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UrbanizeAtlNewsBot

Former Memorial Drive church, home proposal site in limbo Josh Green Thu, 07/11/2024 - 15:20 An empty corner lot where a now-demolished church once sat is set to remain undeveloped for the foreseeable future, as 207 East Lake Terrace is up for sale again.

Developer IBC Group revealed plans in 2022 to build five single-family homes on the property, which is located along investment hotspot Memorial Drive, but the current status of that venture is unknown.

The listed agent with Keller Knapp Realty, the firm managing the sale of the vacant land, has not responded to multiple requests for comment regarding the status of the planned residential development.

The 0.69-acre lot is listed for $1.25 million, a significant markup from the $560,000 price the property carried when it sold in 2021, according to a previous Zillow listing. The same listing also indicates the property sold for $390,000 in January 2020. That’s a price increase of more that 220 percent over the course of less than five years.

Site plan floated for five single-family homes at the northwest corner of East Lake Terrace and Memorial Drive. City of Atlanta Planning Department

Proximity of the site (right) to the new JD Kirkwood single-family homes, which also replaced a vacant church. Josh Green/Urbanize Atlanta

Property taxes on the site saw a dramatic increase once the church status was taken away. From 2021 to 2022, taxes on the property increased from $583 to $5,786, according to the property’s active Zillow listing. Because of this, the city is bringing in significantly more money from an empty lot than it had from the site’s former religiously affiliated tenant.

The property is close to East Lake Park, with walkable access to East Lake Golf Club, the accompanying Charlie Yates Golf Course, and Drew Charter School’s elementary, middle, and high school campuses.

According to the property’s current listing, the site offers a “unique builder/investor opportunity” located a quick drive (or walk) from Oakhurst Village, Kirkwood Village, and the Hosea + 2nd commercial node.

Across the street, five new single-family homes, JD Kirkwood, have been completed on the site of another former place of worship. Those are listed between $889,000 and $989,000 right now.

Memorial Drive, at left. Josh Green/Urbanize Atlanta

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