Toro Expands Development Pipeline
The firm purchased the site to build The Reid, a 186-unit partially affordable community in Atlanta.
Toro Development Co. (TDC) has announced its plans to develop a multifamily community in the Atlanta-area. After closing on 1.6 acres of land in Reynoldstown, Ga., TDC plans on beginning construction for The Reid in the first quarter of 2023.
The community is set to have 186 studio, one- and two-bedroom apartments. The Reid will also feature a rooftop pool, as well as ground-level units designed to integrate with pedestrian activity.
“While this team has deep experience in multifamily development, The Reid represents an exciting milestone for Toro Development Co. because it is the first apartment community in our newly formed portfolio,” Richard Munger, partner at Toro Development Co., told Multi-Housing News.
Founded in 2021 by Mark Toro, TDC currently has three other multifamily projects along the Atlanta BeltLine. The Reid marks their first multifamily development, with first units slated to come on the market in the third quarter of 2024.
Approximately 28 units, or 15 percent of the total 186 apartments, will be designated as affordable for residents at 80 percent of the area median income. According to the US Census Bureau, the Atlanta median household income from 2016 to 2020 was $64,179. Affordable and workforce housing demand is increasing in Atlanta, with new developments on the rise.
Maintaining Southern Culture
The Reid, located at 952 Memorial Drive SE., will be built upon land that formerly housed Reid’s Body Shop. Owned by the Reid family, the building was put on the market in 2021 after more than 60 years of family-run operations. As a tribute to the Reid family’s impact on the Atlanta community, TDC has named the new development after them, as well as plans to incorporate memorabilia from the shop as part of the project design.
Located next to Atlanta’s Eastside Trail on the BeltLine, as well as a popular diner called Home Grown, The Reid is in a culturally populous location. Home Grown was not part of the initial land purchase, and TDC has stated in prepared remarks that they hope to see the diner remain in the location for a long time. Other nearby locations include Madison Yards, the Atlanta Dairies and retail spots.