Atlanta Project Thread IV

[Julien]

Originally Posted by ATL Champion

Lol…

Lets Rally for some super-talls… time to break another curse

Ohhh -ohh-oh-oh-oh
O___-ohh -oh-oh-oh

Haha

I'd settle for a skyscraper.

[DNR]

Originally Posted by atlantaguy

If I remember correctly, Rockefeller dropped major $$$ on this small parcel. This is one of the premier developers in the country, they can easily pull this off.

Well, laying out alot of money up front for a small tract of land, does push pressure on the developer/owner to "go big or go home"

[AtlHeel]

haha love the 'oh oh o' chant

So, I guessing something like this?

https://www.skyscrapercenter.com/building/the-bow/1036

[Martinman]

Originally Posted by DNR

Well, in Atlanta, any project that proposes mixed-uses within a single building footprint, usually gets axed.

We may end up with the offices OR the residential, but probably not both.

It seems that every project that has been proposed with mixed uses within the same single structure, has fallen through or had one of the components dropped.

Remember the projects with mixed uses that didn't move forward at all or not as proposed...

- Stalled Selig 50+ story mixed Use project on Peachtree (Office/Hotel/Residential)
- 1230 West Peachtree - (Office/Residential - deleted office portion)
- Stalled Opus - (although that may never have moved forward anyway)

The only mixed use projects that have moved forward have been projects with the Office/Residential/Hotel components planned in separate structures.

- Midtown Union (3 buildings)
- 1105 W. Peachtree (3 Buildings)
- Novel on 14th St. (2 Buildings)
- The Ascent Apts. & Canopy Hotel (2 Buildings)

The deal killer here seems to be the stacking of uses on top of each other - which give the projects their impressive height.

So...the Mid-Town Zoning regulations either restrict this possibility or make it devastatingly complicated.

It’s past time for a Midtown Zoning Ordinance RE-WRITE!

I was 100% joking. Without knowing any of the details, its possible that this project is entirely permitted under Midtown's current zoning . There are density (FAR) "bonuses" for ...

being near transit -
mixed uses -
and including retail -

This is why the Selig proposal is possible at 50+ stories on a relatively small lot.
Stacking various uses is not in any way discouraged by the FAR regulations.

[PhunkyPho]

Originally Posted by AtlHeel

haha love the 'oh oh o' chant

So, I guessing something like this?

https://www.skyscrapercenter.com/building/the-bow/1036

Well, I wouldn't kick that out of the bed.

[tinyslam]

According to the AJC it could be 733 Feet making it Atlanta's 5th tallest.

The tower would clock in at 733 feet, said Karl Smith-Davids, project manager for Midtown Alliance. It would eclipse the 723-foot Westin Peachtree Plaza Hotel, currently Atlanta’s fifth tallest building.

https://www.ajc.com/news/atlanta-news/pr...est-building/5DLIGD3ATNABRJTW5ERMRXJKQI/

[tdawg]

Rockefeller Group is no joke. Fingers crossed.

[(four 0 four)]

Originally Posted by DNR

Well, in Atlanta, any project that proposes mixed-uses within a single building footprint, usually gets axed.

The only mixed use projects that have moved forward have been projects with the Office/Residential/Hotel components planned in separate structures.

Except for The Four Seasons, 1065 Midtown (Loews), The St. Regis, Sovereign and The Waldorf Astoria.

[Martinman]

Originally Posted by AtlHeel

haha love the 'oh oh o' chant

So, I guessing something like this?

https://www.skyscrapercenter.com/building/the-bow/1036

I'm curious why you chose that tower?

The Midtown project will probably be tapered from top to bottom in some way due to the larger floor plate of the office component transitioning to a smaller floor plate for residential.

I was just admiring all of the tall towers Austin is getting, one after another. Hopefully this one will finally break the trend in Atlanta.

[shivtim]

Originally Posted by Olorin

I mean we broke the sports curse maybe we can break the 35 story limit curse now

We broke the sports curse in 2018! Vamos Atlanta!

[AtlHeel]

Originally Posted by Martinman

I'm curious why you chose that tower?

The Midtown project will probably be tapered from top to bottom in some way due to the larger floor plate of the office component transitioning to a smaller floor plate for residential.

I was just admiring all of the tall towers Austin is getting, one after another. Hopefully this one will finally break the trend in Atlanta.

Mostly joking but Foster and Assoc, who is designing Cent. Yards, is the architect for that tower and the height and uses are similar. Hoping for something creative.

[DNR]

Originally Posted by (four 0 four)

Except for The Four Seasons, 1065 Midtown (Loews), The St. Regis, Sovereign and The Waldorf Astoria.

Yes, I am familiar with those, but I was referencing more-or-less, the current development cycle of 2014 - 2021, because I don't know if any details of the Midtown Zoning Ordinance have changed since those were constructed.

[RocketSurgeon]

Originally Posted by DNR

Yes, I am familiar with those, but I was referencing more-or-less, the current development cycle of 2014 - 2021, because I don't know if any details of the Midtown Zoning Ordinance have changed since those were constructed.

Hanover on 7th.
811 Peachtree St.

And to add to the old list, Twelve Midtown.

There's no ordinance against it. Developers do usually check zoning before designing projects

[L.ARCH]

It has everything to do with ownership and management after a project gets built. Single use towers are much simpler in that regard and more attractive to developers who will eventually sell because of the larger pool of investors looking for a single use product.

[Labtec]

61-story building... I like the sound of that. Cautiously optimistic.

[newuserbuckhead]

Originally Posted by DNR

The deal killer here seems to be the stacking of uses on top of each other - which give the projects their impressive height.

So...the Mid-Town Zoning regulations either restrict this possibility or make it devastatingly complicated.

It’s past time for a Midtown Zoning Ordinance RE-WRITE!

You're correct that the deal killer with these types of projects is indeed the mixing of uses in a single vertical structure.

But that's not because of zoning. Atlanta zoning actually provides density bonuses for mixing of uses. The real issue is finding lenders and equity partners who are comfortable with the project and ultimately someone who will buy it. Most institutional investors (hedge funds, pension funds, ect) aren't comfortable with these projects and are usually only interested in a single asset type.

I'm not holding my breath on this one.

[newuserbuckhead]

Originally Posted by L.ARCH

It has everything to do with ownership and management after a project gets built. Single use towers are much simpler in that regard and more attractive to developers who will eventually sell because of the larger pool of investors looking for a single use product.

You hit the nail on the head, and beat me to it!

[L.ARCH]

Originally Posted by newuserbuckhead

…Most institutional investors (hedge funds, pension funds, ect) aren't comfortable with these projects and are usually only interested in a single asset type.

I'm not holding my breath on this one.

I’m actually pretty optimistic on this one. Rockefeller has deep pockets and may not need an equity partner for this. Fingers crossed!

[Julien]

So all the new Google employees will lose their nice views of downtown.

There had been discussion that this property might be part of the 1105 West Peacthree Phase II development. Is there any relation or is it a completely separate development? Also any word on the property straight access the street (Post Office)?

[Atlriser]

It is the post office property as I understand. The articles all say southwest corner.