ATLANTA | Development Thread V - Page 176

BlueSangha · #**3501** Posted **Jul 11, 2011, 6:10 PM**

What a bunch of crybabies: http://www.ajc.com/news/atlanta/atlantic-station-condo-owners-1010338.html?cxtype=rss_news

UVAsuperman · #**3502** Posted **Jul 11, 2011, 8:49 PM**

My favorite part of this story is the ad for The Atlantic that pops up over the story when you open it. (if this didn't happen to you, close it and try again--you may have seen a different ad)

simms3_redux · #**3503** Posted **Jul 12, 2011, 1:35 AM**

Someone correct me if I am wrong, but didn't the potential owners of Twelve *have to* initial an "unorthodox clause" in their purchase agreement that their current views were subject to change?

I have heard people who actually put in consideration to buy there that they had to initial that clause that they had never seen such a clause (which I believe is actually fairly common in large cities where high rises can go up anywhere).

It is pretty silly. What did all of those people think was going to be building in those huge holes in the ground? Did they honestly believe that their building would be the only "tall" building in the area? This was no secret. Of course, not to sound really bad, but look who lives there...Their IQs are probably not as high on average as the IQs of condo dwellers in Viewpoint or Luxe. Don't criticize me for that statement because you know it's true.

simms3_redux · #**3504** Posted **Jul 12, 2011, 1:37 AM**

Oh, btw, have heard that a national historical society has prohibited Jamestown from tearing down that little one-story jut-out in the back. Now they plan on putting an indoor urban greenhouse in there to grow crops for the local restaurants.

I also heard they will demolish the current parking structure in about 6 months. Their overall investment will total to about $185 million.

GTdan · #**3505** Posted **Jul 12, 2011, 4:25 AM**

Things appear to really be picking up for Atlanta. I have heard that the $350 million hotel across from the High Museum will begin construction in 2012.

BlueSangha · #**3506** Posted **Jul 12, 2011, 12:37 PM**

Quote:

Originally Posted by GTdan

Things appear to really be picking up for Atlanta. I have heard that the $350 million hotel across from the High Museum will begin construction in 2012.

can you expand on that?

echinatl · #**3507** Posted **Jul 12, 2011, 2:17 PM**

Seems like a lot of things are going to happen, but just havent happened yet. This time next year we might have construction going on the civil rights museum, the college football hall of fame, whatever hotel GTdan is talking about, and the buildout of City Hall East. Plus all the stuff going on at Ga Tech and GSU. Maybe we'll even get to see progress pictures again, or have a few Oxblue cams to check out.

UVAsuperman · #**3508** Posted **Jul 12, 2011, 2:39 PM**

Just noticed a RJ Griffin sign with some fencing on West Peachtree at 13th. Maybe I've driven by there a million times and just not noticed it before... at any rate, does anyone know what the deal is with that lot? Just some demolition? Doesn't Novare own that lot (with Einsteins and Starbucks facing 14th)?

pdpmishap · #**3509** Posted **Jul 12, 2011, 4:13 PM**

Quote:

Originally Posted by simms3_redux

Someone correct me if I am wrong, but didn't the potential owners of Twelve *have to* initial an "unorthodox clause" in their purchase agreement that their current views were subject to change?

I have heard people who actually put in consideration to buy there that they had to initial that clause that they had never seen such a clause (which I believe is actually fairly common in large cities where high rises can go up anywhere).

It is pretty silly. What did all of those people think was going to be building in those huge holes in the ground? Did they honestly believe that their building would be the only "tall" building in the area? This was no secret. Of course, not to sound really bad, but look who lives there...Their IQs are probably not as high on average as the IQs of condo dwellers in Viewpoint or Luxe. Don't criticize me for that statement because you know it's true.

My favorite story is the AJC story on the building from '06:

The sexiest address in metro Atlanta - Atlanta Journal Constitution, 6/8/06

I'm tempted to pay for AJC archives just to read about it again. I remember her saying an 800k condo was a great investment and that she had the best view in Atlanta.

I also recall seeing the aforementioned unit listed for sale w/ pictures showing a construction crane visible in the view of Midtown/Downtown. They took the site down but it's somewhat archived here:

http://web.archive.org/web/20090220151952/http://2621twelve.com/

It appears to have sold for 305k earlier this year. They went from an optimistic profit of 200k in ~2yrs when listed in '08 to a healthy loss of 500k in 5.
http://www.zillow.com/homedetails/361-17th-St-NW-UNIT-2621-Atlanta-GA-30363/71758591_zpid/#4

I'm wondering if they actually took a loss themselves or if they leveraged out like all their customers that drank their kool-aid.

BunkyWay · #**3510** Posted **Jul 13, 2011, 4:50 AM**

Does anyone else think the Boulevard projects are going to be a huge headache for Ponce City Market? I cannot believe the city has not done more to encourage the owner (yes, THE owner - a slumlord from another state owns all of those apartments) to sell. How about some code enforcement???

Tuckerman · #**3511** Posted **Jul 13, 2011, 2:47 PM**

Quote:

Originally Posted by UVAsuperman

Just noticed a RJ Griffin sign with some fencing on West Peachtree at 13th. Maybe I've driven by there a million times and just not noticed it before... at any rate, does anyone know what the deal is with that lot? Just some demolition? Doesn't Novare own that lot (with Einsteins and Starbucks facing 14th)?

Noticed this as well; it is recent. One concern in that area is that the very nice early mansion house at 1109 West Peachtree (home to a medical practice Braude, et al) is up for sale and the practice is leaving there quite soon. It would be a shame to see this little gem go, although it has an addition on the back that is unfortunate.

WoodeGA · #**3512** Posted **Jul 14, 2011, 12:44 AM**

Quote:

Originally Posted by sunking1056

Unfortunately, based on the pics in the article, looks like the project is gonna have lots of surface parking. If true, very disappointing.

AJC says this: "Parking: A parking deck will be demolished, with 2,000 parking spaces to go inside the structure." (Emphasis mine.) Full article here: http://www.ajc.com/business/plans-for-city-hall-1010516.html

Maybe it wont be as bad as it could have been: they could have kept the deck!

I'm thrilled about the redevelopment of the building. My Dad once told me how he sold shoes there when he was a young man. With the Beltline eastside trail closed for actual trail construction, the new Fourth Ward park, and now Ponce City Market, this is really going to be an interesting area to watch develop.

(Also, hello from a new member and a newly-moved Midtowner!)

simms3_redux · #**3513** Posted **Jul 14, 2011, 1:08 AM**

Quote:

Originally Posted by Tuckerman

Noticed this as well; it is recent. One concern in that area is that the very nice early mansion house at 1109 West Peachtree (home to a medical practice Braude, et al) is up for sale and the practice is leaving there quite soon. It would be a shame to see this little gem go, although it has an addition on the back that is unfortunate.

That is my doctor's office. It truly is beautiful inside. What they tend to do A LOT of in Jacksonville, which I have never heard of or seen here, is literally move houses to a new site, and then put the house back together (has to be moved in 2-4 pieces depending on the size). In Jacksonville in any given 2-3 month period, there will be some old, historic, multimillion dollar home being moved by barge from one site on the river to another site on the river in another historic neighborhood. I have also seen homes moved by land.

BlueSangha · #**3514** Posted **Jul 14, 2011, 3:26 AM**

Oops! http://www.ajc.com/business/buckhead-law-firm-cancels-1015085.html Bet Dewberry is not happy about that.

ATLaffinity · #**3515** Posted **Jul 14, 2011, 10:08 PM**

Quote:

Originally Posted by BlueSangha

Oops! http://www.ajc.com/business/buckhead-law-firm-cancels-1015085.html Bet Dewberry is not happy about that.

How did this guy succeed in the first place??? Name recognition from sports?

simms3_redux · #**3516** Posted **Jul 15, 2011, 1:18 PM**

Quote:

Originally Posted by ATLaffinity

How did this guy succeed in the first place??? Name recognition from sports?

He made a couple of good market bets. I think his first major project, or one of his first, was to turn a dying 60s era mall in Jacksonville into a successful strip center. It ended up having the highest Publix sales in Florida for a couple years, which is a huge deal that provided leverage for him to close on other deals. He's smart, and that has gotten him far. He has gotten into the hospitality industry, along with office and retail, and has generally found success. Aside from losing a CVS out of his largest retail center (they built their own standalone across the street) and having some space to lease up in Peachtree Point, he has demonstrated that he is less of a risk to lenders than other developers.

I think his biggest risk was buying Campanile, but at under $100 a square foot for space at the corner of 14th and Peachtree in Atlanta, that deal seems like it was another good one for him. I did read in either that article or another that his TI and abatements for Morris Manning came to $75/SF!!! Umm, wow. As the article said, I'm sure his lenders were thinking he was out of his mind. I wish I knew more about the office real estate industry, but for a building in Atlanta that seems very high given how low our rents are for even a building like 1180 caddy corner to Campanile.

L.ARCH · #**3517** Posted **Jul 15, 2011, 8:18 PM**

Dang... My bad. Double post...

How do you delete messages on this thing?

L.ARCH · #**3518** Posted **Jul 15, 2011, 8:19 PM**

This area has got some good momentum...

http://www.bizjournals.com/atlanta/news/2011/07/15/medical-building-planned-downtown.html

GTdan · #**3519** Posted **Jul 16, 2011, 4:58 PM**

Check out the images of Ponce City Market on its website.http://www.poncecitymarket.com/images#!prettyPhoto[gallery1]/1/

Here's one of them:
Future area under the rail tressel. It appears this is the rail tressel of the future Beltline.

GTdan · #**3520** Posted **Jul 16, 2011, 7:20 PM**

Quote:

Originally Posted by L.ARCH

This area has got some good momentum...

http://www.bizjournals.com/atlanta/news/2011/07/15/medical-building-planned-downtown.html

This building is apparently going to be 5 floors plus basement, 238,000sf, the parking structure will have 445 parking spaces, and the building will be located where there is currently a vacant 2-story building. Not in the empty lot next to it as I orginally thought.

There was a permit filed to consolidate some parcels with 206 edgewood, so it could still be possible to see some of the empty lot developed.