ATLANTA | Development Thread V - Page 182

mike1986 · #**3621** Posted **Sep 5, 2011, 10:38 PM**

Quote:

Originally Posted by sunking1056

I don't know when they'll actually start tearing up street, but all of the roads along the streetcar route have been all marked up for a few weeks now so I would think it shouldn't be too long.

I'm pretty sure the plan is to start actual construction sometime in November.

testarossa50 · #**3622** Posted **Sep 6, 2011, 5:13 PM**

What Now Atlanta reporting Skyhouse is only to be 12 floors, not 23. This definitely will make a much smaller impact on the skyline. I wonder if the parking garage was downsized as well?

Anyone else feel like Skyhouse should change its name now? I mean, twelve floors can hardly be considered the sky...it barely even is high enough to get above the treetops!

AtlantaMustang · #**3623** Posted **Sep 6, 2011, 6:13 PM**

http://whatnowatlanta.com/2011/09/01/sho...-square-foot-midtown-apartment-highrise/

Quote:

Novare Group, a developer of mixed-use highrise communities in southeastern urban markets, is constructing a 12-story luxury apartment tower in Midtown.

Called Sky House, the apartment highrise will be built at 1120 West Peachtree Street, according to a permit filed with City of Atlanta Wednesday.

The estimated cost of construction for the 325,600-square-foot apartment highrise is $34,000,000.00.

Novare first proposed Sky House in May. The original plans said it was going to be a 23-story tower located at 1084 West Peachtree Street.

Dale · #**3624** Posted **Sep 6, 2011, 6:56 PM**

Scratch another highrise then, unless you consider 12 stories a highrise.

cityenthusiast · #**3625** Posted **Sep 6, 2011, 7:47 PM**

12 stories is considered a highrise to most. But not to me that really sucks. I was excited about that project because the building is really needed in that area. There's absolutely nothing around that area except for one story buildings and that ugly college building across the street.

sunking1056 · #**3626** Posted **Sep 6, 2011, 9:07 PM**

I'd much rather see nothing built if it's going to have that parking deck. Horrible.

cityenthusiast · #**3627** Posted **Sep 7, 2011, 12:08 AM**

yea I know what you mean but i still think its better than a parking lot at least it has some retail

arnage · #**3628** Posted **Sep 7, 2011, 1:01 AM**

Downtown Atlanta photo thread:

http://forum.skyscraperpage.com/showthread.php?t=193681

BlueSangha · #**3629** Posted **Sep 7, 2011, 1:40 AM**

Quote:

Originally Posted by AtlantaMustang

http://whatnowatlanta.com/2011/09/01/sho...-square-foot-midtown-apartment-highrise/

WTF is wrong with these people! Why don't they just put that money in the middle of the street and set it on fire? What a waste.

BlueSangha · #**3630** Posted **Sep 7, 2011, 1:49 AM**

Quote:

Originally Posted by arnage

Downtown Atlanta photo thread:

http://forum.skyscraperpage.com/showthread.php?t=193681

Great pics! That little boy eating the popsicle is too cute. Love the pic of Chay eating in the window.

sunking1056 · #**3631** Posted **Sep 7, 2011, 3:05 AM**

Quote:

Originally Posted by cityenthusiast

yea I know what you mean but i still think its better than a parking lot at least it has some retail

Actually, I think it's worse because it means that space will be taken up by an awful parking deck for decades

eddie21 · #**3632** Posted **Sep 7, 2011, 9:34 AM**

Quote:

Originally Posted by AtlantaMustang

http://whatnowatlanta.com/2011/09/01/sho...-square-foot-midtown-apartment-highrise/

Are you sure its not this? Construction soon will begin on a 12-story tower that will house a Hilton Garden Inn and Homewood Suites by Hilton at the corner of 10th and Williams streets.

cityenthusiast · #**3633** Posted **Sep 7, 2011, 4:02 PM**

Did you read the article? I wish you were right, but no its not talking about about the new hotel on 10th street. Its talking about sky house a proposed 23 story building that got downsized to a 12 story building that has an ugly parking deck that everyone in the area is complaining about. However I still think its better than a surface parking lot because it has some retail even though the parking deck is awful. I dont understand why they cant make it blend in to the rest of the structure Novare is really pissing me off with this design

L.ARCH · #**3634** Posted **Sep 7, 2011, 10:11 PM**

So... they changed the address as well? Is this really the same project? Maybe it's an adjacent lot and theyre saving the original one for something taller? One can hope...

AtlantaMustang · #**3635** Posted **Sep 7, 2011, 10:29 PM**

Quote:

Originally Posted by eddie21

Are you sure its not this?

I have no idea, I just posted the article... but it clearly says Skyhouse in the article.

It would be nice though, if this was referring to a separate lot.

simms3_redux · #**3636** Posted **Sep 8, 2011, 12:11 AM**

Guys - it's 325,000 SF of new apartments for the city in an otherwise dead zone. 12 floors? Yes. It will still add new residents and activity for the area, and 12 floors is something that can be seen for a distance in that particular area. 23 floors was about the highest it could have gone without looking ridiculous. Also, if I heard correctly, the garage is now attached and better integrated. Novare is upset about having to include retail space that it won't be able to lease out, and that is understandable. Ultimately due to the timing and the market, what goes up is just as much up to the lender as it is up to the developer. I want to know the structure of the construction loan and the maturity, amount, and number of draws, what it will revert to...mini-perm or otherwise, etc. It could give insights into what financing is available for the Atlanta market according to perception of the strength of our local market.

Also, 77 12th is relying on city bonds for financing? I'd be more interested in knowing how that is going. It could be ready to go up! I'm working on a retail project that was partially financed through bond issues and has received 10 years of abatements, and it is a relatively new project far from any distressed areas (though I think the city considered the 1-mile radius a distressed area).

The slightly disappointing thing with Atlanta is that rents for both office and apartments need to come up before new construction in the core is justified, and that won't happen for office for a while and it probably won't happen for multifamily for a while. I read an article on the state of the Pittsburgh CBD office market today, and it is now one of the tightest markets in the country, but rental rates are still under $20/SF and all new construction is single-tenant. New towers meant for multiple tenants cannot be financed or justified until rents rise by at least a few dollars, probably closer to $25, and currently the market is already super tight meaning that rates won't skyrocket due to lease ups. I feel like Atlanta is in a similar, but slightly different situation. Our job growth is really hurting us right now.

cityenthusiast · #**3637** Posted **Sep 8, 2011, 4:19 AM**

Simms3 i completely agree that's what Ive been saying yes its an ugly parking deck and ugly design but it will add, retail, density, and residents to an area that desperately needs it. I think we should be happy about it we haven't had this much activity in years. I say build it( I SURE AS HELL hope they attach that parking deck to the building and make it blend in though)

shivtim · #**3638** Posted **Sep 8, 2011, 1:10 PM**

At this point we really have no idea what it will look like. It's half the height, but the same square footage, on the same footprint? It can't possibly look anything like that original 23-story design with detached garage. NPU-E would never have approved that glaring detached parking garage.

Also, whatnowatlanta is the only source I've seen that has reported the 12-story figure, and they certainly are not a reliable source. For comparison, they erroneously reported that construction had begun on the 10th street dual-branded Hilton way back in February.

GTdan · #**3639** Posted **Sep 8, 2011, 2:46 PM**

Quote:

Originally Posted by shivtim

At this point we really have no idea what it will look like. It's half the height, but the same square footage, on the same footprint? It can't possibly look anything like that original 23-story design with detached garage. NPU-E would never have approved that glaring detached parking garage.

Also, whatnowatlanta is the only source I've seen that has reported the 12-story figure, and they certainly are not a reliable source. For comparison, they erroneously reported that construction had begun on the 10th street dual-branded Hilton way back in February.

The permit that was filed for the city of Atlanta can be found here (it has been accepted):
https://aca.accela.com/Atlanta_Ga/Default.aspx
record # BB-201103997

"Project Description:
SHY HOUSE APARTMENT
12 STORY 320 UNITS
HIGH RISE APARTMENT BUILDING

Owner:
NOVARE GROUP
817 WEST PEACHTREE ST #400
ATLANTA GA 30308"

I know it says Shy House. I'm assuming it's a typo. The work location is at a slightly different location on W Peachtree as well.

shivtim · #**3640** Posted **Sep 8, 2011, 3:24 PM**

^I'm aware of the building permit, and my point is that there is still no rendering we've seen or information on what the new building will look like. With the same number of apartments in half the floors, it can't possibly look anything like the initial renderings.

Also, if that building permit spells the name of the place wrong (really? Shy House?), what other mistakes are there? Maybe the 12 stories is a mistake? I wish Novare would just release some more specific information about this project.

Also, the address has changed, and it's now listed for a location that already has buildings.