The master developer of Fort McPherson introduced a new partner on Monday, adding one of metro Atlanta’s best-known minority construction executives as a co-developer.
Developer Stephen Macauley said C.D. Moody Construction owner David Moody has joined as a 49% partner in the project — now described as a $650 million mix of affordable and market rate housing, restaurants, retail, offices and a performing arts center.
In remarks before the McPherson Implementing Local Redevelopment Authority or Fort Mac LRA board, Moody said he also wanted to build an advocacy center to help treat victims of childhood sex abuse that would focus on victims who are now in adulthood but still grappling with trauma. Moody previously was identified as a construction partner but will now take on an ownership stake in the development if approved by the board, which took no action Monday.
Macauley's status as developer of the Fort Mac LRA land has been in limbo for months after relations between the agency and Macauley soured and the board failed to meet for nearly five months.
Last month, Fort Mac LRA approved a $17 million sale of the former Forces Command building on the site to a separate real estate group that plans to convert the building in offices and labs for the U.S. Food and Drug Administration.
Macauley’s team has been negotiating a new development agreement for the remainder of the authority’s land, which is about 130 acres.
Both sides also have discussed a potential buyout of Macauley’s current contract. Board Chairman Cassius Butts said the group will meet again to analyze new information, including the partnership structure.
The board is next scheduled to meet Oct. 17.
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