ATLANTA | Development Thread VI

[Verge]

Also-- surface parking in a low density, mostly existing in-town retail district is compatible with urban standards if the parking is at the center of the block-- and it is--

[jwbab]

Originally Posted by GeorgiaPeanuts

And for Eviva, I know the guy that brokered the sale of land. They are paying a hefty penalty every month they don't start construction as part of the retail ownership agreement. On top of that, they had an offer that would have netted a 10% return a few months after they sold and they rejected the offer. Those two things combined make it a strong bet that construction has to start soon or they will have to sell.

Thanks for the interesting information.

Who is going to own the future retail space? I always assumed it would be Rohrig? and do you know if they have a retail tenant lined up? I noticed several months ago the retail listing was removed from Loopnet and was hoping that meant they had secured a tenant.

[ATLSkyPalaceOwner]

238 14th St NE (the "Dowling" building) has put at least one of their "luxury flats" on Zillow

https://www.zillow.com/homes/for_sale/Mi....375467,33.782844,-84.386625_rect/16_zm/

Here's a "virtual tour" that they provided, though it would not work on my computer:

http://www.propertypanorama.com/instaview/fmls/5908853

WARNING: music plays as soon as you land on the site, like a 2003 Myspace page

[Atlanta3000]

Originally Posted by Verge

BTW-- The Perkins + Will Drawings for the GSU/ Turner site were commissioned by The Atlanta Regional Commission as a part of the area's LCI planning process-- It has/ had NOTHING to do with GSU or Carter or the reality of today's latest plans. No bait and switch at all-- though perhaps some disappointment. $416K an acre in this area is NOT insubstantial or a 'rip-off' of anyone. This is not Midtown--

WRS, Inc was the only bidder for Underground Atlanta and they paid $34.6 million for 12 acres or $2,883,333 an acre. GA State and Carter paid $30 Million for 70 acres in Summerhill or $416,000 an acre. Not to mention this purchase included Turner Field which cost $209,000,000 (1996).

You really believe the COA taxpayers did not get ripped-off?

http://www.ajc.com/news/local/mayor-reed-underground-atlanta-sale-complete/XkvzE3MWTUkr4l3bIiIdgO/

http://www.myajc.com/news/underground-atlanta-buyer-the-sole-bidder-project/33DZCGaQjVy9GfBgCHgpON/

https://en.wikipedia.org/wiki/Turner_Field

[mayhem]

At this point I'm getting impressed how consistently y'all can take development news and turn it into a steaming pile of disinteresting shit to read on here.

Take it to anther forum.

[arctk2014]

Originally Posted by Atlanta3000

WRS, Inc was the only bidder for Underground Atlanta and they paid $34.6 million for 12 acres or $2,883,333 an acre. GA State and Carter paid $30 Million for 70 acres in Summerhill or $416,000 an acre. Not to mention this purchase included Turner Field which cost $209,000,000 (1996).

You really believe the COA taxpayers did not get ripped-off?

I don't think anyone on here is saying the stadium/parking lots are worthless, but did you consider factoring in the depreciated value of both projects? Are they really comparable when it comes to the existing building stock for both projects? Was there any other use that could have been competitive with GA State's proposal for their own football stadium?

70 acres in Summerhill doesn't have the same credentials as 11 acres in Downtown Atlanta's more historic core- which also happens to be at the front steps to MARTA. Stop comparing this project to other projects/deals/neighborhoods that are not comparable to this area.

[jsvh]

ATL3K,

Look a little closer at that "blimp render": The blocks in question actually are mostly low-rise buildings surrounding surface lots (plus grass & a pool).


Larger, un-cropped, full-sized version if you want the context: http://atlantaintownpaper.com/wp-content/uploads/2016/07/TFNSLCI_View_Aerial_PW_2016.jpg

So I am satisfied that this development is in line with the vision for the area and solid urban design. Sure more density and less parking would be great, but I am a realist and know that year one of this development is not going to pack all the blocks with high rises with no parking. Nor should it. All-at-once mega projects are not healthy for a city / good in the long term.

Perkins + Will did not create that render for GSU, but for the City of Atlanta for the LCI in that area as part of a long-term visioning for the area.

Edit: Also, that 680 bed student housing is shown as a plaza for / part of the baseball stadium in the "blimp render". So, that is even more density and street grid connectivity than shown there.

[Atlanta3000]

Broadstone Henri's - Buckhead (Iby Ave & Cains Hill Pl)

Broadstone Henri’s will be an iconic 12 story building with 277 luxury apartment units and 14,000 SF of Restaurant & Retail Space





Cornerstone Development Partners - Buckhead (1895 Peachtree Rd NE)

New Class A Medical Office Building coming to Atlanta. Delivering June 2019.
http://www.loopnet.com/Listing/20380421/1895-Peachtree-Rd-NE-Atlanta-GA/





THE CARLYLE - Edgewood (1300 Memorial Dr SE)


The Carlyle is a 21-unit modern townhome development located in Edgewood, Atlanta on the corner of Dahlgren Street and Memorial Drive.

http://www.the-carlyle.com/about/



352 University Avenue

http://www.aecf.org/blog/whats-happening-at-352-university-avenue-in-atlanta/




Horizon Hospitality Manangement,Inc. Upcoming Hotel Projects - Atlanta

http://www.horizonhmi.com/upcoming-projects/


Embassy Suites Atlantic Station Atlanta GA - Coming Q4 2018




Fairfield Inn & Suites/Townplace Suites Combo Hotel Downtown Atlanta, GA - Coming Q1 2019




Holiday Inn Express & Suites Downtown Atlanta, GA - Coming Q4 2018




Puritan Mill Loft Office

[Street Advocate]

Great finds, three stacks. I am really curious about the developments that will come in between 85 and MARTA (ie: related to the university ave development in Pittsburgh/near Adair Park). There's a handful of proposals for the area and we could come up with something truly incredible. Also glad to see more hotels coming downtown, to AS, memorial drive continuing to increase in density, and the buckhead projects moving forward.

Confession time. As someone who used to live in Buckhead and now prefers to spend time around midtown and the beltline, I am absolutely envious of the concentration of developments and restaurants Buckhead Village has been compiling in comparison. What I enjoy about the buckhead village developments is it is less linear in development, but rather a handful of blocks to create a cluster of development, something the EST lacks.

[testarossa50]

Buckhead Village definitely has it going on (although who honestly wants an even faster pace of construction in Midtown?! the place is a nightmare of closed lanes and construction traffic as it is), but Buckhead Village is getting to where it really needs a tall building to fill out its skyline. Something like Icon or Opus.

edit: also, my eyes must deceive me on the University Avenue development, because that looks to be about the construction and design quality of the Eastside Beltline areas around Krog St. Surely if this can be done way down on University Avenue, it can be done on Georgia Ave.

[Frankster87]

I don't feel like Buckhead Village needs a big skyscraper. I think the mid to high rise buildings fit the area just fine and are creating a better experience at the street level. IMHO, what Buckhead Village really needs is frequent and grade separated transit to tie into the existing Marta rail system. That would transform the neighborhood. I'd definitely start frequenting the area if it was easier to get to without a car/uber.

[Atlanta3000]

Originally Posted by testarossa50

edit: also, my eyes must deceive me on the University Avenue development, because that looks to be about the construction and design quality of the Eastside Beltline areas around Krog St. Surely if this can be done way down on University Avenue, it can be done on Georgia Ave.

T-50 - You need to fall in line with the rest of the folks on here and accept what GA State and Carter want to throw up because that area should lucky they are getting something as opposed nothing. Otherwise you will be deemed a shit stirrer like myself...

[Atlriser]

Information I’ve received on Georgia Avenue retail: 25,000 Sft retail space in existing buildings delivering to tenants spring 2017, already leased 20,000 Sft, no franchises allowed, leases to date include pizza place, fine dining space, ice cream, chicken concept, bbq and a local brew pub, only have 2 spaces remaining available for lease. All areas will be connected by courtyards, walking paths and seating areas. Second phase will add another 25,000 Sft retail, 3 story office building at corner of GA Ave/Hank Aaron, 700 dorm apts for State and 120 market apts. Hope to break ground on this phase November to January.

State has moved its Hotel Management and Hospitality School to the stadium and will be expanding these programs and housing this college at the stadium with plans to expand and announcing more classroom and related facilities for its growth next fall as part of the next phase.

As a resident of the area, the plans to date match almost exactly with what they announced since the initial concept. To say otherwise is simply untrue as I’ve witnessed meetings and discussions first hand. The development occurring on GA Ave is a great reuse of existing buildings and will create a neighborhood hub/destination/village around the stadium which will give the area not only active uses during game days but also daytime and nighttime activities which is exactly what was needed for the surrounding area. With State placing one of its schools at the stadium it is creating a destination point from this southern most area in the development which will activate the site and cause pedestrian activity to start to develop and link the area back into its downtown campus. It is a great transition from the surrounding single family homes to higher density that will follow to the north of this initial kickoff first phase. Higher density will flow from mid rises to a couple high rises as you travel toward the state government judicial complex being built now and capital/state office complexes.

State/Carter have done more for the area in under a year than the Braves and Fulco Stadium Authority did since the 1960’s.

[Atlanta3000]

Originally Posted by arctk2014

I don't think anyone on here is saying the stadium/parking lots are worthless, but did you consider factoring in the depreciated value of both projects? Are they really comparable when it comes to the existing building stock for both projects? Was there any other use that could have been competitive with GA State's proposal for their own football stadium?

I am not sure what is the issue here, but everything I write you seem to"creatively extrapolate" things I did not say. I never said you are anyone else here said/think/believe Turner Field's stadium and parking lots are worthless. What I have vehemently tried to communicate is the COA vastly underpriced the land (which included a $209 Million stadium) when they sold it to GA State and Carter.

I am not sure what accounting methodology you are using to depreciate Turner
Field, but I can certainly guarantee you it is worth well over $100 Million. Let me give you some perspective on what a football stadium costs to build. Take a gander at the beauty below. This is the most expensive high school football stadium in the US. In Katy f'en TX and it cost taxpayers $70.3 Million and it seats only 18K. I don't want to split hairs with you but you and I both know if GA State had to build a new stadium from the ground up, it would certainly have cost substantially NORTH of the $30 Million they paid for Turner Field and 70 acres surrounding it.

70 acres in Summerhill doesn't have the same credentials as 11 acres in Downtown Atlanta's more historic core- which also happens to be at the front steps to MARTA. Stop comparing this project to other projects/deals/neighborhoods that are not comparable to this area.

I thought it was fairly obvious my reasoning for bringing Underground Atlanta into the discussion which was to establish a "reasonable" comparable land value. So help me understand why you think Summerhill doesn't have the "same credentials as 11 acres in Downtown Atlanta's more historic core". Had you read the link on my post you would have learned WRS was the ONLY bidder for the Underground site. So a reasonable thinker would be justified in thinking the Summerhill site maybe has a higher value. A businessman or developer would think which site would be less risky to develop: 70 acres of parking lots or 12 acres in Downtown with the complexities of MARTA, Parking, adaptive reuse or build new...etc.

[Atlanta3000]

Originally Posted by Atlriser

As a resident of the area, the plans to date match almost exactly with what they announced since the initial concept.

State/Carter have done more for the area in under a year than the Braves and Fulco Stadium Authority did since the 1960’s.

Atlriser - You and I are usually on the same page, but you can't tell me the picture below is what you or anyone else expected when GA State bought the land. With all do respect, if GA State/Carter just cut the grass and cleaned up the parking lots around Turner Field would have been more than the Braves and Fulton Stadium Authority did since the 1960’s.

[jsvh]

I am not seeing any evidence that the Turner Field site was under priced. GSU was the highest and best offer. And a place is only worth what people will pay for it. There are not many users interested in a used stadium so even if the land seems under priced, it is worth the millions in demolition costs that CoA would have had to pay if they demolished Turner Field as originally planned.

And $425K an acre is more than you would have paid for land with homes on them in this area a couple years ago when this was all starting.

[Atlanta3000]

Originally Posted by jsvh

I am not seeing any evidence that the Turner Field site was under priced. GSU was the highest and best offer. And a place is only worth what people will pay for it. There are not many users interested in a used stadium so even if the land seems under priced, it is worth the millions in demolition costs that CoA would have had to pay if they demolished Turner Field as originally planned.

And $425K an acre is more than you would have paid for land with homes on them in this area a couple years ago when this was all starting.

I am curious if you actually looked for evidence or you are just going off your gut? I have looked, but I can't find what the other bidders were offering? Maybe you can post since it seems like you have done the research.

Regardless if Carter and GA State were the highest bidders, it doesn't mean the COA needed to sell it now. Why not wait until the next development cycle and get a higher price and arguably a more dynamic plan. The same goes for the Civic Center site. Not every piece of land the city owns needs to be sold now and developed ASAP. we are going to end up with shit everywhere if this thinking is not stopped.

[sbrptree]

Originally Posted by Atlanta3000

I am not sure what is the issue here, but everything I write you seem to"creatively extrapolate" things I did not say. I never said you are anyone else here said/think/believe Turner Field's stadium and parking lots are worthless. What I have vehemently tried to communicate is the COA vastly underpriced the land (which included a $209 Million stadium) when they sold it to GA State and Carter.

I am not sure what accounting methodology you are using to depreciate Turner
Field, but I can certainly guarantee you it is worth well over $100 Million. Let me give you some perspective on what a football stadium costs to build. Take a gander at the beauty below. This is the most expensive high school football stadium in the US. In Katy f'en TX and it cost taxpayers $70.3 Million and it seats only 18K. I don't want to split hairs with you but you and I both know if GA State had to build a new stadium from the ground up, it would certainly have cost substantially NORTH of the $30 Million they paid for Turner Field and 70 acres surrounding it.





I thought it was fairly obvious my reasoning for bringing Underground Atlanta into the discussion which was to establish a "reasonable" comparable land value. So help me understand why you think Summerhill doesn't have the "same credentials as 11 acres in Downtown Atlanta's more historic core". Had you read the link on my post you would have learned WRS was the ONLY bidder for the Underground site. So a reasonable thinker would be justified in thinking the Summerhill site maybe has a higher value. A businessman or developer would think which site would be less risky to develop: 70 acres of parking lots or 12 acres in Downtown with the complexities of MARTA, Parking, adaptive reuse or build new...etc.

My sister and her family live in Allen, TX and niece and nephew go to that school district. It was actually $60M - and had tons of construction issues that it was delayed opening for a year. BUT - point taken - new stadiums are NOT cheap. Not that it matters - but Allen is also ranked in the top 3 HS football teams in the nation - they freakin recruit players from all states. Only in TX!

[Triptychtwo]

A few small updates:

Looks like Jamestown is starting to move on phase 2:
U-17-24 (Within 300 ft. – Review & Comment ONLY)
Applicant, Jamestown Ponce City Market, L.P. by Dentons US, LLP, seeks a special use permit indefinitely for development of a high-rise boutique hotel up to 225 ft. tall on the southwest side of the property.

New MF on Piedmont (in addition to the ones going in a mile north of here)
Application of Scott F. Dunn for a variance to reduce the front yard setback from 40 feet to 20 feet, increase the maximum impervious lot coverage from 50% to 65% and increase the maximum building height from 35 feet to 47 feet for the construction of a multifamily development for property located at 940, 946 & 950 Piedmont Avenue, N.E., fronting 149 feet on the west side of Piedmont Avenue and beginning 254 feet from the northwest intersection of Piedmont Avenue and 8th Street. Zoned SPI-17 SA4 (Piedmont Avenue Special Public Interest District). Land Lot 106 of the 17th District, Fulton County, Georgia.

A little more info on 1944 Hotel/Office redevelopment:
V-17-174 Application of Lemuel Ward for a special exception to reduce the off-street parking from 377 spaces to 211 spaces for a hotel for property located at 1944 Piedmont Circle, N.E., fronting 164 feet on the northwest side of Piedmont Circle and beginning approximately 159 feet from the northwest intersection of Piedmont Circle and Piedmont Road. Zoned MRC-2-C/BL (Mixed Residential Commercial-Conditional/Beltline Overlay). Land Lot 50 of the 17th District, Fulton County, Georgia.
Owner: Piedmont Hotel Owner, LLC
Council District 6, NPU F

[Atlanta3000]

Originally Posted by sbrptree

My sister and her family live in Allen, TX and niece and nephew go to that school district. It was actually $60M - and had tons of construction issues that it was delayed opening for a year. BUT - point taken - new stadiums are NOT cheap. Not that it matters - but Allen is also ranked in the top 3 HS football teams in the nation - they freakin recruit players from all states. Only in TX!

The AJC had a report August 21, 2017 the stadium cost $72 Million. Regardless, it is completely generic compared to GA State Panthers new stadium/formally Turner Field.

http://www.ajc.com/sports/take-look-this...adium-katy-texas/5mZaadSIfoKGpHqnCMTiLP/