ATLANTA — Brick by brick, rising Atlanta real estate developer Krystal Peterson is doing her part to help build up and revitalize the city of Atlanta.
Peterson is co-founder of Dynasty Realty. The company has been a significant contributor in the creation and success of multiple projects in and around Atlanta.
Most recently, she helped with the development of reopening Bankhead Seafood.
In 2023, hip-hop icon, community activist and philanthropist T.I. opened the Intrada Westside, his first affordable housing development. It is minutes from Bankhead Seafood on Donald Lee Hollowell Parkway. Krystal Peterson, one of the real estate developers behind both Bankhead Seafood and the Intrada Westside, was jubilant to see the revitalization come to fruition.
The Annapolis, Maryland native has lived in Atlanta since she was in kindergarten and considers it to be “home.” She attended Frederick Douglass High School with Killer Mike, T.I., her husband Doug, and her brother, Kerwin.
“It just so happens to also be the cluster school for the Grove Park area where our developments are,” she said. “I went to Spelman College, graduated with a political science major and got my real estate license.”
Her inspiration early on came from her mother, Donna Tyler, who served as the Vice President of the Historic District Development Corporation “HDDC” from the 1990′s until the 2000s. The HDDC is a development corporation focused in the Old Fourth Ward and Martin Luther King areas of Atlanta.
“I consider them to be the pioneers of affordable housing back in the day in Atlanta,” she said. “They’re the longest standing community development corporation in Atlanta. They are inspiring to me. They were a powerhouse of females that were doing affordable housing on the forefront.”
She recalled her mother Donna was involved in construction and development and although Peterson was focused on going to law school at the time, she has built an appreciation and love for the development field over time.
“I learned that my passion was in building and development, trying to figure out how to put deals together, specifically leveraging the collaboration of public/private sectors,” she said.
What makes being a real estate developer and CEO more special to Peterson is doing it alongside her family and inspiring other people, especially young Black women.
She fondly recalled when she and T.I. created the “Buy Back the Block” initiative in 2017.
“When TIP was elected on former mayor Keisha Lance Bottoms’ “Affordable Housing” task force, we started strategizing and created the “Buy Back the Block” initiative. “We acquired parcels in the Grove Park district and Douglas High School cluster,” she said. “We held it for a little while and based on market trends, decided when it was time to develop. It was a challenge because the market was still in transition amongst gentrification.”
She says T.I. was really excited about starting the project.
“It really was a labor of love that we put into it,” she said.
They partnered with Georgia tax-credit developer the Vecino Group.
“From there, we’ve just continued to build,” she said. “My specialty is more so putting the deals together. Finding the actual site, doing a site assessment, site acquisition, pre-development services and construction management. Having an acute knowledge of the right places to build, when to build, and assisting with putting the finances together, the overall developer set up together. I touch every layer and oversee the entire process from start to finish.”
Peterson received her real estate license in 2004 and transitioned into development around 2007.
She previously worked for the Metropolitan Atlanta Community Development Corporation (MACDC). The MACDC oversaw the construction for all the historic areas in the community development corporation including Summerhill, Mechanicsville, Peoplestown, Reynoldstown and the Atlanta University Community Development Corporation.
“Our goal was to provide affordable housing, spur economic development and ensure the availability of supportive services for the underserved in our community” Peterson said. “We wanted to revitalize the living conditions and enhance the economic vibrancy of the community overall”.
Peterson says T.I. provided affordable housing for 143 families, and 9,000 sq. ft. of retail space in hopes of being able to put a grocer there. Seeing everything come into fruition was “special” to her.
“It’s confirmation that we’re doing things the right way,” she said. “I am a real believer in representation and legacy. To me, it means so much that a Black female developer and a Black entertainer were able to build a product like we’ve built. To give hope to the younger generation.”
Peterson hopes Intrada Westside and Bankhead Seafood will be considered a stepping stone towards building her legacy for her family and generations to come.
“When we’re all gone, our children are going to drive by and say their parents built that and we left our mark,” she continued. “I couldn’t be prouder of the things that we’ve been able to build and bring back to the area. The fact that we came back to reinvest in the communities that have invested in us is so special to me”.
Peterson was reflective of the year since the Intrada Westside opened its doors and what it means to the community in Atlanta.
“For it to all come together into fruition, it has been an amazing journey,” she said. ”It was a long journey to get here. It was a true labor of love, and it was all worth it in the end.”
All of the projects and properties in Grove Park are located on Donald Lee Hollowell Parkway.
“We’re touching every sector of the initiative to “Buy Back the Block.” Less than a mile is Bankhead Seafood,” she said.
With Bankhead Seafood, Peterson says new Bankhead Seafood owners T.I., Killer Mike and the organizers were able to “provide economic development, job opportunities and quality food that wasn’t previously there in the neighborhood.”
The process was not easy, but it was worth it.
Legacy residents were very excited about Bankhead Seafood coming back. However, newcomers in Grove Park were apprehensive about the process and having Bankhead Seafood in the community.
“There was a little bit of pushback initially with people not knowing what we would be able to provide there,” Peterson said. “There was apprehension because the demographics in the area are shifting so much, which is inherent in any area during gentrification. We’ve legitimately addressed all of their concerns.”
Peterson says Helen Harden “loved her business and was adamant about selling Bankhead Seafood to people who looked like us and she didn’t want to go into the hands of these big developers.”
“It was such a cultural, historical landmark in the city. It meant a lot to us to be able to redevelop that location,” she said. “We had to keep certain aspects and elements the same. It was in the middle of a scary time with COVID, so some people didn’t think it would happen.”
T.I. and Killer Mike, and the developers gave opportunities to young, Black and minority contractors, construction workers and designers. DJR construction was a key part of the construction and development of Bankhead Seafood.
“They are two minority brothers who own their construction firm. We were able to provide a lot of opportunities to contractors that probably would not have necessarily had those opportunities,” she said. “That was a wonderful thing as well. It came out absolutely beautiful.”
Peterson says she is happy to see Harden still helping as much as she can at Bankhead Seafood.
“With the menu, she is hands on. She comes in once a week and helps the cooks,” she said. “I love the fact that she can see the fruits of her labor come into fruition in real time.”
To Peterson, the word “dynasty” means building a legacy.
“Building a lineage and legacy of excellence. That’s what that word means to me. It’s about creating a legacy and expanding that legacy for generations to come within our community,” she said.
She says her family are a big inspiration to her every day.
“My children inspire me,” she said. “Representation means a lot to me. I was fortunate enough to be around a very successful, intelligent powerhouse of women in a male dominated industry. It means a lot to me that my children see that same representation in me. It means a lot to carry on that legacy. I hope that they will be able to do the same thing. Especially for young women. There is a certain cliché that goes along with women who are in that limelight. I like to think that I have had a positive impact on young women.”
Peterson says “the Historic District Development Corporation (HDDC) is near and dear to my heart. They are the longest standing major community development corporation in the city of Atlanta.”
Peterson encourages everyone to put in the work towards making their dreams a reality.
“Never give up and keep the faith. Be the change you wish to see in the world,” she concluded.