ATLANTA | Development Thread V - Page 715

(four 0 four) · #**14281** Posted **May 29, 2015, 8:02 PM**

Quote:

Originally Posted by RATBOYKEV

Wow, you never hear of existing condo buildings being bought out. I assume you have to offer a price that satisfies something like 2/3rds of owners in the building. Anyone have any idea what kind of buyout the current owners are projected to see??

100% of the owners have to agree to the sale...one of the reasons it doesn't happen very often is because even one hold-out can kill the deal.
This building agreed to a buyout several years ago but for some reason, it fell apart at the last minute.

BunkyWay · #**14282** Posted **May 29, 2015, 8:13 PM**

Quote:

Originally Posted by RATBOYKEV

Wow, you never hear of existing condo buildings being bought out. I assume you have to offer a price that satisfies something like 2/3rds of owners in the building. Anyone have any idea what kind of buyout the current owners are projected to see??

50 Lakeland Drive, a condo community in Buckhead, has also been bought out. I suppose Buckhead has reached a point where there are no longer any aging apartment complexes willing to sell.

gttx · #**14283** Posted **May 29, 2015, 8:23 PM**

Quote:

Originally Posted by Stairstars

This is 1400 West Peachtree St NW:

The sign says "with parking" so it may include the small vacant lot on the corner to the right.

Man, it will be a shame to lose this building. A real gem.

jpk1292000 · #**14284** Posted **May 29, 2015, 9:11 PM**

Quote:

Originally Posted by gttx

man, it will be a shame to lose this building. A real gem.

lol!

BGump · #**14285** Posted **May 29, 2015, 10:03 PM**

Quote:

Originally Posted by gttx

Man, it will be a shame to lose this building. A real gem.

I agree. It will be missed. That building is very Wrightesque... Steven, not Frank L..

Verge · #**14286** Posted **May 29, 2015, 11:54 PM**

Quote:

Originally Posted by Stairstars

This is 1400 West Peachtree St NW:

The sign says "with parking" so it may include the small vacant lot on the corner to the right.

It does-- and a MARTA ventilation shaft for good measure--

Stairstars · #**14287** Posted **May 30, 2015, 12:22 AM**

Quote:

Man, it will be a shame to lose this building. A real gem.

I have been misty eyed all day...

Really, this is the kind of urban renewal I can get behind.

Libertarian · #**14288** Posted **May 30, 2015, 1:52 AM**

The Tech/Portman project may not need a parking facility. There are huge parking decks to the east, west, and south.

Ant131531 · #**14289** Posted **May 30, 2015, 5:13 AM**

Quote:

Originally Posted by NewUrbanist90

Just to throw this out there: with the recent Greystar proposal here is where Midtown stands in the grand scheme of development:

Under construction: 2138 residential units (68 condos)(2070 apartments)
Proposed: 5805 residential units (164 condos)(5641 apartments)
Proposed: 762 hotel rooms
Proposed: 810,000 sq ft Office space (plus NCR campus)

Wow, I thought more was under construction...not enough units are UC in Midtown at the moment.

Permitting in Atlanta takes too long. Realistically, it shouldn't take longer than 2 months after final approval of the project to get started, but it's taking upwards of 6-7 months to get all of the permits even when the developer has the financing ready.

I'm thinking of getting a Midtown apartment in the next 2-3 years if I end up staying here in Atlanta. I'm hoping by that time, enough units have been delivered to bring down the rents, but I feel like as Midtown gets denser and denser, it'll actually become even more desirable to live in which means the demand will continue churning and rents will increase even with units being delivered.

RocketSurgeon · #**14290** Posted **May 30, 2015, 4:18 PM**

Quote:

Originally Posted by Ant131531

I'm thinking of getting a Midtown apartment in the next 2-3 years if I end up staying here in Atlanta. I'm hoping by that time, enough units have been delivered to bring down the rents, but I feel like as Midtown gets denser and denser, it'll actually become even more desirable to live in which means the demand will continue churning and rents will increase even with units being delivered.

I think you're right... it's really coming together and while supply is increasing the demand will probably stay right with it as word gets around. Also, some of the better apartments feel like condos-in-waiting, and if any of those convert they'll lose at least 75% of their rental inventory.

It'll be interesting to see when the first major straight-to-condo project happens. That market is getting strong again. A lot of one bedroom units are selling for $250k+.

NickH · #**14291** Posted **May 30, 2015, 4:23 PM**

Quote:

Originally Posted by RocketSurgeon

I think you're right... it's really coming together and while supply is increasing the demand will probably stay right with it as word gets around. Also, some of the better apartments feel like condos-in-waiting, and if any of those convert they'll lose at least 75% of their rental inventory.

It'll be interesting to see when the first major straight-to-condo project happens. That market is getting strong again. A lot of one bedroom units are selling for $250k+.

The condo unit next to me (1 bedroom) sold in 1 day this month for more than asking price. The condo market is paper thin in midtown and I'm shocked we don't see any more being built that are in the $250-450k range.

ATLSkyPalaceOwner · #**14292** Posted **May 30, 2015, 6:21 PM**

I took some pictures of Yoo on the Park. I also walked by Azure but there was nothing really picture worthy, just a hole in the ground.

I am surprised by how quickly Yoo is moving along. Especially when compared to 33 Peachtree Place, which (to me) seems to be moving at a pace of the construction equivalent of erosion.

They were also advertising www.wheredoyoolive.com on the side of the construction site which has information about the project.

arjay57 · #**14293** Posted **May 30, 2015, 6:24 PM**

Quote:

Originally Posted by BunkyWay

50 Lakeland Drive, a condo community in Buckhead, has also been bought out. I suppose Buckhead has reached a point where there are no longer any aging apartment complexes willing to sell.

Is that the little complex across from Peachtree Pres? If so I kind of hate to see them go. Not that they are especially unique or beautiful but places like that have provided some nice affordable housing in the city.

Libertarian · #**14294** Posted **May 30, 2015, 8:15 PM**

More Yoo and Azure. They are moving.

Dettmann1 · #**14295** Posted **May 30, 2015, 8:34 PM**

Quote:

Originally Posted by Ant131531

Permitting in Atlanta takes too long. Realistically, it shouldn't take longer than 2 months after final approval of the project to get started, but it's taking upwards of 6-7 months to get all of the permits even when the developer has the financing ready.

While I am sure every developer in Atlanta would agree with you, its more the reality of any big city with regards to permitting. As someone who has dealt with permitting with the city of Atlanta along with many other jurisdictions, they tend to be middle of the road in terms of permitting lengths (Don't get me started on South Florida....). One thing to keep in mind is that a lot of times developers may give the green light on starting the permitting only to then have the architect/engineer hold off while other things are worked out. Redevelopment has a lot more logistics to work out in terms of existing easements, infrastructure, etc. that can complicate a project on the design/permitting side.

bryantm3 · #**14296** Posted **May 31, 2015, 12:18 AM**

Quote:

Originally Posted by arjay57

Is that the little complex across from Peachtree Pres? If so I kind of hate to see them go. Not that they are especially unique or beautiful but places like that have provided some nice affordable housing in the city.

i have to say i really love that 50s architecture there with the curved overhangs. unfortunately stuff from the 40s or later tends not to get labelled as 'historic' and gets mown down, failing to get protections that older structures do. i am afraid we are going to lose a lot of interesting architecture from that period.

scania · #**14297** Posted **May 31, 2015, 2:55 AM**

Quote:

Originally Posted by bryantm3

i have to say i really love that 50s architecture there with the curved overhangs. unfortunately stuff from the 40s or later tends not to get labelled as 'historic' and gets mown down, failing to get protections that older structures do. i am afraid we are going to lose a lot of interesting architecture from that period.

I totally agree with you. IMO, when it comes to things really having an urban vibrancy, it needs to have some older places and not everything feeling/being so new. To me it comes off more like a suburb thats vibrant, than a true urban city, that mixes the old and the new.

RocketSurgeon · #**14298** Posted **May 31, 2015, 12:09 PM**

Quote:

Originally Posted by scania

I totally agree with you. IMO, when it comes to things really having an urban vibrancy, it needs to have some older places and not everything feeling/being so new. To me it comes off more like a suburb thats vibrant, than a true urban city, that mixes the old and the new.

While I agree with you in principle, the area in question actually is a suburb and those condos are about as suburban as it gets. No great loss if they're demolished. I feel like I missed something, though... is a new project on the way or are they just converting to apartments?

mikeatl77 · #**14299** Posted **May 31, 2015, 3:05 PM**

Quote:

Originally Posted by ATLSkyPalaceOwner

I am surprised by how quickly Yoo is moving along. Especially when compared to 33 Peachtree Place, which (to me) seems to be moving at a pace of the construction equivalent of erosion.

33 Peachtree is flying in my opinion. My guess is the retail and parking garage will be open well before the tower.

scania · #**14300** Posted **May 31, 2015, 3:24 PM**

Quote:

Originally Posted by RocketSurgeon

While I agree with you in principle, the area in question actually is a suburb and those condos are about as suburban as it gets. No great loss if they're demolished. I feel like I missed something, though... is a new project on the way or are they just converting to apartments?

That area of Peachtree is not a suburb. It's not Downtown Atlanta, but it is in the city limits. This area is south of the Buckhead Atlanta on Peachtree.