Developer Proposing 23 New Homes Near Toco Hills

Toco Hills continues to be hotbed for redevelopment

A real estate developer is proposing replacing two single family homes on LaVista Road near Toco Hills with 23 new single family townhomes.  The proposal, by Duluth-based Edge City Properties, seeks to redevelop 2312 and 2320 LaVista Road, together just over 4.5 acres, into 23 "fee simple" townhomes.  

The two existing homes are situated between N. Amanda Circle and the Kenco LaVista Apartments.  

The properties, currently zoned R-100 (Residential Medium Lot) needs to be rezoned as RSM (Small Lot Residential Mix) to allow for the new development.  Proposal materials obtained by ToNeTo Atlanta indicate that the development would include eighteen "duplex" homes and five "detached" homes with all homes measuring at least 1,700 square feet.  I have thus far been unable to obtain information on proposed pricing for the units as it may be too early to procure such  details. 

The properties as they are today with two single family homes 

The same properties as planned with 23 townhomes 

Edge City Properties, led by principal Michael Dye, is responsible for a similar project nearby at the northwest corner of North Druid Hills Road and High Haven Court, adjacent to Still Water United Methodist Church.  This project, today known as Enclave at Druid Hills, which I first wrote about in 2014, represents the redevelopment of four ranch-style homes into 20 townhomes.   

Closer to the LaVista project, Taylor Morrison (former Acadaia Homes & Neighborhoods) is underway with their Townsend at Toco Hills development.  The 26-unit "luxury townhome" development represents the redevelopment of an older apartment complex.  According to a sales flyer for the property, Townsend Toco Hills units will be priced from the "mid 400's." 

While it's not yet publicly clear what Edge City has agreed to pay / paid for the two LaVista properties, below are their 2016 DeKalb county property appraisals.  

2312 LaVista Road - 2.7 acres
Land Value - $144,000
Building Value - $216,000 
Total Value  - $360,000 

2320 LaVista Road - 2 acres
Land Value - $77,600
Building Value - $284,000
Total Value - $361,600

In a brief interview with Mr. Dye earlier this week, he indicated to me that even if all goes well, redevelopment is not likely to begin for 12-13 months.  Additionally, Mr. Dye also confirmed my assertion that he is merely the middle man in the redevelopment process.  Dye negotiates and gets permits for land redevelopments in order to flip them to developers to actually build the project.  

Enclave at Druid Hills is being developed by CalAtlantic Homes (fka The Ryland Group).  CalAtlantic is also developing the 65-unit "Towns at Druid Hills" across the street. 

The Enclave at Druid Hills 

While CalAtlantic may eventually be the developer at the LaVista project, Dye indicated he has yet to confirm one.  

Are you in favor of this additional development in the Toco Hills corridor? If not new townhomes, is there something else you would like to see done to this property? What would you pay for a new townhome near Toco Hills?  

Please share your thoughts below.