Gultch/CIM Group Development - Page 11

montydawg · #**201** Posted **Nov 6, 2018, 8:54 PM**

Quote:

Originally Posted by Dale

This is bigger in *built scope* than HQ2 and HQ3 combine. Is Norfolk Southern supposed to be a sufficient catalyst or are other players lining up ?

That 5 billion number is the best case scenario, where someone like amazon shows up. They would get up to 1.9 billion in incentives if it is build out to the maximum size/value. Most likely the project will be smaller and get a much smaller tax incentive rebate. Everyone is throwing around numbers from the best case scenario. Also, this will likely be built out over 20 years, like Atlantic station.

skyscraperpage17 · #**202** Posted **Nov 6, 2018, 8:55 PM**

Quote:

Originally Posted by Dale

This is bigger in *built scope* than HQ2 and HQ3 combine. Is Norfolk Southern supposed to be a sufficient catalyst or are other players lining up ?

Norfolk Southern isn't moving to The Gulch.

Dale · #**203** Posted **Nov 6, 2018, 9:02 PM**

Quote:

Originally Posted by skyscraperpage17

Norfolk Southern isn't moving to The Gulch.

Okay, wake me up when something happens.

Martinman · #**204** Posted **Nov 6, 2018, 9:17 PM**

Quote:

Originally Posted by montydawg

That 5 billion number is the best case scenario, where someone like amazon shows up. They would get up to 1.9 billion in incentives if it is build out to the maximum size/value. Most likely the project will be smaller and get a much smaller tax incentive rebate. Everyone is throwing around numbers from the best case scenario. Also, this will likely be built out over 20 years, like Atlantic station.

In one of the documents the city released, it was implied that CIM "expects" to do a development valued at around $3.8 billion. Meaning that with no Amazon, they are planning on a $3.8 billion development which would be eligible to gain approximately $1.5 billion in incentives.

Quote:

Originally Posted by Dale

Okay, wake me up when something happens.

NS does plan to use the proceeds from the sale of their land in the Gulch to build a new HQ tower in Midtown.

1lifealex · #**205** Posted **Nov 6, 2018, 9:30 PM**

Quote:

Originally Posted by Dale

Okay, wake me up when something happens.

Norfolk Southern needed their land sold so they can build their new headquarters in Midtown

jct3 · #**206** Posted **Nov 6, 2018, 9:43 PM**

Have CIM ever said anything about construction timelines? I'm guessing the engineering design takes several months. Wonder if they'd done any preliminary work...

Atlriser · #**207** Posted **Nov 6, 2018, 11:00 PM**

Quote:

Originally Posted by jct3

Have CIM ever said anything about construction timelines? I'm guessing the engineering design takes several months. Wonder if they'd done any preliminary work...

Try a year or more minimum.

bigstick · #**208** Posted **Nov 6, 2018, 11:11 PM**

Quote:

Originally Posted by Atlriser

Try a year or more minimum.

Hell,,,, I will be dead...

Pemgin · #**209** Posted **Nov 8, 2018, 4:28 AM**

The "Redlight the Gulch" people aren't giving up. They're trying to raise money for a legal fight.

atlwarrior · #**210** Posted **Nov 8, 2018, 5:00 AM**

Quote:

Originally Posted by Pemgin

The "Redlight the Gulch" people aren't giving up. They're trying to raise money for a legal fight.

What would be their cause of action? The court is not going to stop the transfer of the sale of land.

Pemgin · #**211** Posted **Nov 8, 2018, 2:52 PM**

Quote:

Originally Posted by atlwarrior

What would be their cause of action? The court is not going to stop the transfer of the sale of land.

They say a "crack legal expert" that they've retained is calling the sale unconstitutional. I don't know what that means.

skyscraperpage17 · #**212** Posted **Nov 8, 2018, 3:32 PM**

And look who's back for more from Mama's teet...

Norfolk Southern Seeks Incentives For New Midtown Atlanta Headquarters

https://www.bisnow.com/atlanta/news/econ...?utm_source=CopyShare&utm_medium=Browser

"Norfolk Southern is seeking approval for $600M in lease purchase bonds to develop a $575M headquarters at the former Atlanta Roman Catholic Archdiocese site in Midtown Atlanta. Invest Atlanta's board will vote on the measure Thursday."

Martinman · #**213** Posted **Nov 8, 2018, 4:37 PM**

Quote:

Originally Posted by skyscraperpage17

And look who's back for more from Mama's teet...

Norfolk Southern Seeks Incentives For New Midtown Atlanta Headquarters

https://www.bisnow.com/atlanta/news/econ...?utm_source=CopyShare&utm_medium=Browser

"Norfolk Southern is seeking approval for $600M in lease purchase bonds to develop a $575M headquarters at the former Atlanta Roman Catholic Archdiocese site in Midtown Atlanta. Invest Atlanta's board will vote on the measure Thursday."

What do you mean "back for more"? Norfolk Southern was not a part of the Gulch development. And don't confuse a lease-purchase a bond arrangement with the incentives that CIM is getting. NS is getting. $23.6 million in tax breaks over 10 years which I'm sure was promised as an incentive for the relocation.

skyscraperpage17 · #**214** Posted **Nov 8, 2018, 6:44 PM**

Quote:

Originally Posted by Martinman

What do you mean "back for more"? Norfolk Southern was not a part of the Gulch development.

They made their HQ relocation contingent upon the incentive package for the Gulch passing.

montydawg · #**215** Posted **Nov 8, 2018, 7:17 PM**

Quote:

Originally Posted by skyscraperpage17

They made their HQ relocation contingent upon the incentive package for the Gulch passing.

They just wanted to sell their land. CIM's deal is contingent on the incentive package, so in an indirect way, NS's land deal is contingent.

skyscraperpage17 · #**216** Posted **Nov 8, 2018, 7:19 PM**

Quote:

Originally Posted by montydawg

They just wanted to sell their land. CIM's deal is contingent on the incentive package, so in an indirect way, NS's land deal is contingent.

I get that.

But rather directly or indirectly, the proceeds are going towards their HQ2.

smArTaLlone · #**217** Posted **Mar 5, 2019, 9:13 PM**

https://www.bizjournals.com/atlanta/news...utm_medium=trueAnthem&utm_source=twitter

Quote:

Cousins has retained certain rights to negotiate future office development at the Gulch, as part of its deal announced March 4 to sell eight acres of air rights to CIM Group for $13.3 million.

It was the final piece of the 40-acre Gulch property CIM Group needs to kick off its up-to $5 billion project at the historic downtown site.

“We’ve held on to those air rights for all of that time, believing at some point there would be a viable, exciting project that would connect all the various parts of downtown,” said Cousins President and CEO Colin Connolly.

“We have a great relationship with CIM,” he said. “We are excited about what they are doing and their impact on downtown and the city. We think long term that creates attractive development opportunities. I think they recognize our local expertise in Atlanta.”

atlwarrior · #**218** Posted **Mar 7, 2019, 4:01 AM**

Something big seems to be coming, but they are keeping it quiet.

smArTaLlone · #**219** Posted **May 14, 2019, 11:58 PM**

https://www.ajc.com/news/local-govt--pol...centennial-yards/gqL3HvjkNATDoeohHXNyiJ/

Quote:

California developer CIM Group is putting the finishing touches on its master plan for downtown Atlanta’s Gulch, an up to $5 billion mix of apartments, offices, retail and hotels that the company is calling Centennial Yards.

In an exclusive interview Tuesday with The Atlanta Journal-Constitution and Channel 2 Action News, CIM executive Devon McCorkle unveiled the Centennial Yards branding, a timeline for construction, and some attractions the company is considering for the 40-acre mini-city.

CIM plans to meet major retailers at the International Council of Shopping Centers annual convention in Las Vegas next week. The trade show is among the highest-profile locations for developers to pitch would-be tenants, and many top Atlanta developers will be on hand.

2020 also should mark the start of constructing a vital steel and concrete platform that will raise the site to the level of surrounding streets, creating 12 to 15 new downtown blocks.

Martinman · #**220** Posted **May 15, 2019, 12:31 AM**

I just saw this! It's exciting but can we please come up with a better name than that?