In 2014, MK Industries bought this property for $1.25 million with the intention of selling it when the property value rises, not to develop it themselves.
According to the CEO of MK Industries, several residential and retail developers have been interested in the site but were not willing to buy until the West End Mall redevelopment was underway. Not only is the One West End development now moving forward, but Atrium Health has purchased the MET across from this site. Both of those new developments will work to increase the value and desirability of the site at 713 RDA to residential, retail, and mixed-use developers.
Significant environmental remediation will be necessary for any development on this site, yet the owners have not provided the requested remediation cost estimates to the public. MK Industries claims the environmental conditions prohibit residential development, but a slew of residential developments around Atlanta had similar or worse environmental cleanup requirements. In addition, there are financial programs and incentives to assist in managing the cost of the cleanup.
Furthermore, with it being nearly certain that The MET, which was recently purchased by Atrium Healthcare, is indeed the site where Atlanta would like to build another hospital (aka "Project Robin"), this property is ideally situated to serve many complementary purposes, including as housing for future hospital personnel who want to walk to work, as well as for shopping and dining opportunities for hospital staff and visitors.
The sky is the limit for this property. And while the owner is quick to state that the property requires environmental remediation, he won't share the details, which means that it's probably not actually bad. Besides, even if the contamination were severe, which it almost certainly isn't, there are many ways to reclaim such properties at little or no cost to developers.