Atlanta Project Thread IV

[Ant131531]

That's alot more than renting out a nearby storefront or putting a trailer on site like many condo sale centers do. It's less "temporary" so to speak. Sure, it can be torn down, but hopefully tht's only the case when they decide to develop the Pavilion.

[RocketSurgeon]

This theory is so bizarre that I'm hesitant to even post it, but I wonder if Opus is one of those scams where someone buys a bunch of concrete, glass, and steel at wholesale prices, then puts it together and sells it to rich people as "condos."

[pica]

Originally Posted by Libertarian

When does "business friendly policies" give way to criminal acts? That's the issue isn't it. Not for nothing that we have the reputation of the most corrupt state in the union, and that covers a massive territory - so many states with corrupt criminals.

Sure, if the states of Louisiana and New Jersey no longer exist.

Originally Posted by Libertarian

The project is in Atlanta as well as Fulton. I'm willing to give her a chance but you gotta admit having a developer as a main campaign donor with such an inducement on the table is not a good look

The mayor controls Invest Atlanta, which is a very different organization than Development Authority of Fulton County.

[jpk1292000]

Originally Posted by pica

Sure, if the states of Louisiana and New Jersey no longer exist.




The mayor controls Invest Atlanta, which is a very different organization than Development Authority of Fulton County.

Agreed...not even close. LA, NJ, IL all have corruption reputations much worse than GA

[Libertarian]

Georgia's problem is that (according to multiple independent outside studies) we have less anti-corruption statutes, regulations, and meaningful procedures in place than any other state, at both state and local levels.
Just one example: in key voting precincts of south Atlanta, is it public information who the poll managers are and where they work (who they're dependent on) for their day jobs? Do you know that poll watchers are restricted in what they can observe, especially at closeout and the control of voters lists compared with the total on the tape + spoiled ballots + provisional ballots? No observation is allowed to determine if fraudulent votes in large numbers can be cast for no-show nonvoters during the time between when the doors are locked and the results of the DRE (direct recording electronic) results are reported. In a close election in Fulton County it's often 2 or 3 hours or more before the DREs are reported in to the election board.
Any recanvass in Georgia starts and ends with a DRE internal memory card because there is no paper ballot or stored ballot image that can be recounted. You get the same answer on the original count and the recount and that's a meaningless process.

[GeorgiaPeanuts]

The backer of Opus Place is Ashkenazy Acquisition Corp. OHM is likely just another LLC like all developments create an LLC for their development. I never see the actual developer company listed as owner of any of these new developments

http://www.aacrealty.com/about

[Atlanta3000]

Originally Posted by GeorgiaPeanuts

The backer of Opus Place is Ashkenazy Acquisition Corp. OHM is likely just another LLC like all developments create an LLC for their development. I never see the actual developer company listed as owner of any of these new developments

http://www.aacrealty.com/about

Can you link one article where an AAC executive confirms they are the developer and/or have a financial investment in the project because I cannot find anything.

Also look at "The Team" listed on the project's website. Only the architect, interior designer and real estate broker are listed. Where is the godmamn developer's name listed?

Now do a Google search for Miami condos under construction and look at their websites. Every single one, the developer is prominently listed on their website.

http://opusplaceatlanta.com/?infinity=ic...M-NCC2AIVzIuzCh2XDAudEAAYASAAEgI9v_D_BwE

[GeorgiaPeanuts]

"In 2014, New York developers including Ashkenazy Acquisition Corp. and Olympia Heights Management pitched one of the city’s largest mixed-use projects for the four-acre site at 98 14th Street "

http://webcache.googleusercontent.com/se...s.html&num=1&hl=en&gl=us&strip=1&vwsrc=0

"Developers have planned an ambitious project at 98 14th Street for five years. The Manhattan development team backed by Ashkenazy Acquisition Corp. originally intended a nearly 2-million-square-foot project with three towers on the long vacant “Symphony Center” site."

http://webcache.googleusercontent.com/se...y.html&num=1&hl=en&gl=us&strip=1&vwsrc=0

[RATBOYKEV]

Although, its coming from a curbed article, its great that 120 Piedmont looks to have financing and will be moving forward for 2019 move-ins. These student towers (2 completed and 1 more on the way each) in Midtown and Downtown have driven a massive increase in pedestrian activity - more than any other set of projects in a given sub-submarket.

The student population, with disposable income, weird late-night hours, and a tendency to travel in packs, have allowed neighborhood-focused retail to flourish. Who could have imagined multiple competing late-night cookie delivery shops in a neighborhood!

[Atlanta3000]

Stop The Presses....I just called the Opus Sales Center

So I just got off the phone with one of the brokers. I started off the conversation saying I was living in DC and looking to move to Atlanta and was interested in their project. However, I thought it was strange I could not get any details on the developer and more importantly why are they not listed on your website? The broker said they have been getting these questions consistently and they finally got the developer to write up a one page review with details on their structure and financial backers.

I am supposed to be receiving the email shortly.

Again - why are they having to write out a 1 pager on these details and not have it posted publicly?

[Ant131531]

Dam you should have asked them how tall the structure was.

[Martinman]

Originally Posted by Atlanta3000

No the facts that bring credibility to Libertarian and myself are:

1. Look at their Bloomberg Company profile below. Do you not find it interesting there are not any Executives listed?

2. I tried calling their phone number listed and it is OUT OF ORDER.

3. Olympia Heights Management has very ostentatious HQ. Definitely an edifice symbolic of a successful development company...right?

4. Is it odd Olympia Heights Management does't have any employees listed on LinkedIn except for 1 Executive Assistant?

5. Olympia Heights has $160,000 in Impact Fees unpaid.

Obviously, OHM is an llc created specifically for this development. As was previously discussed, this is a very common practice by developers. The only difference being that those behind the project have chosen to remain anonymous. So you two not knowing much about the developer is quite clearly by design.

Yet as we have also discussed before, the Business Chronicle has repeatedly reported that Ashkenazy is in fact the developer behind this project but I suppose they could have made it up without any merit. The following quote is worth noting .

Zickert (an attorney with Smith Gambrell & Russell who is representing the developers in the permitting process) said she could neither confirm nor deny Ashkenazy’s possible involvement.

My own speculation...
They attempted but were unsuccessful in finding a local partner to be the face of the project. But remaining anonymous does seem to fit the personality of this sort of anti-Trump developer and/or a desire to preserve the anonymity of its partners.

6. Olympia Heights as never appeared before the Development Authority of Fulton County to apply for tax abatements. Unheard of for projects under construction or close the beginning construction.

After a quick search, all these developments have begun construction without Fulton County Tax abatement.

The Charles
The Sutton
Broadstone Henri's
Broadtsone Midtown
Hanover Buckhead

[Atlanta3000]

Originally Posted by Atlanta3000

Stop The Presses....I just called the Opus Sales Center

So I just got off the phone with one of the brokers. I started off the conversation saying I was living in DC and looking to move to Atlanta and was interested in their project. However, I thought it was strange I could not get any details on the developer and more importantly why are they not listed on your website? The broker said they have been getting these questions consistently and they finally got the developer to write up a one page review with details on their structure and financial backers.

I am supposed to be receiving the email shortly.

Again - why are they having to write out a 1 pager on these details and not have it posted publicly?

Never received email with developer's details

[Atlanta3000]

Originally Posted by Martinman

Obviously, OHM is an llc created specifically for this development. As was previously discussed, this is a very common practice by developers. The only difference being that those behind the project have chosen to remain anonymous. So you two not knowing much about the developer is quite clearly by design.

Yes - this a common practice. However what is not a "common practice" is for the Developer's name to be left off a website, no mention of executive names, HQ in a low rent condo building, no list of prior experience, a f'en phone number - that is working!...etc.

Originally Posted by Martinman

My own speculation...
They attempted but were unsuccessful in finding a local partner to be the face of the project. But remaining anonymous does seem to fit the personality of this sort of anti-Trump developer and/or a desire to preserve the anonymity of its partners.

From the looks of their website, they mainly acquire/invest in built projects and reposition them. Not ground up projects like what is being proposed in Atlanta. Also, I don't buy this Ashkenazy Acquisition Corporation wants to remain anonymous or as the article states, "the CEO is shy". Horseshit - you don't waltz into a city you are not from and propose a 3 phased project estimated to be $800+ Million at build out and prices that start a $700K and go to $12 Million and want to remain ANONYMOUS.

Read the AJC link below. This is when the project was first announced. The Olympia Heights' executive cited in the article, Eugene Zlatopolsk, previous worked for Shaya Boymelgreen. A real estate firm indicted on fraud in Brooklyn NY. What is even crazier is his LinkedIn profile shows he still works for Boymelgreen.

Lastly, how do you square this circle? From the AJC link below: "AJ Levine, a vice president with Ashkenazy, said his firm is not involved."

http://www.myajc.com/business/developer-proposes-midtown-skyscrapers/R3FEVEwL9NcWhBTUnM0FRI/

Posted: 6:23 p.m. Wednesday, February 05, 2014
A New York developer filed plans Wednesday to build three skyscrapers — including two that could rank among the tallest in the city — at the site once slated for an ambitious symphony hall in Midtown Atlanta.

Attempts to reach developer Olympia Heights Management LLC and executive Eugene Zlatopolsky were not immediately successful. The project’s financing and other key details were not made available. Zlatopolsky formerly worked for prolific, if embattled New York condo and apartment developer Shaya Boymelgreen.

A report by Atlanta Business Chronicle said New York-based real estate group Ashkenazy Acquisitition Corp. is part of the development team, however, AJ Levine, a vice president with Ashkenazy, said his firm is not involved. Zickert said she could neither confirm nor deny Ashkenazy’s possible involvement.

[Martinman]

Moving on...

Originally Posted by RATBOYKEV

Although, its coming from a curbed article, its great that 120 Piedmont looks to have financing and will be moving forward for 2019 move-ins. These student towers (2 completed and 1 more on the way each) in Midtown and Downtown have driven a massive increase in pedestrian activity - more than any other set of projects in a given sub-submarket.

The student population, with disposable income, weird late-night hours, and a tendency to travel in packs, have allowed neighborhood-focused retail to flourish. Who could have imagined multiple competing late-night cookie delivery shops in a neighborhood!

I agree. And that's another reason I am not a fan of the NCR plaza rather than street level retail. Its the only thing I don't like about the project. If there is any place in Midtown that should be lined with retail right now, between Tech Square and Publix should is it.

[trainiac]

An underused parcel is coming along nicely on DeKalb Ave near Waverly Way in Inman Park. From what I can tell, it's looking like the renderings posted a few months ago here:
http://https://atlanta.curbed.com/2017/2...e-warehouse-conversion-restaurant-retail



The block between Doc Chey's and Six Feet Under across from Oakland Cemetery is getting close to being finished. The new market (same owners as Candler Park Market) looks open. Nice addition to the hood!

I walked the new stretch of the Beltline in Cabbagetown from Wylie to Kirkwood Ave. Nice. It stops right before the bridge they have to replace over Fulton Terrace.

[pica]

Nice to hear that DeKalb Ave. project is moving ahead.

Originally Posted by trainiac

I walked the new stretch of the Beltline in Cabbagetown from Wylie to Kirkwood Ave. Nice. It stops right before the bridge they have to replace over Fulton Terrace.

I apologize for being pedantic, but the trail is actually right in the middle of Reynoldstown there. It's only in Cabbagetown from the Krog Tunnel to Pearl St.

[smArTaLlone]

https://www.bizjournals.com/atlanta/news...-first-element-hotel-moving-forward.html

[smArTaLlone]

A $750 million project on the Atlanta Beltline’s Eastside Trail will feature terracing green roofs and an elevated walkway into Historic Fourth Ward Park.

The new project would include two 12-story office buildings, a 50-to 75-room boutique hotel, 200,000 square feet of retail space and at least 700 residential units.

https://www.bizjournals.com/atlanta/news...s-revealed-for-big-beltline-project.html

[Martinman]

I think I may cry. This is not your grandfather's Atlanta anymore!!!