Atlanta Project Thread IV

[smArTaLlone]

I might have missed this but Middle Street Partners (1081 Juniper) is now the developer of 400 Bishop street apartments.

[smArTaLlone]

• Video Link

[Sojourner_Terminus]

Gotta say, regardless of your opinion on 1072 and Stratus, these are some high quality marketing materials.

Industry people, are these videos primarily for potential office tenants, or cities and their residents?

[Sojourner_Terminus]

Originally Posted by smArTaLlone

I might have missed this but Middle Street Partners (1081 Juniper) is now the developer of 400 Bishop street apartments.

I'm overly excited for this even though its basically just another 5 over 1. Its not often Atlanta gets wedge shaped building.

Any idea if this is the most current rendering? There are several floating around for years at this point.

[YAY0]

Not in the industry but my guess is with all the developments going up, both residential and office wise, the competition to attract tenants has become pretty fierce which means the marketing teams have to step up their game.

[YAY0]

Also it'd be pretty cool if someone who is more active here and in the scene could start a crane counter thread where we keep track of how many cranes are up in the city because its gotta be 100+ at this point.

[bigstick]

When will Stratus begin> 2055?

[RocketSurgeon]

I think Stratus is unlikely to happen. Not a great time for spec office space.

[bigstick]

Originally Posted by RocketSurgeon

I think Stratus is unlikely to happen. Not a great time for spec office space.

If this were apartments, I would be more excited about this

[testarossa50]

The rendering looks like it is screencapped from an anime or something.

imo this project/site doesn't need to happen this cycle.

[smArTaLlone]

https://www.bizjournals.com/atlanta/news/2023/01/31/stratus-midtown-new-renderings.html

More than a year after developer Trammell Crow Co. first unveiled plans for the project, updated renderings of a 30-story office tower planned for Peachtree Place have been released by architect Duda|Paine. Called Stratus Midtown, the tower is across the street from the historic Margaret Mitchell House and less than 700 feet from the Midtown MARTA station.

The tower will offer 465,000 square feet of space over 15 floors in Atlanta’s most active office market. The bottom 13 floors are street-level retail and stacked parking, and the 14th floor is an amenity floor. A Delta Community Credit building built in 1962 currently sits on the site, which will have to be demolished before Trammell Crow begins construction.

Construction is anticipated to begin in 2024, according to Duda|Paine, and Trammell Crow has yet to apply for a demolition or land disturbance permit. The developer’s special administrative permit is still under review by the city’s Office of Zoning and Development.

[testarossa50]

Originally Posted by smArTaLlone

https://www.bizjournals.com/atlanta/news/2023/01/31/stratus-midtown-new-renderings.html

So it goes:

Floor 1: Retail
Floors 2-13: Parking
Floor 14: Amenity
Floors 15-29: Offices

Lord help us...

[smArTaLlone]

Originally Posted by Sojourner_Terminus

I'm overly excited for this even though its basically just another 5 over 1. Its not often Atlanta gets wedge shaped building.

Any idea if this is the most current rendering? There are several floating around for years at this point.

The rendering above is the one on Middle Street Partners website. I believe the others were by the previous developer.

[shivtim]

Rezoning permit filed for 1121 Tucker in Oakland City.
"rezoning request for existing abandoned religious facility underline R-4A zoning. Requesting to rezone property to MRC-2-C GIS is showing that the land use for 1121 Tucker is Low Density Residential. It needs a land use amendment to Mixed Use Medium Density."

[avatar07]

General question. With so many projects being built in the 35 storey range right now, and given the increasing scarcity of land in Midtown, do you think we will start to see more developers willing to push for 45+ storey towers in the next decade? I feel as though 35 stories is fairly feasible for Altanta which could turn motivate developers to seek more ambitious projects to separate themselves from the rest.

[newuserbuckhead]

Originally Posted by avatar07

General question. With so many projects being built in the 35 storey range right now, and given the increasing scarcity of land in Midtown, do you think we will start to see more developers willing to push for 45+ storey towers in the next decade? I feel as though 35 stories is fairly feasible for Altanta which could turn motivate developers to seek more ambitious projects to separate themselves from the rest.

It depends entirely on the market. The taller the building, more likely than not, the more square feet of office, or more residential units, or more hotel rooms, the tower will contain. If there's enough demand for that much more supply possibly. Then, it'll depend on construction costs. Are tenants willing to pay that much more for a taller building? If it's a mixed use tower that's desired, is there someone willing to buy it? A lot of buildings are built by the developer and then sold off a few years after construction. They're usually sold off to pensions or hedge funds or some other institutional investor. Are they willing to take the chance on a mixed use tower? A lot either aren't willing to take the risk or don't understand how to manage one of the product types. It's tricky. The smaller the building, the easier it is to lease up and it's easier to sell a fully leased building.

[Atlriser]

The towers in midtown are already maxing out the FAR allowance. That along with demand is what specifies a buildings floor count. Unless FAR changes, we won’t be seeing buildings taller than they currently are in most places of midtown.

Downtown SoNo is where the tall buildings are allowed mainly.

[Libertarian]

Let's hope that someday, when market conditions improve and people physically start to show up for work, that a supertall gets built on a SoNo parking lot somewhere between former SunTrust and former BOA. There are two-three good parcels. That would fill in a gap nicely.

[avatar07]

Originally Posted by Atlriser

The towers in midtown are already maxing out the FAR allowance. That along with demand is what specifies a buildings floor count. Unless FAR changes, we won’t be seeing buildings taller than they currently are in most places of midtown.

Downtown SoNo is where the tall buildings are allowed mainly.

So was the FAR for 1072 West Peachtree happen to be different than the rest of Midtown to allow it to be 61 stories? Is it on a case by case basis?

[testarossa50]

Originally Posted by avatar07

So was the FAR for 1072 West Peachtree happen to be different than the rest of Midtown to allow it to be 61 stories? Is it on a case by case basis?

I wish the process were more transparent about how it's calculated, but I know that developers can buy the unused FAR from properties that agree to never be developed (mainly historic ones).