Gultch/CIM Group Development

[Terminus]

Originally Posted by Sojourner_Terminus

This is tragic.

Anyone able to link this disclosure?

https://drive.google.com/file/d/1Z2V...Cbp4VRlXk/view

[Sojourner_Terminus]

Originally Posted by Martinman

Based on the Invest Atlanta presentation, they basically just eliminated all of the office space and they were proposing a lot of it. To be honest, the amount of office space they proposed always seemed wildly optimistic to me anyway.

Thats actually not too bad then. They had those office towers near or on the site of the newspaper printing building. They were proposing a bunch of above-grade parking there.

[Sojourner_Terminus]

Originally Posted by Terminus

https://drive.google.com/file/d/1Z2V...Cbp4VRlXk/view

Thanks, Terminus. Something that concerns me, and i haven't read before, is they plan a second phase of the entertainment district northeast of the current entertainment district. This mean that 40-50% of the entirety of CY will be an entertainment destination. I was thinking this project was going to be interspersed with residential, but it seems like the residential will be on the periphery.

[Terminus]

Originally Posted by Sojourner_Terminus

Thanks, Terminus. Something that concerns me, and i haven't read before, is they plan a second phase of the entertainment district northeast of the current entertainment district. This mean that 40-50% of the entirety of CY will be an entertainment destination. I was thinking this project was going to be interspersed with residential, but it seems like the residential will be on the periphery.

Agreed. It's been known for 30 years that "entertainment districts" tend to fail. We should be building desirable urban neighborhoods that just happens have attractions that people flock to. Plus, the fact that GWCC is planning something similar just two blocks blocks away raises more concerns. And don't get me started on Unground.

[smArTaLlone]

Originally Posted by Sojourner_Terminus

Thanks, Terminus. Something that concerns me, and i haven't read before, is they plan a second phase of the entertainment district northeast of the current entertainment district. This mean that 40-50% of the entirety of CY will be an entertainment destination. I was thinking this project was going to be interspersed with residential, but it seems like the residential will be on the periphery.

I noticed another change. The development on Elliott Street is now marked as a 128-key hotel. Apartments seemed to be ideal for that location.

[Sojourner_Terminus]

Yeah, i really don't understand this desire for single use space. Build apartments on virtually every block, and reserve maybe a handful of lots for big "entertainment space." My hope is the Phase II entertainment district will be apartments with lots of retail or maybe a movie theater on the ground floors.

Also, whats the holdup on the apartment building on Mitchell street? It seems like it should be a really easy lot to develop and its not a big tower, so it wont be a massive amount of financing.

[Sojourner_Terminus]

Originally Posted by smArTaLlone

I noticed another change. The development on Elliott Street is now marked as a 128-key hotel. Apartments seemed to be ideal for that location.

All these hotels, kind of sends the message that this project has shifted from building a mini city into building up the entertainment district with MBS, GWCC, State Farm Arena. I wonder if it was always intended as a bait and switch, or if CIM has become less bullish on their ability to fix downtown and are going with the path of least resistance, i.e. servicing the sports, concerts and convention crowd.

[smArTaLlone]

https://saportareport.com/invest-atl...r/delaneytarr/

Centennial Yards is heading into the next phase of its 50 acre development after the board of Invest Atlanta approved the developers’ sale of about $557 million in bonds and certificates to pay for the next phase.

“We anticipate breaking ground on the entertainment district next month which is very, very exciting. “ CIM Group Vice President Ben Vera said. “Our goal is to complete that shell by the world cup.”

[smArTaLlone]

https://www.bizjournals.com/atlanta/...velopment.html

In several U.S. cities, technology companies have shelved plans to occupy office space. In Atlanta, Microsoft paused one of the largest projects in the city's history.

The latest chapter for The Gulch reflects those realities.

Conspicuously absent: office buildings.

The office sector has hit the brakes on new groundbreakings, which in the first quarter fell to the lowest point "in nearly 40 years of recorded data," according to commercial real estate services company JLL.

For Downtown, the last big spec office project started before the Great Recession. Financing a new one would face questions. The district ended the first quarter with a 35% availability rate for office space, according to CBRE Inc. Absorption, a key metric for measuring supply and demand, was negative by 800,000 square feet.

Vera, who spoke with Atlanta Business Chronicle about Centennial Yards' next phase after last week's Invest Atlanta meeting, said, "We are talking to office tenants. It's not off the table."

Centennial Yards may still land a West Coast company. But today, the target is more likely to resemble Cosm, a Los-Angeles based concept known for its massive domed screen that showcases live sports.

[smArTaLlone]

Looking more at the bright side, the residential looks to be about 3,000 units assuming an average of 900 sf / unit in the residential buildings. That's a lot more than what they originally proposed and a big step in the right direction for the downtown area.

[montydawg]

Originally Posted by smArTaLlone

Looking more at the bright side, the residential looks to be about 3,000 units assuming an average of 900 sf / unit in the residential buildings. That's a lot more than what they originally proposed and a big step in the right direction for the downtown area.

I think the office is more of a chicken and egg situation, where they need to develop a vibrant destination first, which would in turn lure commercial tenants. Looking at the braves development in Cobb, nearly all the construction was retail and residential initially, but several commercial tenants came in after the district was proven successful. I’m pretty optimistic about this. I believe with all the tourists in Atlanta, there is demand for high quality entertainment, and adding what already exists for centennial park and pemperton place will increase that appeal of Atlanta as a destination for events and tourism. The residential component will hopefully ensure restaurants will ‘up their game’ in the area, and won’t be a tourist trap establishment that often appear downtown (admittedly I haven’t eaten downtown in about 10 years so maybe it is better now)