Memorial Drive is quickly transforming from a bedraggled postindustrial corridor into one of the city’s strongest residential magnets.

Curbed Atlanta has received exclusive intel about a new proposal sent to the city’s zoning review board. Developers hope for approval to convert nearly four acres of commercial space into a mixed-use development.

Plans submitted with the filing indicate that Mill Creek Residential — the developer behind at least five other Modera projects across the city — hopes to construct 320 residential units and 30,000 square feet of commercial space at the intersection of Memorial Drive and Pearl Street.

The proposal for Modera Reynoldstown would replace the Nextran Truck Center, which currently occupies a midcentury one-story brick building and large parking lot. Plans indicate two commercial buildings will front Memorial, with the residential building and a 574-space parking deck located at the rear of the site.

Paces Properties’ long-planned Atlanta Dairies overhaul is across the street.

The application is likely to be approved in January as it sits just two blocks from the future Eastside Trail Beltline extension and conforms to long-established plans for the area.

According to the lodged application, “if approved, development will commence promptly following closing on the assemblage and issuance of permits.”

Sounds like someone means business.