ATLANTA | Development Thread VI

[Martinman]

Originally Posted by jwbab

Here is more information on this project. Lots more images at the link that

Link: http://www.loopnet.com/Listing/790-Marietta-St-NW-Atlanta-GA/4490149/

Oh wow. I think this has been around for years. Glad to see it potentially move forward and a grocery store would do great in that location. Any idea of the developer?

[Street Advocate]

Construction at studioplex appeared limited to the retail and townhome portion, although I could be wrong with definitely some movement around the southern end. I was thinking that was just prep doe the road in front of the retail. Hopefully we see the hotel and other? (I forget it it’s apartments or what) building go under construction, too. This is a really long stretch of future retail and townhomes with a nice buffer from the trail. Appears to be about a full city blocj’s worth of retail:




The Northside MOB parking garage takes up the entire parcel with what appeared limited space along the sidewalk (look in hr first photo how far it hits out past the sky house parking deck). No room for a future building or pocket park unless they remove the parking deck, which should not be expected in our lifetime. Even if they add a lovely facade, unless some sort of retail is added this is just more deadspace allowed by Atlanta planning department and midtown alliance. They continue to fail their constituents. Even if there’s retail- it’s still a dead space due to limited function of what is above the street level presence: parking:

[Atlanta3000]

What's next for the former site of the Dome?

New GWCCA HQ hotel will be 1010 rooms with a helipad. Construction will not start until after the SuperBowl in 2019.

http://www.wsbtv.com/news/local/whats-next-for-the-former-site-of-the-dome/648623271

[nature's calling]

Originally Posted by Atlanta3000

What's next for the former site of the Dome?

New GWCCA HQ hotel will be 1010 rooms with a helipad. Construction will not start until after the SuperBowl in 2019.

http://www.wsbtv.com/news/local/whats-next-for-the-former-site-of-the-dome/648623271

Ugh I’m gonna be 25 by the time this breaks ground and probably nearing 30 when it’s completed. I feel old as hell 😩

[tdawg]

^^^ How old are you now? Geesh. I'm guessing you're on the lower end of the age bracket here.

[nature's calling]

Originally Posted by tdawg

^^^ How old are you now? Geesh. I'm guessing you're on the lower end of the age bracket here.

Just turned 24

[tdawg]

Ha well you’re definitely not old as hell. And most people over 30 will tell you that the 30s are the best decade. You have A LOT to look forward to!

[SteveD]

Originally Posted by tdawg

Ha well you’re definitely not old as hell. And most people over 30 will tell you that the 30s are the best decade. You have A LOT to look forward to!

My 30's were great, 40's not so much, 50's are looking good. 55 on Jan. 2.

[skyscraperpage17]

Originally Posted by Atlanta3000

What's next for the former site of the Dome?

New GWCCA HQ hotel will be 1010 rooms with a helipad. Construction will not start until after the SuperBowl in 2019.

http://www.wsbtv.com/news/local/whats-next-for-the-former-site-of-the-dome/648623271

Does that mean Home Depot's backyard is officially dead?

[Street Advocate]

I’m really hoping the dome site is expanded to have more than the hotel. With two transit stations nearby, this parcel should receive more density IMO even if fringes of vine city, castleberry Hill, and the gulch see development. Deserves more than a half added parking lot.

[MdtwnATL]

Originally Posted by nature's calling

Ugh I’m gonna be 25 by the time this breaks ground and probably nearing 30 when it’s completed. I feel old as hell 😩

Hahaha you're gonna feel silly one day looking back at this post. =)~

[Libertarian]

I used to believe this board was full of young, sexually active liberals. Now feels like we're mostly old farts. Anyway I hope nature's boy doesn't feel life is done when he hits 30.

[Martinman]

Originally Posted by skyscraperpage17

Does that mean Home Depot's backyard is officially dead?

Not at all. Remember this is a stadium site. The hotel will only occupy a small sliver of that land.

[Atlanta3000]

Originally Posted by Street Advocate

I’m really hoping the dome site is expanded to have more than the hotel. With two transit stations nearby, this parcel should receive more density IMO even if fringes of vine city, castleberry Hill, and the gulch see development. Deserves more than a half added parking lot.

I echo your opinion here with Summerhill, but I digress. I read(heard) the reason not to have more density on the former GA Dome site is so they can have more open space for the neighborhood and tailgating.

Speaking of the Westside, Quest Development Organization, is do some great thing to benefit the neighborhood.

[jwbab]

More information on the renovations to the Campanile Building in Midtown:

Letter of Inducement for Campanile Property LLC ("Campanile"): Mr. Woody Vaughan of Holland & Knight LLP, and Mr. Jim Meyer and Mr. Matt Connors of Dewberry Capital Corporation appeared in connection with the request for a letter of inducement for the issuance of $88,650,000.00 in revenue bonds. Mr. Vaughan explained to the authority that the Campanile building at the corner of 14th Street and Peachtree Street in Midtown, Atlanta is an important corner for the business district and has consistently struggled to attract and retain tenants. The goal of the project is to increase occupancy by revitalizing the building and adding more retail space. Mr. Vaughan assured that the project would comply with MFBE requirements. Mr. Meyer further added that the Campanile building is at 50% occupancy and is expected to lose another tenant in the near future so that the Campanile building will be 75% vacant. Mr. Meyer informed the Authority of the plan to build out a penthouse floor at the top of the building, add several amenities, including an outdoor terrace, and build 40,000 square feet of retail at the base of the building, which would not only benefit the tenants of the building, but would also make the surrounding area more leasable. Mr. Anderson explained that the Campanile building is an iconic building in a great location and that these types of improvements have helped increase occupancy in the past. Upon questions from the Authority, Mr. Meyer revealed that the office buildings in the surrounding area of the Campanile building are at approximately 93% occupancy, illustrating that the Campanile building is well below average. Mr. Meyer speculated that the reason for this is that the interior is outdated and the Campanile building is lacking retail space at the street level. Upon additional questions from the Authority, Mr. Meyer clarified that the project will not increase parking. The project is scheduled to begin next year and renovations will take approximately one year. Upon a motion made by Mr. Turpeau, which was seconded by Ms. Cash, the Authority unanimously approved the letter of inducement.

Link: http://www.developfultoncounty.com/dafc/images/minutes/2017/101917_Oct_Regular_Meeting.pdf

[Atlanta3000]

Originally Posted by jwbab

More information on the renovations to the Campanile Building in Midtown:

Link: http://www.developfultoncounty.com/dafc/images/minutes/2017/101917_Oct_Regular_Meeting.pdf

Your quote:

...request for a letter of inducement for the issuance of $88,650.00 in revenue bonds.

Looks like it is missing a zero - it should read: $88,650,000.


This is really odd because Dewberry paid $35,000,000 for the building in 2010. See link below for confirmation of the sales price. So if they are only adding only 40K of retail and a "build-out of Penthouse floor", how is the value of of the new additions = $53,650,000? $88,650,000 (2017 Revenue Bond) - $35,000,0000 (Building Purchase Price 2017) = $53,650,000.

Dewberry Capital bought the 21-story former BellSouth Corp. headquarters seven years ago for $35 million — just a fraction of what the previous owner had paid.

https://webcache.googleusercontent.com/s...1&hl=en&ct=clnk&gl=us&client=firefox-b-1


Also note, the Midtown Alliance lists the Campanile building: 446,626 Total Office Square Feet
https://www.midtownatl.com/view/campanile-plaza


Where this gets interesting is when we look up the tax records for this building. It details the building is: 637,125 sqft or 190,499 sqft larger than the building is currently. So if we subtract the new 40K of retail that leaves us with approximately 150K sqft unaccounted for. Hmmm...didn't a year ago Dewberry show a plan to increase the building 6 floors and 150K sqft?

Also note the tax assessment for the building and land was $32,081,300 in 2016 and spiked to $82,414,700 in 2017. Click link to view Fulton County tax records:
http://qpublic9.qpublic.net/ga_display_d...on&KEY=17%20010600020385&show_history=1&


As I stated in a previous post, I heard the building size was going to be increased, as well as, the potential for another building. I think the info I presented above demonstrates this. Albeit The Department of Fulton County Development Authority is not being transparent which is very concerning if we are going to trust their leadership in the future.

Lastly, there was another quote from the ABC link below detailing prospective tenant(s) interested in the building (article dated:Aug 30, 2017):

Initial interest in the tower is strong. Gottlieb and Thornton say they have fielded 800,000 square feet of inquiries about Campanile's vacant space over the past month.

https://webcache.googleusercontent.com/s...1&hl=en&ct=clnk&gl=us&client=firefox-b-1

[arctk2014]

Originally Posted by montydawg

That diagram makes no sense to me. Can you tell from which street that elevation is for? It appears to be reversed. Perhaps they are reserving a small footprint on their land for another building

I pulled the previous image from Midtown's development website but this is an old elevation before the tower fronted West Peachtree (as does now). The only updated renderings are the West Peachtree one as well as a small sliver of a rendering from the marketing pamphlet (see image). You can kind of decipher the facade on the corner being articulated though it does look like it's being wrapped in a mesh screen.



There's a restaurant/retail space planned for 2/3 of the frontage along Spring Street that also fronts 13th Street from a leasing package I've seen recently but cannot find it at the moment.

Parking for medical facilities has always demanded higher parking stalls per SF due to the nature of their use. I do think this would have been an ideal location for Northside to implement a smarter parking strategy (all valet perhaps or even automated?Or incentivize their employees/staff to commute?) so that they could have reduced the footprint of their parking structure. But otherwise, there's little precedent for a medical office building to expect their users (who are usually sick and/or going through some outpatient services) to mostly arrive by transit.

[jwbab]

SAP Filed today for 144 Marietta St. This is the parcel where Hudson Grill and the Philips Arena sign are located.

The filing does not reveal much other than it is an expansion greater than 250,000 square feet.

https://aca3.accela.com/ATLANTA_GA/Cap/C...gencyCode=ATLANTA_GA&IsToShowInspection=

Edit: Okay, this definitely involves redevelopment of the Gulch. Since I posted this, the permit has been amended to add 30 Spring Street as the primary address, which is the location of the parking deck in the Gulch across from CNN. 144 Marietta St is still listed under "additional addresses".

[montydawg]

Originally Posted by jwbab

SAP Filed today for 144 Marietta St. This is the parcel where Hudson Grill and the Philips Arena sign are located.

The filing does not reveal much other than it is an expansion greater than 250,000 square feet.

https://aca3.accela.com/ATLANTA_GA/Cap/C...gencyCode=ATLANTA_GA&IsToShowInspection=

Edit: Okay, this definitely involves redevelopment of the Gulch. Since I posted this, the permit has been amended to add 30 Spring Street as the primary address, which is the location of the parking deck in the Gulch across from CNN. 144 Marietta St is still listed under "additional addresses".

This is good news for fans of the MMPT. I was afraid they were going to develop the empty area across from philips arena, however it appears they will develop on top of or redevelop the parking garages instead, opting for park frontage. Those parking garages are city owned and are disasters from a walkability perspective.

[Libertarian]

Where this gets interesting is when we look up the tax records for this building. It details the building is: 637,125 sqft or 190,499 sqft larger than the building is currently. So if we subtract the new 40K of retail that leaves us with approximately 150K sqft unaccounted for. Hmmm...didn't a year ago Dewberry show a plan to increase the building 6 floors and 150K sqft?

Also note the tax assessment for the building and land was $32,081,300 in 2016 and spiked to $82,414,700 in 2017. Click link to view Fulton County tax records:
http://qpublic9.qpublic.net/ga_displ...how_history=1&


As I stated in a previous post, I heard the building size was going to be increased, as well as, the potential for another building. I think the info I presented above demonstrates this. Albeit The Department of Fulton County Development Authority is not being transparent which is very concerning if we are going to trust their leadership in the future.

So it would seem the Fulco Dev Authority and Fulco tax assessor is complicit in a deal with Dewberry to refinance + provide a construction loan of total $88,650,000 for a building which as it stands is set to be 25% occupied; the project's economic rationale being bolstered by purportedly 800,000 sf of prospective tenant inquiries in one month? Well, I guess I should be shocked at the unmitigated shamelessness of it but all I really want to know is, how much is the cut?