail.
Kaufman Capital and the Doraville Development Authority entered a memorandum of understanding regarding the project on Monday night.
“The project will accomplish the redevelopment of an area much in need of rehabilitation and will further benefit the city and its citizens by dramatically changing the landscape, visibility and profile of the existing development,” the memorandum said.
In order to qualify for the tax abatements, the developer must invest $50 million in the project. The memo also says the project must set aside three discounted-rate apartments for Doraville police officers.
The deadline for the project's completion was set for March 2023 to allow for delays possibly caused by the coronavirus pandemic.
Kaufman Capital is partnering with Atlantic Realty Partners on the redevelopment.
