Toro JV Breaks Ground on Phase 2 of Atlanta Mixed-Use Development
The partners secured a $90 million construction loan for the project.
Toro Development Co. and joint venture partner Ascentris broke ground this week on Encore, the second phase of its $560 million Medley mixed-use community in Johns Creek, Ga.
Encore, which will bring 408 additional multifamily units and 20,000 square feet of ground-floor retail to the Atlanta-area site, is slated for completion in 2027. Movement on the new phase comes soon after the joint venture secured $90 million in construction financing.
At full build out, Medley will encompass 881 luxury residences, featuring a mix of townhomes and apartments, 145,000 square feet of retail and restaurant space, a 150-key boutique hotel, 110,000 square feet of lifestyle office space and a 25,000-square-foot plaza that will be activated with space for up to 200 events a year.
The developers are currently preparing for the fall opening of the 960,000-square-foot mixed-use development’s first phase. Townhomes and 375 multifamily units are being planned alongside most of the commercial space, which is set to 125,000 square feet of retail and a hotel that’s expected to open in 2028.
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TDC and Ascentris secured financing for the first phase in November 2024, including a $158 million construction loan originated by Banco Inbursa and an equity investment from Ascentris, a Denver-based real estate private equity firm.
Located at the intersection of Johns Creek Parkway and McGinnis Ferry Road, the development will be situated near a Boston Scientific life science facility and within walking distance of a 300,000-square-foot retail center. The community is about 32 miles southwest of downtown Atlanta.
Retail, restaurant roster announced
Residents of Encore, Medley and the greater Atlanta metro will be able to visit, shop and eat at a wide variety of businesses featuring a mix of national brands and local favorites.
The developers have so far executed 37 leases at the site, representing 78 percent of the project’s retail space and 82 percent of the office space. The latest brands announced include retailers Warby Parker, Hollow Oak, a home goods and bookstore and 13 Hub Lane, a lifestyle boutique featuring furniture, décor, art, apparel, gifts and baby items along with a furnishings design studio. The new tenants also include The Commodore, an Atlanta-based barber; along with eateries such as Indian restaurant Tabla, The Nest Café and CT Cantina & Taqueria.
TDC’s other endeavors
Toro has other mixed-use developments underway in the Atlanta area. Earlier this year, the firm began construction on Overlook, a 301-unit multifamily development integrated within Cumming City Center, a 95-acre mixed-use district in Cumming, Ga. The first units at the suburban Atlanta development are expected to deliver in fall 2027. Overlook will be the first multifamily component within the district.
Cumming City Center is a walkable development that serves as a community hub with an amphitheater for live music and other events. Located about 40 miles north of downtown Atlanta, the neighborhood also includes shops, restaurants, green space, walking trails and a new municipal building. TDC secured financing in February from Pinnacle Financial Partners for Overlook. EBSCO Real Estate is the sole equity partner. Dwell Design Studio is the project’s architect.
