Atlanta Project Thread IV

[WoodeGA]

And... we have a crew doing soil penetration tests at the 195 13th Street location today.

[smArTaLlone]

Originally Posted by WoodeGA

And... we have a crew doing soil penetration tests at the 195 13th Street location today.

It sounds like they are progressing with the design of the project. I am eager to see more detailed renderings.

[WoodeGA]

Originally Posted by smArTaLlone

It sounds like they are progressing with the design of the project. I am eager to see more detailed renderings.

Me too! I ended up calling the property manager for my building today, and all lease renewals terminate February 2017. They couldn't tell me more than that, but they don't expect any early lease terminations. So it looks like no major work before that date.

[Ant131531]

Originally Posted by WoodeGA

Me too! I ended up calling the property manager for my building today, and all lease renewals terminate February 2017. They couldn't tell me more than that, but they don't expect any early lease terminations. So it looks like no major work before that date.

Honestly in a year the Midtown apartment market may become oversaturated. I feel like they're coming in so late in the cycle....just not sure if this breaks ground over the next 2 years with so many apartments coming into the market.

[smArTaLlone]

In other news, the land development permit for Peachtree & Third is now "ready to issue". Once they pay their fees they are good to go so this may be the next project to break ground.

[smArTaLlone]

http://www.atlantamagazine.com/news-...ng-masquerade/

This coming Monday, the project replacing the Masquerade, a $60 million mixed-use development called North + Line, will break ground. Once finished in April 2018, a new eight-story building will offer 228 luxury apartments with BeltLine access, a pool with a skyline view, and a neighborhood tavern. The mill itself will be renamed Mill Marketplace, and instead of a grimy club, you’ll find a chef-driven restaurant, as well as retail shops.

[ATLswede]

Originally Posted by Ant131531

Honestly in a year the Midtown apartment market may become oversaturated. I feel like they're coming in so late in the cycle....just not sure if this breaks ground over the next 2 years with so many apartments coming into the market.

I've spoken to a few bigger developers that feel like they've already missed this cycle for projects that haven't yet broken ground. That's not midtown specific.

I was just thinking the other day that although there is an enormous number of projects that just recently broke ground or should imminently, the pace of new announcements has slowed a bit. The blistering pace of the past few years was probably due in part to pent up demand from the recession and was never sustainable. But I also think you're seeing people who own dirt wanting to wait a couple of more months to feel out the next market, whether it's going to be condo, office, or more apartments (probably not more apartments).

[ATLswede]

Originally Posted by smArTaLlone

http://www.atlantamagazine.com/news-...ng-masquerade/

I can't talk about the Masquerade without getting sentimental for my formative years, but if it's going to turn into anything, I'm okay with this. Keeping the historic mill is obviously essential.

And I'm glad Smith Dalia is handling the conversion. Hiring a local team with strong aesthetics and a level of sensitivity toward what that building means to a lot of people was the right call. They certainly could have done a lot worse.

[Martinman]

Is that columns above grade that I see?

[RobMidtowner]

Originally Posted by ATLswede

I've spoken to a few bigger developers that feel like they've already missed this cycle for projects that haven't yet broken ground. That's not midtown specific.

I was just thinking the other day that although there is an enormous number of projects that just recently broke ground or should imminently, the pace of new announcements has slowed a bit. The blistering pace of the past few years was probably due in part to pent up demand from the recession and was never sustainable. But I also think you're seeing people who own dirt wanting to wait a couple of more months to feel out the next market, whether it's going to be condo, office, or more apartments (probably not more apartments).

I think the trend will shift to condos. The market is hot right now for new/newish condos (<10yrs old) with most being sold within a few days of being listed. I would imagine there's a lot of pent up demand.

[smArTaLlone]

The land development permit for 880 West Peachtree now has a status of "approved". Final plan coordination is due on 5/05 which I assume means the permit will be ready to issue once completed.

[AtlHeel]

Originally Posted by smArTaLlone

The land development permit for 880 West Peachtree now has a status of "approved". Final plan coordination is due on 5/05 which I assume means the permit will be ready to issue once completed.

thats great news! I really like this project. thanks ...oops - thinking this was the Ascent Midtown at 1400. Don't love this one so much. Really hoping 1400 comes through. Any news on it?

[smArTaLlone]

Originally Posted by AtlHeel

thats great news! I really like this project. thanks ...oops - thinking this was the Ascent Midtown at 1400. Don't love this one so much. Really hoping 1400 comes through. Any news on it?

It appears that coordinating with Marta and dealing with the ventilation structures on the site may be delaying the permit process. Everything on their permit is approved except the Building Plan Review which has been the case for what seems like several months. A note under the Building Plan Review states "This project is a pending approval and receipt of MARTA approval letter".

The demolition permit for the site is approved.

[Ant131531]

Do you know what happened with Eviva and whatever they were doing at the end of last month? That's another development I feel won't break ground because they took too long and they had no excuse...they announced their project in late 2013/early 2014 way before the market really took off.

[Ant131531]

Originally Posted by ATLswede

I've spoken to a few bigger developers that feel like they've already missed this cycle for projects that haven't yet broken ground. That's not midtown specific.

I was just thinking the other day that although there is an enormous number of projects that just recently broke ground or should imminently, the pace of new announcements has slowed a bit. The blistering pace of the past few years was probably due in part to pent up demand from the recession and was never sustainable. But I also think you're seeing people who own dirt wanting to wait a couple of more months to feel out the next market, whether it's going to be condo, office, or more apartments (probably not more apartments).

In a cycle, usually the game changing/bigger developments(think Underground, Turner Field, Civic Center re-development projects) occur when the market is going downward because construction costs and labor is cheaper.

[smArTaLlone]

Originally Posted by Ant131531

Do you know what happened with Eviva and whatever they were doing at the end of last month? That's another development I feel won't break ground because they took too long and they had no excuse...they announced their project in late 2013/early 2014 way before the market really took off.

I have no idea. There have been several Open Record Requests on their permits with the last being in March. I know someone mentioned in the compilation thread that a potential lender was doing their due diligence which is probably related to those requests. Other than that, there has been no other activity on their permits since last year.

[Ant131531]

Originally Posted by smArTaLlone

I have no idea. There have been several Open Record Requests on their permits with the last being in March. I know someone mentioned in the compilation thread that a potential lender was doing their due diligence which is probably related to those requests. Other than that, there has been no other activity on their permits since last year.

I saw that you posted this a few weeks ago

"Also Eviva Peachtree is seeking tax abatements and is scheduled to go before the Fulton County Development Authority on April 26. This means that the project is still very much alive and may even be ready to move forward."

So I was wondering if there were any updates on that. Eviva can still make it this cycle if they hurry.

[smArTaLlone]

Originally Posted by Ant131531

I saw that you posted this a few weeks ago

"Also Eviva Peachtree is seeking tax abatement and is scheduled to go before the Fulton County Development Authority on April 26. This means that the project is still very much alive and may even be ready to move forward."

So I was wondering if there were any updates on that. Eviva can still make it this cycle if they hurry.

Oh I completely forgot about that.

In March they presented their inducement letter for the tax abatement agreement on 811 Peachtree which will cost $116 million and they were scheduled to make a presentation last month. Unfortunately the DAFC only sporadically updates their website and they haven't posted any new information on the monthly meetings since March.

[smArTaLlone]

The article goes on to say that there will be an announcement on the project this month.

Two years after first pitching the project, developers are tweaking a plan for Midtown’s former Symphony Center site to include a 70-story skyscraper, potentially making it one of the tallest buildings in the city.

http://www.bizjournals.com/atlanta/p...tories.html#g2

[Triptychtwo]

Originally Posted by smArTaLlone

Oh I completely forgot about that.

In March they presented their inducement letter for the tax abatement agreement on 811 Peachtree which will cost $116 million and they were scheduled to make a presentation last month. Unfortunately the DAFC only sporadically updates their website and they haven't posted any new information on the monthly meetings since March.

Letter of Inducement for 811 Peachtree LLC (“811 Peachtree”): Mr. Matthew Nichols of Sutherland Asbill & Brennan and Ms. Rian Smith of The Integral Group appeared in connection with the request for a letter of inducement for the issuance of $116,000,000 in taxable revenue bonds for the development of a mixed use project to be called EVIVA Peachtree. 811 Peachtree intends to develop and transform an underutilized surface parking lot into a mixed use development composed of 383 competitively priced rental units, a wrapped parking structure in a 32-story high rise building, and 22,000 square feet of ground floor retail to be located at 811 Peachtree Street NE, at the intersection of 6th Street NE and Peachtree Street NE along the Midtown Mile.

Mr. Nichols informed the Authority that the average residential unit size will be approximately 789 square feet. Ms. Smith explained that EVIVA represents one of Integral’s first market-rate projects in Atlanta, but maintains affordability for residents by featuring smaller, efficiently designed floor plans creating "affordability by design," such that monthly rents will start at $1,500.00, an amount far lower than comparably appointed buildings on the Midtown Mile, which start at $1,717.00. Ms. Smith stated that this lower price point essentially offers an approximately $200 per month discount off the average unit prices in the area, which will allow for a more diverse group of residents to live in the area. The housing units will provide a lower cost housing option for new employees that are being relocated nd/or recruited to Midtown and will satisfy a growing need for this modern workforce. Upon questions from the Authority, Ms. Smith confirmed that parking spaces are allocated to each unit and that the traffic analysis has been completed by the City of Atlanta. Upon a motion made by Dr. Maupin, which was seconded by Ms. Page, the Authority unanimously approved, with the exception of Dr. Bell, the letter of inducement for 811 Peachtree.