Atlanta developer Kaufman Capital Partners has agreed to invest $50 million in a mixed-use project that will transform a moribund, 14-acre shopping plaza at Tilly Mill Road and Peachtree Industrial Boulevard in Doraville, according to a press release.
The development, to be known as The Village at Tilly Mill Crossing, will bring much-needed new, affordable apartments to Doraville, according to company officials. Two residential buildings, ranging from three to five stories, will house more than 300 apartment units plus retail. Kaufman Capital will receive about $19 million in property tax abatements to offset the redevelopment costs. The deadline for the project’s completion has been extended to March 2023 to allow for possible delays precipitated by the coronavirus pandemic.
The 35-year-old shopping center formerly was known as Friday’s Plaza. Much of it currently sits vacant, and more than two-thirds of it will be demolished to make way for The Village at Tilly Mill Crossing.
Kaufman Capital is partnering with Atlantic Realty Partners on the redevelopment. Atlantic Realty Partners’ projects include apartment buildings such as Cyan on Peachtree (Buckhead) and Azure on the Park (Midtown), as well as the Reserve apartment communities in Johns Creek and Decatur and near the Atlanta Braves’ Truist Park.
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