As the first Owners came online at Assembly, Dave Schmit shared some of the vision and work behind this massive 165-acre redevelopment project. After almost a decade sitting idle, the site of the former GM auto assembly plant is coming back to life.
Interviewed by Todd Schnick and Carol Morgan on Atlanta Real Estate Forum, Dave detailed the scale of the work needed to get the site ready for new construction. The first several years were the purchase phase, where the Doraville 60 partnership bid, negotiated and ultimately purchased the property for $50 million. The next year was about taking down roughly 90 acres of buildings, where over 100,000 tons of red iron were reclaimed, recycled and largely repurposed on the site. Next years were dominated by planning, entitling, and working with the city of Doraville to make sure the end result is in keeping with the city’s vision. Then came the public finance stage, with tax structure created to allow property taxes generated by the site to go into the public infrastructure that is ultimately owned by the city. And along the way, sales and marketing efforts began curating the projects that will come together to fill the site with a vibrant urban mix of commercial and residential uses.
Third Rail Studios and Serta Simmons Bedding are at now operating in Assembly, and new park and trail areas will soon be open to the public. Additional projects will add more commercial activity to the area, including an entertainment district. New residential projects coming online will bring opportunities to live in this ideal location.
