ATLANTA | Development Thread V

[thebigATL]

Originally Posted by AtlantaMustang

Novare eyes key Midtown corner for new tower

Novare Group intends to buy a nearly 1.5-acre site at West Peachtree and 14th streets, near One Atlantic Center and Atlantic Center Plaza, according to several sources familiar with the plan. The property today houses low-rise buildings with tenants such as Einstein Bros. Bagels and Zipcar.

http://www.bizjournals.com/atlanta/print...es-key-midtown-corner-for-new-tower.html

That will be a great infill for the area because it's like all the towers that lines up on 14th: (One Atlantic,4 Seasons,1180 and Promenade II and the proposal of 98 14st and this development) will line up by the bridge (beautification bridge project) and making it feel like a big welcoming to midtown

[briantech]

Originally Posted by scania

You shouldn't make those statements. Especially to classify so many people that do not have the same mindset. But this forum has been bias when it comes to name calling people outside the city, but it hurts their feelings when people say anything that could be offensive towards the people in the city.

This is a sky scraper forum. There aren't many sky scrapers outside the city. OF COURSE theres bias. This isn't suburbansprawlpage.com ...

[briantech]

Originally Posted by AtlantaMustang

Novare eyes key Midtown corner for new tower

Novare Group intends to buy a nearly 1.5-acre site at West Peachtree and 14th streets, near One Atlantic Center and Atlantic Center Plaza, according to several sources familiar with the plan. The property today houses low-rise buildings with tenants such as Einstein Bros. Bagels and Zipcar.

http://www.bizjournals.com/atlanta/print...es-key-midtown-corner-for-new-tower.html

Wut. Why in the world wouldn't they be "eying" the abandoned parking lot directly across the street?

[micropundit]

A new Hotel Indigo is coming to one of downtown Atlanta’s first office buildings developed by renowned architect John Portman.Atlanta-based Portman Holdings LLC just acquired 230 Peachtree St., a 27-story tower built in 1965 by Portman. It was developed as part of Peachtree Center, one of the first mixed-use projects in Atlanta, at a time when downtown was rapidly growing.Most recently, the building was owned by New York City-based mortgage servicer NorthStar Realty Finance Corp.

Portman plans to convert the first nine floors of 230 Peachtree into an approximately 200-room Hotel Indigo. About 290,000 square feet will remain offices .
http://www.bizjournals.com/atlanta/print...wntown-to-get-200-room-hotel-indigo.html

[scania]

Originally Posted by briantech

This is a sky scraper forum. There aren't many sky scrapers outside the city. OF COURSE theres bias. This isn't suburbansprawlpage.com ...

That doesn't give the right to call people outside of the city names. And skyscrapers are outside the city...look at Perimeter Mall.

[scania]

Originally Posted by thebigATL

That will be a great infill for the area because it's like all the towers that lines up on 14th: (One Atlantic,4 Seasons,1180 and Promenade II and the proposal of 98 14st and this development) will line up by the bridge (beautification bridge project) and making it feel like a big welcoming to midtown

I totally agree!!! I think this is AWESOME!

[daharris80]

Originally Posted by thebigATL

Everyone will find out very soon or later.And it will be a good thing
And I have been giving a few hints lately on this thread and other ones.

Is it this?

After an eight-year absence, Peach is returning to the name of Atlanta’s college-football bowl game.
Chick-fil-A Bowl officials are planning a news conference for Monday to announce that the bowl’s name will revert to Chick-fil-A Peach Bowl, The Atlanta Journal-Constitution has learned.

http://www.ajc.com/news/sports/college-f...wl-will-restore-peach-to-its-name/nfcpT/

[thebigATL]

Originally Posted by daharris80

Is it this?



http://www.ajc.com/news/sports/college-f...wl-will-restore-peach-to-its-name/nfcpT/

Nope,lol I will tell you guys soon. Maybe in late June.

[RocketSurgeon]

Originally Posted by briantech

Wut. Why in the world wouldn't they be "eying" the abandoned parking lot directly across the street?

Since when is it abandoned? I just walked by there a few days ago and I didn't notice that.

Anyway, if they follow through it will mean one less giant billboard hanging around. Gravy

[ashbowl]

Originally Posted by RocketSurgeon

Since when is it abandoned? I just walked by there a few days ago and I didn't notice that.

Not sure how you missed it but it's just one big parking lot.

[AtlantaMustang]

Originally Posted by ashbowl

Not sure how you missed it but it's just one big parking lot.

That's a parking lot yes, but I think the point was that it's not abandoned. As far as Novare developing one lot over another, it's simply which they are able to acquire.

[Libertarian]

There were some big plans for that parking a few years ago during the previous bubble. And about that billboard on the Novare parcel, let's hope they don't just move it across the street to said parking lot.

[RocketSurgeon]

Originally Posted by ashbowl

Not sure how you missed it but it's just one big parking lot.

Sure, but not abandoned, right? That would imply it's unused or the owner is MIA...

[micropundit]

Atlanta real estate blog, Curbed Atlanta, is reporting some additional deets on the project:A half-century after John Portman and company developed the 27-story office tower at 230 Peachtree St., he's buying it back and adding another hotel to downtown's lodging options. Portman has officially purchased the 1965 tower with plans to renovate it and add a 200-key Hotel Indigo in addition to more office space. A company spokesman said the project is scheduled to be finished in late 2015, when it will house "the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city's best attractions, convention locations, business districts and more."
According to the press release, the move to purchase back the tower is a sign of the 89-year-old Portman's commitment to revitalizing downtown. "This adaptive-reuse project represents Portman's focus on creating differentiated products in prime locations like 230 Peachtree St., which is in close proximity to the new Atlanta Streetcar," "Downtown Atlanta is a market that Portman is deeply committed to, and the fact that this is a legacy project makes it even more compelling."

http://atlanta.curbed.com/archives/2014/...-flip-will-include-hotel-indigo.php#more

[arctk2014]

[QUOTE=ashbowl;6545262]Not sure how you missed it but it's just one big parking lot.


According to the Atlanta Business Chronicle that's not the site they are eyeing. It's the site where Einstein's Brother's Bagels and Zipcar currently resides....across West Peachtree.

http://imgur.com/z9jJK5B

[bryantm3]

Originally Posted by thebigATL

Nope,lol I will tell you guys soon. Maybe in late June.

does it have to do with transit? or a key intersection?

[thebigATL]

Originally Posted by bryantm3

does it have to do with transit? or a key intersection?

Maybe and it's an development everyone will like let's just say it like that.

[cokezero]

Originally Posted by briantech

Wut. Why in the world wouldn't they be "eying" the abandoned parking lot directly across the street?

During the last development cycle, Novare owned both sites - the Einstein's property and the block across the street with the surface parking lot. The Einstein's site was foreclosed on by State Bank in early 2010 and sold to an investment group out of Florida at the end of 2010 whereas the empty parking lot was short sold by Novare to a wealthy individual named Matthew Middlethon in 2010 for $10 million less than Novare purchased it for in 2006. From what I can tell Mr. Middlethon isn't a developer, so my guess is that he's a friend of Novare's Jim Borders and is holding onto it for Novare to develop at a later date. With all that said, my money is on Novare developing both sites if this current development cycle is prolonged. The parking lot is more of a marquee site, so Novare is probably holding out to build a more statement-making development on that site if the market keeps trending upward. On the other hand, the L-shaped Einstein's site is tailor-made for them to stick in another of their cookie cutter Skyhouse towers with an adjacent precast parking deck.

[cokezero]

Here's a brief article from the July 10, 2006 Atlanta Business Chronicle discussing the last time that Novare purchased the Einstein's site...

Novare nabs more

Novare Group Inc. closed on a Midtown hot spot in mid-June.

Novare bought the southeast corner of 14th and West Peachtree streets, where Einstein Bros. Bagels currently sits at 1163 West Peachtree St., for $13.4 million from Holder Properties Inc., which held the site as 14th Street Partners LLC, according to Databank's Wexler. Novare listed 1163 West Peachtree Street LLC as the buyer on the deed document, he said.

The deal on the 1.55-acre site closed June 12.

Novare plans to build a $60 million high-rise condominium tower called 1163 West Peachtree Street, which is expected to have 405 units and 28,790 square feet of retail space.

The new condo tower would be across the street from Novare's proposed $325 million TWELVE 14th Street condo/hotel development. Novare officials have said both projects will get started sometime in 2007.

Source: http://www.bizjournals.com/atlanta/stories/2006/07/10/newscolumn4.html?page=all

[cokezero]

And here's an article from the September 25, 2006 Atlanta Business Chronicle discussing Novare's plans for the parking lot block bounded by 14th/Spring/13th/West Peachtree across the street from Einstein's (I would assume the mention of 350 SF of office space was meant to be 350,000 SF based on the size of the proposed parking deck)...

New luxury hotel possible for major Midtown corner

Novare Group Inc. and Pope & Land Enterprises Inc. are looking to build a 58-story, 1.2 million-square-foot mixed-use project on the southwest corner of 14th and West Peachtree streets.

It would include a 150-room luxury hotel, 450 high-end condos, 25,000 square feet of retail and 350 square feet of office space, plus a more than 1,600-space parking deck.

The development, the third phase of Atlantic Center Plaza, according to the Web site of Pope & Land, would span an entire city block.

But Novare probably won't install its own hotel brand, TWELVE, in the project, as has previously been discussed. Instead, the company is looking for an existing luxury brand.
"We have had some discussions with a luxury hotel firm that are ongoing," said Jim Veil, president of TWELVE Hotels & Residences, a division of Atlanta-based Novare Group.
Veil wouldn't comment on speculation that Novare is talking with The Ritz-Carlton Hotel Co. LLC. That would mean a third Ritz in the Atlanta market, this one in striking distance of the Four Seasons on 14th Street.

But Veil certainly knows all about the Ritz: He had a long career with the luxury brand, ultimately serving as regional vice president after watching the chain grow from five to 58 hotels.

Some have wondered whether The Ritz-Carlton company would shutter the downtown property if a third Ritz, including the one in Buckhead, opened here.

But that appears less likely following the Sept. 18 announcement that the 444-room downtown Ritz-Carlton Atlanta is being sold.

Highland Hospitality Corp. (NYSE: HIH) said it will buy the downtown Ritz for $79.5 million, and assume the existing Ritz management contract.

The lodging REIT is committed to bringing the downtown rooms up to current Ritz standards, and the company believes the future of downtown looks bright, with Cousins Properties (NYSE: CUZ) moving downtown, said Highland Vice President Sean Dell'Orto.

Source: http://www.bizjournals.com/atlanta/stories/2006/09/25/newscolumn6.html?page=all