Town center project scores half-billion in financing, sets start date

Two and ½ years after it was announced, a mixed-use town center for Johns Creek is officially set to move forward, helmed by a development executive that helped lead Avalon’s ground-up creation from abandoned fields, Colony Square’s revival, and Atlantic Station’s family-friendly turnaround.

The Medley project by Toro Development Company has secured $560 million in financing despite the headwinds of tough capital markets as U.S. banks remain on the sidelines, according to its developers.

The financial backing sets the stage for Medley’s groundbreaking, now planned for an unspecified date next month.

Medley’s phase one funding includes a $158 million construction loan from Mexico City-based Banco Inbursa and an equity investment from Denver-based real estate private equity firm Ascentris. According to TDC officials, it represents a deal in which foreign lenders are filling a financing vacuum created by reticent stateside banks, and it proves that projects dominated by retail can still be attractive to investors.

TDC heads likened the commercial real estate industry’s last two post-pandemic years to a “nuclear winter” of high borrowing costs and other hurdles.  

“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,” TDC chief Mark Toro said in a Wednesday announcement.  

“Our plan will completely transform a struggling, commodity office park into a walkable, urban oasis for Johns Creek,” Toro continued. “This is the kind of project the investment community is excited to hear about.”

In other recent Medley news, the Johns Creek City Council unanimously approved plans last month for a 175-key Medley hotel that TDC hopes will replicate the success of Avalon’s hospitality component.

That’s expected to be one pillar of the 43-acre venture TDC is developing at the corner of McGinnis Ferry Road and Johns Creek Parkway.

TDC’s phase-one construction timeline now calls for a grand opening in late 2026.     

Medley’s initial phase, beyond the hotel, is set to include roughly 180,000 square feet for retail, restaurant, and entertainment spaces, a 25,000-square-foot plaza, and 100,000 square feet of offices.

Residential plans call for 133 townhomes and 340 apartments in phase one.

An existing four-story office building on site is also being renovated and woven into the master plan for a workplace TDC officials have called “commute-worthy.”

On the food front, Medley’s phase one will include the first suburban locations of Fadó Irish Pub and Little Rey, a Mexican concept by chef and restaurateur Ford Fry. Other announced tenants include CRÚ Food & Wine Bar, 26 Thai Kitchen and Bar, Five Daughters Bakery, Summit Coffee, Lily Sushi Bar, Knuckies Hoagies, Cookie Fix, Sugarcoat Beauty, BODY20, and AYA Medical Spa, among other concepts.

Eventually, Medley is expected to create 900 residences deemed luxury-grade (all townhomes and apartments), another 20,000 square feet of retail, and an Avalon-style central greenspace designed for community events and gatherings.

Plans call for hosting 200 events per year, ranging from live music and outdoor wellness classes to art festivals and watch parties, officials have said.

Eventually, Medley is planned to become just one facet of Johns Creek’s 192-acre Town Center, a blend of housing, hotels, offices, lakes, and greenspace about the size of Piedmont Park.

TDC completed the $44-million purchase of land needed to build Medley in March. The company previously razed an outdated, 350,000-square-foot office building to prep the site for construction. 

Find more context and project images in the gallery above.

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