Opus Place | 53 floors

[Pemgin]

Originally Posted by skyscraperpage17

Any timeline / deadline given for the completion of these revisions?

There's no deadline for the developer to complete, but the last revision looks like it only took them a few days. When they return it to the city, it seems that the city has a deadline of one week from receipt to approve or return for revisions. It seems like each revision is taking less time than the last, so maybe they're close to ironing out the details.

I think we're all anxious to see dirt move on this one. This is the first truly "tall" building we've seen for a while.

[jpk1292000]

https://www.bizjournals.com/atlanta/news...o-2-opus-place-taps-veteran-atlanta.html

[smArTaLlone]

https://atlanta.curbed.com/2017/10/12/16461436/no2-opus-place-construction-october-december-2017

Now, according to the PR agency marketing the project, the earliest construction could start is December, though “winter” was suggested as a more reasonable target.

Despite the delay, the team insists pre-sales are strong, although a new sales team was announced last week, hinting at some early strife.

Also, the building has been reconfigured a little to increase the size of the smallest units, driving up the base price to the upper range of $700,000 for the smallest one-bedroom options.

[bigstick]

Originally Posted by smArTaLlone

https://atlanta.curbed.com/2017/10/12/16461436/no2-opus-place-construction-october-december-2017

[skyscraperpage17]

I'd only start worrying if the Eviva breaks ground before this.

[Libertarian]

Like I said years before, this will never happen. The promoters are NY lightweights, wannabees. They wasted a lot of their and other peoples' money setting up this pipe dream. The only developers with credibility are those with established track records who start small and build their empires over time.

[jpk1292000]

20% chance this gets off the ground...

[Pemgin]

There was an interview with someone involved with the project a few months ago (don't remember when or who, exactly) who said that it was more likely to break ground at the end of the year and October was the earliest it could. It's disappointing that it's delayed but not that shocking and apparently this was anticipated. Not sure why all the pessimism. Seems like Mr. Libertarian is almost rooting for this one to fail, for some reason.

[skyscraperpage17]

Originally Posted by Pemgin

There was an interview with someone involved with the project a few months ago (don't remember when or who, exactly) who said that it was more likely to break ground at the end of the year and October was the earliest it could. It's disappointing that it's delayed but not that shocking and apparently this was anticipated. Not sure why all the pessimism. Seems like Mr. Libertarian is almost rooting for this one to fail, for some reason.

True.

The fact that they've been actively pushing to get their building plan approved and the fact that they're actively pursuing sales suggests they're serious about this project.

[Ant131531]

Originally Posted by Pemgin

There was an interview with someone involved with the project a few months ago (don't remember when or who, exactly) who said that it was more likely to break ground at the end of the year and October was the earliest it could. It's disappointing that it's delayed but not that shocking and apparently this was anticipated. Not sure why all the pessimism. Seems like Mr. Libertarian is almost rooting for this one to fail, for some reason.

Or maybe he's being realistic. Even I think the chances of this actually literally breaking ground has dropped substantially. I don't believe sales are going as well as they say they are.

Amazing that a market as small as Austin's can support a 600+ foot condo tower and Atlanta can't. Guess that goes to show the power of the Tech industry. It may also not be helped that Buckhead is the historic center of luxury condo highrises, not Midtown.

[Pemgin]

I just think it's a little too early to be this pessimistic. Six months from now with no groundbreaking...I'll join the skeptics. But missing the most optimistic groundbreaking projection isn't necessarily a problem. As others have pointed out, the permits are still moving through and they're still aggressively pursuing sales.

[skyscraperpage17]

Originally Posted by Ant131531

Or maybe he's being realistic. Even I think the chances of this actually literally breaking ground has dropped substantially. I don't believe sales are going as well as they say they are.

Amazing that a market as small as Austin's can support a 600+ foot condo tower and Atlanta can't. Guess that goes to show the power of the Tech industry. It may also not be helped that Buckhead is the historic center of luxury condo highrises, not Midtown.

Can it really?

Even accounting for the power of the tech industry, I believe Austin's in a huge bubble that could burst at any time (as you say, they're building things up way too fast relative to the city's size). As we all know, overspeculation by real estate developers tend to happen when in the midst of a bubble.

http://kxan.com/2017/07/20/austin-is-second-most-overvalued-housing-market-in-the-nation/

So I wouldn't compare their situation with Atlanta's.

[jpk1292000]

Originally Posted by skyscraperpage17

Can it really?

Even accounting for the power of the tech industry, I believe Austin's in a huge bubble that could burst at any time (as you say, they're building things up way too fast relative to the city's size). As we all know, overspeculation by real estate developers tend to happen when in the midst of a bubble.

http://kxan.com/2017/07/20/austin-is-second-most-overvalued-housing-market-in-the-nation/

So I wouldn't compare their situation with Atlanta's.

Also, doesn't Atlanta have a number of 40-55 story condos in Buckhead?

[Pemgin]

I think it's also worth mentioning that no information was given as to exactly why there's a delay. It's widely known construction labor is in short supply right now, so maybe it's that they're still trying to assemble a crew. Or maybe there's an issue with a contractor. It's possible it has nothing to do with the developer at all.

[Atlanta3000]

Originally Posted by skyscraperpage17

Can it really?

Even accounting for the power of the tech industry, I believe Austin's in a huge bubble that could burst at any time (as you say, they're building things up way too fast relative to the city's size). As we all know, overspeculation by real estate developers tend to happen when in the midst of a bubble.

http://kxan.com/2017/07/20/austin-is-second-most-overvalued-housing-market-in-the-nation/

So I wouldn't compare their situation with Atlanta's.

100% agree!!!

I would take Atlanta's economic diversity over Austin's concentration of high tech companies. If the economy goes South, a software company has little use maintaining their existing employment levels - they hire fast and lay off even faster. High tech/high growth companies are also bought and sold more than most industries as well.

[ATLSkyPalaceOwner]

Someone here undoubtedly has experience with this ...

They have sold X number of units. Presumably, these units are sold with a promised move-in date, and there's some sort of penalty if it the building isn't ready by the move-in. Is this correct? If so, wouldn't the Opus2 people be shelling out, or at least increasing their chances of shelling out, penalty fees for not having the building ready by a contractual date?

[bigstick]

Originally Posted by ATLSkyPalaceOwner

Someone here undoubtedly has experience with this ...

They have sold X number of units. Presumably, these units are sold with a promised move-in date, and there's some sort of penalty if it the building isn't ready by the move-in. Is this correct? If so, wouldn't the Opus2 people be shelling out, or at least increasing their chances of shelling out, penalty fees for not having the building ready by a contractual date?

Bingo, yes, and what is the issue with waiting 45 days or so to break ground, I hope this does not become another "Eviva"????

[ATL_J]

Originally Posted by ATLSkyPalaceOwner

Someone here undoubtedly has experience with this ...

They have sold X number of units. Presumably, these units are sold with a promised move-in date, and there's some sort of penalty if it the building isn't ready by the move-in. Is this correct? If so, wouldn't the Opus2 people be shelling out, or at least increasing their chances of shelling out, penalty fees for not having the building ready by a contractual date?

It all depends on how the contract is structured. Typically you see a buyer put down a small percentage, sometimes refundable, often times not, with the rest of your down-payment being required as the project hits certain milestones. It would be hard to know, without seeing a contract, what sort of penalties might be in place for missed deadlines, however, I would assume, considering the early nature of this project, that early contracts have some flexibility in their delivery time and 2-3 months is probably an acceptable window.

My assumption would be the delay is due to the developer not hitting enough pre-sales to trigger construction financing, but I have no inside knowledge so it could be a number of things. Considering the amount of the money they've spent on the showroom and other necessities, this is a very real project, but I do question the market depth for this many million-dollar condos.

[montydawg]

Originally Posted by ATL_J

this is a very real project, but I do question the market depth for this many million-dollar condos.

I wonder if the developer may try to 'downmarket' the remaining units if demand is soft- e.g. build cheaper units on lower floors, whereas current contract holders are under the impression the whole building will be filled with million dollar units.

[Pemgin]

Land development permit is ready to issue as of today.