ATLANTA | Development Thread V

[ATL_J]

Originally Posted by Slog

It is only a matter of time until the Masquerade will be redeveloped. Don't expect it to be a concert venue forever.The owners are going to cash in big time.

Redeveloped... into a new concert venue?

[Terminus]

Originally Posted by ATL_J

Redeveloped... into a new concert venue?

I did the rezoning for the site a few years ago. It's now approved for a 250 units apartment deal (with the historic building preserved, of course). It's just a matter of time.

[TarHeelJ]

Originally Posted by ATL_J

Boulevard wouldn't "cross through and end at Ponce City Market" regardless if that super block was there or not. Boulevard continues to move north and turns into Monroe once it hits Ponce De Leon. Also, I don't think they view the "superblock as a buffer protecting them from unwashed on Ponce" because Ponce already runs along VaHi and Historic Midtown. All the block is doing is separating the west portion of VaHi from the east portion of Historic Midtown.

I think you may have missed the "a" before boulevard...he didn't mean the street called Boulevard.

[KevinFromTexas]

Have you guys heard of this tower? "14th Street Tower"

Portfolio<Mixed Use<14th Street Tower

http://www.pfvsinternational.com/

There's all kinds of eye candy in there. Holy smokes, Atlanta!

[desbaratto]

I remember all of these....this was a few years ago when projects seemed to be announced on a daily basis (Mandarin Oriental, Hard Rock hotel to name a few others).

Here's to hoping they turn dirt soon

[ChadK]

Does anybody know what's going on with "Times Square South" (285 Marietta St.)? I haven't heard an update on this one for a loooooong time.

[cityenthusiast]

Originally Posted by KevinFromTexas

Have you guys heard of this tower? "14th Street Tower"

Portfolio<Mixed Use<14th Street Tower

http://www.pfvsinternational.com/

There's all kinds of eye candy in there. Holy smokes, Atlanta!

That building is awful I hope they never build that. No offense to you though everyones entitiled to their opinions

[ATL_J]

Originally Posted by ChadK

Does anybody know what's going on with "Times Square South" (285 Marietta St.)? I haven't heard an update on this one for a loooooong time.

I know they went to California to recruit tech companies, which is what they're trying to sell the project towards, to relocate. I imagine they're trying to get enough tenant commitments before beginning. I'll let you know if I hear anything.

[Tuckerman]

Originally Posted by cityenthusiast

That building is awful I hope they never build that. No offense to you though everyones entitiled to their opinions

I disagree. It would be nice to have some more architecturally innovative highrises in ATL. This would make a real impression off the connector. Further, I doubt that the final version would look quite so "radical." Muti-shapes cost more to design and build, so imagination is usually trumped by fiscal reality.

[ATL_J]

Originally Posted by Tuckerman

I disagree. It would be nice to have some more architecturally innovative highrises in ATL. This would make a real impression off the connector. Further, I doubt that the final version would look quite so "radical." Muti-shapes cost more to design and build, so imagination is usually trumped by fiscal reality.

Architecturally innovative and gaudiness don't have to go hand in hand. While everyone is entitled to their opinion, architecturally that building is a complete mess. While I'm sure the building might make a "real impression", its not the impression we should be striving for. As you said however, in the current economical landscape I'd be surprise if anything like this would be built.

[simms3_redux]

Thought this was interesting from this week's Biz Chron:

The new development wave already is hitting the market. JLB Partners L.P. is delivering the first of its 373 units at Peachtree and Pharr roads, leasing them for an average of $1.85 per square foot, or about $1,850 for a typical one-bedroom.

I don't subscribe and usually read print, but the whole article has information on the other Buckhead projects. Novare was underwriting rents of the same price ($1.85psf) for Skyhouse and from what I have heard they have pretty far exceeded that. This is all incredible as standard class A Buckhead projects are approaching $2, the Buckhead luxury are well exceeding $2, the standard Midtown class A projects (Skyhouse) are at or exceeding $2-$3 (92 West Paces, 05 Buckhead), and the Midtown luxury projects in some cases are pushing $3 and even $4psf (1065 Peachtree, some units at Mezzo, some units at 12th and Park).

Surely these numbers and success stories will peek investors' interest! Wonder what the ratio of cost per acre or land-foot to achievable rental rates is compared to Miami or DC, and then factor in debt...what's the spread between 5/10 year treasuries and a construction loan in Atlanta compared to the spread available in Miami or DC?

I will try to have a large apartment update this weekend with renderings of all the proposals (that I can find) and construction pictures, as well information (# units, developer, lender/capital, delivery date, cost, etc).

[jpk1292000]

Originally Posted by simms3_redux

Thought this was interesting from this week's Biz Chron:



I don't subscribe and usually read print, but the whole article has information on the other Buckhead projects. Novare was underwriting rents of the same price ($1.85psf) for Skyhouse and from what I have heard they have pretty far exceeded that. This is all incredible as standard class A Buckhead projects are approaching $2, the Buckhead luxury are well exceeding $2, the standard Midtown class A projects (Skyhouse) are at or exceeding $2-$3 (92 West Paces, 05 Buckhead), and the Midtown luxury projects in some cases are pushing $3 and even $4psf (1065 Peachtree, some units at Mezzo, some units at 12th and Park).

Surely these numbers and success stories will peek investors' interest! Wonder what the ratio of cost per acre or land-foot to achievable rental rates is compared to Miami or DC, and then factor in debt...what's the spread between 5/10 year treasuries and a construction loan in Atlanta compared to the spread available in Miami or DC?

I will try to have a large apartment update this weekend with renderings of all the proposals (that I can find) and construction pictures, as well information (# units, developer, lender/capital, delivery date, cost, etc).

These rents have to be the highest even seen in Atlanta. $2000 for 700 sf 1 br is more like DC or Boston rates...this would seem to bode well for new development and rental project announcements.

[testarossa50]

Those numbers also make me bullish on condo resales (and ultimately new construction). During the mid-2000s boom, Atlanta was overvaluing condos massively compared to apartments; rentals were comparatively cheap while condo values soared. Now, condos are cheaper while apartments are ludicrously expensive. In reality, the numbers are closely related and ought to somewhat equalize over the long run.

There's almost a complete lack of resale condos on the market right now, by the way. Viewpoint has 6 active listings right now; Spire has 4. There are 5 listings in the entire Mayfair complex, and 4 in Plaza Midtown. Midcity has 1 listing. And so on. 1/1s particularly seem very rare right now.

I was looking at condos this same time last year, and the situation couldn't have been more different. Many buildings had a couple dozen listings; now, none that I can find do.

[(four 0 four)]

Originally Posted by testarossa50

There's almost a complete lack of resale condos on the market right now, by the way.

There's no shortage of people who would like to sell but given what's happened to property values, about the only units listed now are foreclosures and short sales.
It's going to take quite a while to recover from this mess. The building I manage has finally seen an increase in sales prices. The lack of intown units for sale will help that continue but values are still far below most owners' mortgage balances. As prices increase more upsidedown owners will be closer to what they owe resulting in more units listed for sale. This in turn will cause more competition for sales thereby slowing appreciation.

[ATLaffinity]

Originally Posted by (four 0 four)

There's no shortage of people who would like to sell but given what's happened to property values, about the only units listed now are foreclosures and short sales.
It's going to take quite a while to recover from this mess. The building I manage has finally seen an increase in sales prices. The lack of intown units for sale will help that continue but values are still far below most owners' mortgage balances. As prices increase more upsidedown owners will be closer to what they owe resulting in more units listed for sale. This in turn will cause more competition for sales thereby slowing appreciation.

Yes. I bought a condo in 2003 (before the peak) and am still significantly down from that price.

[clexmond]

I am trying to pull together the under construction (green) and proposed (blue) projects on a map (http://goo.gl/maps/iLPOy). I'd appreciate any help with projects I've missed and if anyone is interested in collaborating just PM your Google account to me.

[ATL_J]

Originally Posted by clexmond

I am trying to pull together the under construction (green) and proposed (blue) projects on a map (http://goo.gl/maps/iLPOy). I'd appreciate any help with projects I've missed and if anyone is interested in collaborating just PM your Google account to me.

This is great. In the future, when you get time, you could also link to the project websites. As far as projects, if you're including proposed projects, I would include the College Football Hall of Fame and 285 Marietta Street. Maybe even the Multi-Modal Station? Again, it's "proposed". Correct me if I'm wrong, but where you have "The Somerset" listed on North Avenue, is that the apartment complex? I know to the east of that, also on North, is a few townhomes that people listed recently.

[testarossa50]

There's the office project adjacent to the Sovereign in Buckhead, as well as the apartment development behind Terminus. And I think there were some apartments announced in the Phipps block also. I guess all are proposed at this point, but I would say each of them has a high % chance of getting under development soon.

[bryantm3]

Originally Posted by KevinFromTexas

Have you guys heard of this tower? "14th Street Tower"

Portfolio<Mixed Use<14th Street Tower

http://www.pfvsinternational.com/

There's all kinds of eye candy in there. Holy smokes, Atlanta!

that's an absolute monstrosity. it looks diseased.

[matt_H]

Phase I of 3330 Peachtree has filed permits for construction:

3330 Peachtree