Tell us about Toro Development’s first big…excuse us…project called Medley in Johns Creek that will blend retail with office, town homes, multifamily and a large medical facility.
Johns Creek is the wealthiest community in the state of Georgia. It’s the first time we’ve ever seen an average household income that started with a two--$200,000. It’s close to Avalon, so we won’t offer significant soft goods. Avalon serves the entire region with soft goods. We don’t need to duplicate.
So, in effect, you’re building Johns Creek a downtown.
It will be a place to gather. If you look at a Starbucks, it’s a room where you’re alone in a room full of buzz and human activity. That’s what we provided at Colony Square and Avalon. We became the "third place" where people got together.
Johns Creek was incorporated in 2007, and it’s been seeking its "third place." There’s no there there, and the name Medley is indicative of the variety of offerings we’ll bring to it. It’s not a shopping center, not an office complex, not a residential development--it’s all of those things.
Will we be seeing other new developments from your company anytime soon? Anything outside of the Southeast?
We have two other projects we’ll be announcing soon, both residues of failed developments and greenfield sites, all surrounded by dense residential communities. We’re sticking to high-growth communities in the Southeast.