Toro JV Lands $560M for Atlanta Mixed-Use Project
The funds cover the development’s first phase, which will include 375 units.
A joint venture between Toro Development Co. and Ascentris has secured financing for the first phase of Medley, a $560 million, 960,000-square-foot mixed-use development near Atlanta. Funding included an equity investment from Ascentris and a $158 million construction note issued by Banco Inbursa.
Upon completion in late 2026, Medley will include 750 multifamily units, 150,000 square feet of retail space, 110,000 square feet of office space, a 175-key hotel, 133 for-sale townhomes, as well as a 25,000-square-foot plaza.
In March, the developer acquired a suburban office park for $44 million and during the pre-development phases, Toro razed the 350,000-square-foot office building. Nelson Worldwide provided design services for the mixed-use project, while Kimley-Horn served as engineer and Site Solutions planned the landscaping. Construction is expected to commence in December.
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According to a City of Johns Creek council meeting, the first phase will deliver much of the commercial space, as well as the townhomes and 375 multifamily units. The second phase is slated to bring online another 375 units and the remainder of the commercial space.
To grant the needed rezoning, the council imposed certain conditions. Among them was the limitation of multifamily floorplans to studio, one- and two-bedroom floorplans in structures no greater than four stories high.
Located on 43 acres at the intersection of McGinnis Ferry Road and Johns Creek Parkway in Johns Creek, Ga., the mixed-use development neighbors an underway life science facility by Boston Scientific and is within walking distance of a 300,000-square-foot retail center. Downtown Atlanta is roughly 32 miles southwest.
Since its inception in 2006, the City of Johns Creek has gathered a population of more than 84,000 residents as of 2022. Considering its growth, a master-planned, 192-acre development emerged. Medley is part of that master proposal—dubbed Town Center Vision and Plan—which seeks to blend housing and commercial space through new public pathways and parks.
Mixed-use projects attracting investment
The strong fundamentals of mixed-use real estate remain attractive to investors, despite a frigid market, Mark Toro, founder and chief vision officer of Toro Development Co., said in prepared remarks.
Before founding the company in 2021, Toro was a chairman of North American Properties where he played a pivotal role in the repositioning efforts of the 1.3 million-square-foot Atlantic Station and the ground-up development of the $1 billion, 2.3 million-square-foot mixed-use Avalon community which features 526 multifamily units.
Atlanta’s advertised rates slump as supply hits the market
On a trailing 12-month basis through September, developers brought online more than 25,400 units throughout Greater Atlanta, accounting for 4.0 percent of stock, according to Yardi Matrix data. Given the supply glut, the advertised asking rental rates cooled by 2.0 percent year-over-year as of September.
A-Town’s supply pipeline still held upward of 35,200 units underway as of November, the same source shows. One project underway is Oak Grove Vista, also a mixed-use development in McDonough, Ga. A joint venture between Atlantic American Partners, Township Capital and Vista Residential Partners broke ground on the 348-unit project last year. Preleasing is expected to start next month.
