ATLANTA | Development Thread VI

[BlueSangha]

Modera Prominence

This is crazy. I love the way it meets the street tho.
https://atlanta.curbed.com/2018/7/31/17635360/modera-prominence-buckhead-apartments

[GTAlum]

When are we going to hear the results from the bids for the 9.5 Acres in the Gulch? The bids were due July 26th..

[Atlanta3000]

Originally Posted by Sura

Keep bringing the info.

Could Google be the 45 story confidential work my guy mentioned?

Google typically chooses buildings with lower floor count, but bigger floor sqft footage. Can you confirm if the project is office, hotel, condo or a apartment building.

[Username123]

This could lead to some huge development in the city, if it passes.

https://www.bisnow.com/atlanta/news/econ...or-georgia-including-metro-atlanta-91337

Republican state Rep. Ron Stephens, whose South Georgia district covers portions of Savannah, is intending to push a bill in the next legislative session that will legalize casino — at three huge Georgia sites that will allow for massive resort complexes. The sites are unidentified, but Stephens told Bisnow that they would most likely be near Savannah, along the Georgia-Florida border and in Metro Atlanta.

The companies that could bid on the limited licenses in the state would need to agree to produce at least 10,000 new jobs and invest, at a minimum, $1.2B. In short, at least $3.6B in new development and 30,000 new, Georgia-based jobs if Stephens' bill passes. “[For] the big players that want to be a part of this, $1.2B will be on the low side,” Stephens said.

Stephens declined to identify what areas of Atlanta could secure a casino resort, but said it would be within the Interstate 285 ring. “There are places in the Atlanta area that are inside the city limits of Atlanta and are incredibly interested [in] this endeavor,” he said. "And it will change forever the way this particular area is looked at."

[MARTAisSmarta]

https://www.myajc.com/business/casino-giant-mgm-plans-renewed-push-georgia/m948ZkGFnXMFIf14LSGEzK/

Last year, MGM proposed a $1 billion-plus destination resort and casino in downtown Atlanta.

Murren said Monday such a facility would not compete with the lottery and would help drive new tourism business. He said about two-thirds of the company’s revenue comes from non-gaming sources such as events, food and hotel room-nights.

“We only go into markets where we believe we can provide a destination addition to a market,” he said. “We’re interested in the type of resorts that provide a nexus between entertainment, hospitality and gaming.”

Allan Vella, president and CEO of the Fox Theatre, asked Murren what MGM would do to protect existing destinations. Vella said casinos often need musical acts and other events to help draw traffic, and can pay more than nonprofits such as the Fox.

He said that could be “potentially devastating” to smaller groups.

If we were to get something like this, it would be great, and would certainly be approaching an 8 or 9 out of 10. Unfortunately this is a long shot as both D's and R's seem to want to use the legislature to force their morals onto everyone.

[West Peachtree]

Originally Posted by Atlanta3000

Google typically chooses buildings with lower floor count, but bigger floor sqft footage. Can you confirm if the project is office, hotel, condo or a apartment building.

Earlier confirmed as office.

Google already has offices in Midtown at West Peachtree & Tenth.

Could Google be likely for Cousins' proposed West Peachtree & 8th 31-story tower? If not, whose likely there?

[robertjhajek]

Originally Posted by West Peachtree

Earlier confirmed as office.

Google already has offices in Midtown at West Peachtree & Tenth.

Could Google be likely for Cousins' proposed West Peachtree & 8th 31-story tower? If not, whose likely there?

Wasn't 1105 W Peachtree taken off loop net? Which could mean Google leased the entire thing? Their Atlanta office is like a block away from there...

[jtown,man]

I love the Atlanta Development thread. You guys are entertaining and post often. Wish more cities were this passionate, keep it up!

[RocketSurgeon]

Originally Posted by Username123

The sites are unidentified, but Stephens told Bisnow that they would most likely be near Savannah, along the Georgia-Florida border and in Metro Atlanta.

A city the size of Atlanta can easily absorb something like that but if I were in Savannah I'd be worried.

[Street Advocate]

Mystery buyer bids $15M for key piece of downtown's Gulch

"The only group to submit an official offer is 30 Spring St. (Atlanta) Fee Owner LLC, which bid $15 million, or about $1.6 million per acre for the site, according to documents from the State Properties Commission."

[BlueSangha]

Originally Posted by Street Advocate

Mystery buyer bids $15M for key piece of downtown's Gulch

"The only group to submit an official offer is 30 Spring St. (Atlanta) Fee Owner LLC, which bid $15 million, or about $1.6 million per acre for the site, according to documents from the State Properties Commission."

It’s probably nothing.

[Street Advocate]

Originally Posted by BlueSangha

It’s probably nothing.

The article mentions they put up $750,000 in earnest $. But pretty disappointing news, if you ask me.

[shivtim]

Not sure if I missed this, but last week Midtown Union (MetLife project at 17th and Spring) filed commercial land development permits and paid $20K in fees.

[daharris80]

Originally Posted by Street Advocate

The article mentions they put up $750,000 in earnest $. But pretty disappointing news, if you ask me.

What exactly is disappointing? Only one bid? Unknown bidder? The price? All of it?

Ultimately who buys it and how much they pay is irrelevant to me. The only thing that matters is what gets done with the property. (That's assuming this is an arm's length transaction with no bribery/corruption attached. That of course would be disappointing and illegal.)

EDIT:

All signs point to the bidder being CIM Group. The bidder is "30 SPRING ST. (ATLANTA) FEE OWNER, LLC." That entity was formed on 7/24/2018, two days before the bid and registered with the Delaware secretary of state identifying PARACORP INCORPORATED as its registered agent.

We know CIM Group owns 99 - 125 Spring Street. https://www.cimgroup.com/investments/99-125-spring-street. They purchased the property 9/27/2017 in the name of an LLC called "99-125 SPRING ST (ATLANTA) OWNER, LLC." That entity was formed on 9/13/2017, registered with the Delaware secretary of state and identifies PARACORP INCORPORATED as its registered agent.

Now, it's not unusual for an LLC or corporation to be formed under Delaware's friendly corporate laws. Expected actually. But for the entity names to be set up the same way "(Atlanta)", have the same registered agent, and to both be formed just days before the transaction/bid at issue... It clearly looks like the work of the same group and attorney.

I'm pretty sure CIM Group is the bidder.

[skyscraperpage17]

There was only one party we know of that has expressed strong interest in purchasing the Gulch.

So who else would this "mystery buyer" be other than them?

[Triptychtwo]

If there were no bids, then that would be disappointing. But obviously CIM is finalizing its assemblage. Not sure why they wouldn't bid to at least finish putting that together as their value then goes up if they want to resell. Now the question is will they actually build something, or just buy and hold... Now $15mil, is that a little disappointing? Yeah, but, it's quite the investment on their part.

[BlueSangha]

Originally Posted by Street Advocate

The article mentions they put up $750,000 in earnest $. But pretty disappointing news, if you ask me.

I was being sarcastic. Just lowering the expectations so no one is disappointed.

[Verge]

Originally Posted by BlueSangha

I was being sarcastic. Just lowering the expectations so no one is disappointed.

Everybody knows this is worth more as part of an assemblage for CIM-- hence no other offers. Not disappointing, expected. Lower expectations are good considering the earlier hype about things that didn't really warrant them--

[skyscraperpage17]

Originally Posted by Verge

Everybody knows this is worth more as part of an assemblage for CIM-- hence no other offers. Not disappointing, expected. Lower expectations are good considering the earlier hype about things that didn't really warrant them--

Yep to the bolded.

[sbrptree]

Originally Posted by skyscraperpage17

Yep to the bolded.

Yes....ABC confirms it’s CIM