Atlantic Realty Partners in partnership with Kaufman Capital Partners is planning to redevelop the shopping center in Doraville once known as Friday's Plaza. The firms plan to demolish more than two thirds of the mostly vacant nearly 130,000 square foot shopping center and redevelop it as a multifamily project that planning documents recently filed with the City of Doraville suggest will bring at least 300 apartments to the property.
Through their subsidiary, Atlantic Residential, Atlanta-based Atlantic Realty Partners has developed a number of multifamily developments in Atlanta and around the county. Locally, the firm's projects include high-rise apartment buildings Cyan on Peachtree in Buckhead (the redevelopment of Dante's Down The Hatch) and Azure on the Park in Midtown, as well as garden style and mid-rise apartment communities under the "Reserve" branding in Johns Creek, Decatur, Atlanta and near SunTrust Park, as well as the recently completed Lumen Grant Park on Memorial Drive, among others.
The approximately 13 acre Doraville site sits along Peachtree Industrial Boulevard, bounded by Van Fleet Circle and Tilly Mill Road, just outside I-285.
The existing shopping center is now just 25% occupied with five tenants. Approximately 93,000 square feet of the center would be demolished. The remaining 4.8 acres with approximately 37,000 square feet of existing space would remain in place. Wellpet Humane Animal Hospital, which occupies a 16,650 square foot space, would be the major tenant to remain in place.
Out-parcel establishments Jimmy's Tequila & Carnes, a Mexican steakhouse, and Oasis Goodtime Emporium, an adult entertainment venue, are nearby, but not part of the center and are not expected to close but will likely be affected by the redevelopment around them. (Prior to Jimmy's, the restaurant was Barnacle's, and before that it was Bennigan's, which like Friday's, was once a popular restaurant chain.)
Property records indicate that the nearly 13 acre shopping center was built in 1985 and sold in 1987 for about $12.8 million. It was purchased in early 2016 by Kaufman for only $6.5 million.
Current ownership adopted the name "The Village at Tilly Mill Crossing" in recent years, given that TGI Friday's, long one of the center's most popular attractions, has been closed for about two decades. (The AMC series Lodge 49 filmed portions of their second season in the former restaurant space in March.)
Another one of the center's more popular attractions was the Six screen movie theater known as the Cineplex Odeon Friday's Plaza Cinema. The theater opened in 1986 and closed in 2000.
Kaufman describes the property: "Formerly known as “Friday’s Plaza,” this Doraville, Georgia shopping center is located on Peachtree Industrial Boulevard at Tilly Mill Road just outside the Perimeter (I-285), and has historically served the north metro Atlanta communities. For decades, this was a successful shopping center but the previous owner lost an anchor tenant and the property spiraled downward. We purchased this property for less than its previous mortgage and are currently evaluating value creation plans."
Prior to Kaufman's purchase of the property, local sources indicate that Home Depot was under contract to relocate their store from across the street to shopping center property, but abandoned their plans in 2009 amidst the financial crisis.
Marketing materials suggest that over 120,000 vehicles drive by the property daily.
Planning documents indicate that current plans are to construct two residential buildings of between three and five stories. "The proposed redevelopment would have between 305 and 320 dwelling units, comprised of (1) 60%-70% one-bedroom units ranging from 550 to 825 square feet, (2) 20%-30% two-bedroom units ranging from 1025 to 1225 square feet, and (3) 5%-10% three-bedroom units ranging from 1200 to 1450 square feet," the plans say.
Are you pleased by the proposed redevelopment of Friday's Plaza? Would you be interested in living in the apartments being proposed? Did you ever eat at TGI Friday's or go the the movie theater?
Please share your thoughts below.