Atlanta September Construction Update
Photos taken by me Sunday, September 18, 2011.
While Atlanta's unemployment is inching up and the city has lost out on a couple of notable corporate consolidations/expansions, there are still a host of projects just finishing up or just getting going. As the south's most urban city, the tradition of intown high-rise living has not gone away despite the economy. This time around, instead of mid to upper level condos, developers and institutional backers are going for mid-level rentals. Georgia Tech is also wrapping up on a slew of on-campus projects that total a good quarter million dollars.
Some players becoming more active in the market now: Daniel, Selig, Cousins, Gables, American Realty Capital, Northwestern Mutual, Wells Fargo, and Jamestown. On the retail side AEW, AmREIT, NADG, NAP, and others.
Midtown just had two phenominally successful clubs open up, right on Peachtree. Two because local developers and people of influence were trying to avoid a "Vision" debacle and insisted on two "smaller" (yea right...these things are huge) clubs instead of one. These clubs are already giving Atlanta powerhouses Opera, Tongue & Groove, Compound, and others a run for their money (though the owners also own Compound, Velvet Room, etc). BIG money went into these things and I think looking at the lines to get in, you don't have a chance unless you are locally or nationally famous, wearing Prada, or coming with some beautiful women. Definitely more "big city".
http://reignatlanta.com/
Midtown has seen a couple of recent closures, but also a couple recent addition. NVU Boutique has left for Inman Park. Kai Linn Art left for Buckhead. In its place is SimcoLifestyles, an upscale design store with other locations in Miami and the NE. Bobby Berk is going in across the street next to Ligne Roset. It has other locations in LA, New York, and Miami. Arden's Garden opened up, and one the city's most popular Mediterranean restaurants is expanding to another location next door. En Paris, a small boutique, opend in 999 Peachtree, and currently there are two pop-up shops flanking it on either side.
Atlantic Station has seen its fair share of changes. All of Dolce Group's (think Ashton Kutcher and other investors) have closed. Yardhouse is going in. Drew Lewis is going in. The bodega area is nearly complete. They say parking has been changed (ah, no it hasn't). The Atlantic is leasing units (1-bedrooms starting at $2900). Yada yada.
The Atlanta Beltline has made significant progress. Old Fourth Ward Park and Stanton Park are now open and the entire eastern segment is a construction zone. Ponce City Market is a go and Jamestown closed on that property (all 2 million SF). Party on Ponce is the kickoff and will be Oct 1 (I know I'll be there!).
Prospect Park will have 400,000 SF of retail and 2,000+ apartments about 30 years from now. A representative of NAP, which just closed on the stalled project recently claimed at a meeting that it is the best retail real estate opportunity in the south right now (YEA RIGHT...like Alpharetta needs 400,000 SF more retail!).
Finally we get to the more interesting, ongoing projects (not that Ponce City Market/Atlanta Beltline isn't interesting...just not photograph ready right now...well I take that back...I have some recent photos of O4W Park and City Hall East and the Beltline as they are via July).
Emory Point
http://www.emory-point.com/
Seriously just visit the website to see what it will look like. This is a project fit perfectly for Dallas, yet here in Atlanta. I say that with respect for our city and no disrespect for Dallas because this is the perfect project for the area here in which it is going (suburban area) and it is desperately needed. These kinds of things are going up IN the core of Dallas, which imo is not where something like this belongs. $250M price tag, so it's a big one.
New Crate and Barrel location: Shops Around Lenox
http://www.shopsaroundlenox.com/
Simply moving from Lenox Mall across the street. Simon has a backup, but none of us know what it is. I am not worried at all for Lenox Mall, one of the best assets in SPG's portfolio (and mind you, not for sale, so it doesn't even matter that they are leaving).
235 Pharr Road
no website
375 luxury apartments set to go up across from the Streets of Buckhead. The second picture is a fence rendering a couple blocks away of "Buckhead Village," which is separate, I believe. I do hope the 235 Pharr project looks like the rendering below it. It was recently shot down for $60M in bond financing and $2M in tax incentives by the ADA. I hope that does not stall the project too much.
Streets of Buckhead
no website
Speaking of the SOB called SOB (well I guess "Buckhead Atlanta" now), there is no progress. I heard an off handed conversation between some people that the project will not include any high rises. We'll see. That Hermes store is looking pretty lonely next to Fado's (where you can see I captured that secret 3rd floor roof patio that not too many people care to try out...it's the best seat in the house
).
Cox
Pretty bland if you ask me. This is what is to be expected out there, though. I like the glass curtain, and I like that these buildings are less than a mile apart from each other, but that campus/suburban setting just does not do it for me. They are also shorter than I expected.
Hank McCamish Pavilion
http://ramblinwreck.cstv.com/ot/mccamish-pavilion.html
Georgia Tech's redone colisseum. I just had graduation in that old clunker in December and already this is what it looks like! Just falling apart, hehe. Actually it will look really nice when all is said and done. Check out the website above for complete renderings.
North Avenue Apts.
My home from Fall 2007-Spring 2008. They were in rough shape after the Olympians and the Georgia State students gave them a heavy beating for over a decade, and I lived there the first year GT regained control. They look realllyyyy nice now (for student dorms). New dining hall below and better entrance on North Ave.
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**Coke's building soon to be reclad and greened up this year**
Clough Undergraduate Learning Commons (CULC)
http://clough.gatech.edu/
This, my friends, is how GT is building its new buildings
. My jaw dropped when I entered the door from Skiles. I had already been impressed with what I saw at the Campanile (new fountains, seating, landscaping), but nothing prepared me for the immensity and enormity of this building, and its odd/unique use of materials and light and wood and concrete. I could bathe in this building. It was awesome. Everyone should check it out. Completely jealous that my undergrad labs had to be in some un-renovated 1920s craphole on Cherry St (well and the COC, which is equally bad if not for that really good coffee vendor there). The views from the garden roof are hard to beat.
Simco Lifestyle
http://simcolifestyle.com/
Another upscale design showroom with locations in Miami and the NE.
Midtown pop-up shops...Support them now before they must pack up this Fall! Also try En Paris boutique in between those two in 999 Peachtree. I found a really cool wall clock there and The owners' names are Joy and Stevie (like Stevie Nix...any woman named Stevie is cool!).
Empire State of the South
http://empirestatesouth.com/
All I have to say about this restaurant is...wow. Atlanta is really a top food spot and all those New Yorkers who skip us over for Miami or Charleston are really missing out. Between this restaurant, Hugh Atcheson's latest creation complete with Bocce Ball courts (a recent Atlanta obsession), and all those other recent new restaurants like Top Flr, Escorpion (on Peachtree and PACKED all the time), 4th and Swift, Quinones, JCT Kitchen, West Egg, The Sound Table, Fritti, Soto Soto, etc...
Hudson Grille
New canopy going in (it's now finished).
STK and Cucina Asellina
http://www.stkhouse.com/
Ummm, wow, NOT YOUR DADDY'S STEAKHOUSE! That is their promotion and that is what we'll get. With locations in NYC's Meatpacking District, LA, Las Vegas, and Miami, I am sure this will do well here (hopefully). We have all been wondering whether or not this will open, but
WhatNowAtlanta broke the news that indeed it will open, complete with scrolling marquee above the door and with another restaurant concept next door. Work has resumed for a fall opening.
Dewberry's Campanile without the triangular accent at the top. I am insulted by this flat design, personally. I think that Atlanta's skyline is uniquely pointy, so why try to make it less so? Just because those ugly old Colony Square buildings are 70s boxes does not mean that you have to make Campanile match those things! The other surrounding buildings are very pointy, newer, and more modern. Plus, Dewberry, who is a Tech grad, should know that his building shares a name with the Campanile on Tech's campus (shown above). The Campanile is our campus centerpiece and is the pointiest thing in the city. What is everyone else's opinion?
Dual Branded Hilton Garden/Homewood Suites
http://midtown.patch.com/articles/dual-branded-hotel-breaks-ground-in-midtown
Alpharetta based North Point Hospitality should receive $1.8M in tax credits for this project. Foundation looks ready to be poured in the next couple months. Below are some pictures of an uglier version that went up in Jacksonville (I believe a few floors shorters, too):
http://www.metrojacksonville.com/forum/index.php?topic=86.0
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77 12th
no website yet
Last but not least is 12th and Midtown's 4th tower to rise. It will be 22 floors, 330 rental units, 1.47 AC, and will involve all the same players as before minus Metlife (which was traded for another big Life company). Both debt and equity are secured and this baby is going up! I have booklet on the project, but I am not sure if that was given to me in good faith that I signed an imaginary confidentiality agreement or not, so I won't disclose the somewhat superficial details in the book. What I will say is that I am extremely excited to watch this one rise.
Contrary to popular belief (at least my popular belief), the tower, which is elongated on one side above a garage and retail, will face north and south. That makes sense, I suppose, but I thought it would orient towards 1010. Also, it will not even touch 11th St across from Ra. The entire thing will sit across from Ri Ra and across from Luxe nightclub and the old Twisted Taco along 12th. An abandoned bank stands there now. Prices will be very reasonable (what you would expext for the market).
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Some pictures taken in the process:
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