Ascentris and Toro Development Company Close on 43-Acre Mixed-Use Development in Atlanta
Denver, Colorado (November 4, 2024) – Ascentris and Atlanta-based developer, Toro Development Company, are pleased to announce the closing of Medley Johns Creek, a 43-acre, $400M, mixed-use community located in Johns Creek, a suburb of Atlanta. Concurrently, Ascentris and Toro closed on a $158M loan with Mexico City-based Banco Inbursa for the construction financing of the project’s first phase. Construction of Medley will commence immediately, with an anticipated grand opening in late 2026.
Upon full buildout, Medley will consist of 150,000 square feet of retail, restaurant and entertainment space, 750 Class A+ multifamily residences, a 175-key boutique hotel, 110,000 square feet of lifestyle office, 133 for-sale townhomes, and an activated 25,000-square-foot central plaza. Medley represents the cornerstone of the City of Johns Creek’s larger 192-acre Town Center Vision and Plan, which will connect together housing, restaurants, retail and offices through new public pathways and parks throughout the community.
Announced retailers for Medley include Ford Fry’s Little Rey, CRÚ Food & Wine Bar, Fadó Irish Pub, Summit Coffee, Lily Sushi Bar, Knuckies Hoagies, Cookie Fix, Sugarcoat Beauty, BODY20, AYA Medical Spa, 26 Thai Kitchen and Bar, Five Daughters Bakery, Drybar® Shops, Minnie Olivia, Burdlife, Amorino, Pause Studio, Fogón and Lions and Clean Your Dirty Face®.
“We are thrilled to partner with such an experienced developer as Toro Development Company on this remarkable mixed-use project. We endeavor to replicate the vibrant sense of community and overall success that Toro has achieved at its previous mixed-use projects, while making Medley a unique project in its own right,” said Ascentris Partner and Managing Director, Tricia Noble.
Toro Development Company founder and Chief Vision Officer Mark Toro added, “Medley represents one of the best suburban real estate sites in the country, and it serves a community that is lacking a ‘Third Place’ to gather with others. Our plan will completely transform a struggling, commodity office park into a walkable, urban oasis for Johns Creek.”
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that provides an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered[1] investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
[1] Being a registered Investment Advisor with the SEC does not imply any level of skill or training.
About Toro Development Company:
Toro Development Company (TDC) acquires underperforming assets and transforms them into vibrant mixed-use environments that achieve coveted “third place” status – inspired places where people come to feel connected and engaged, something the world needs now more than ever. Third places also produce a quantifiable value premium on rents and valuations; TDC calls this The Third Place Effect. The team, led by Mark Toro, has a track record of delivering outsized returns to investors, as evidenced by their work on Avalon in Alpharetta and Colony Square and Atlantic Station in Midtown Atlanta, among other noteworthy projects. TDC’s differentiated model combines data analysis with creative thinking and a commitment to community, and it is uniquely positioned to exploit the best uses for each development or redevelopment opportunity. For more information, visit torodevco.com.