ATLANTA | Development Thread V - Page 190

AtlantaMustang · #**3781** Posted **Nov 9, 2011, 2:13 AM**

Quote:

Originally Posted by simms3_redux

I had an interesting conversation today about another Midtown project/tower in the works. The project is supposedly going to committee for final approval next week, so we may have a very public announcement coming soon. Once it is all public, I have some juicy details on the project that I can say without getting into trouble ha.

This is really exciting to me. I can't wait to hear about it, and my hopes aren't all that high anyway, anything built in this economy would be pretty exciting to me. Things seem to finally be picking up a bit in the Atl!

Oh and check out my new picture thread, all about the Atl: http://forum.skyscraperpage.com/showthread.php?p=5473470#post5473470

mike1986 · #**3782** Posted **Nov 9, 2011, 3:53 AM**

Quote:

Originally Posted by simms3_redux

Not only that, but I had an interesting conversation today about another Midtown project/tower in the works. I swore to keep my mouth shut, but progress is being made and there is a lender (which was disclosed to me). The project is supposedly going to committee for final approval next week, so we may have a very public announcement coming soon. Once it is all public, I have some juicy details on the project that I can say without getting into trouble ha.

PS, if anyone knows definitive rates for Midtown retail space, please PM me with information. I am doing a favor for the team representing the lender, and they want to know going rates and average recoverables for the area. I have some info, but anything is appreciated!

What I can say from this conversation is that institutional capital is really taking Midtown seriously from both a debt and equity perspective, and it's anyone's easy best guess what product is being financed right now.

77 12th has pulled permits for initial site work. Beyond that I don't know that they have pulled permits for full on construction. That project is set in stone.

Can you say if the project is apartments, condos, or offices, or a mix??

L.ARCH · #**3783** Posted **Nov 9, 2011, 4:54 PM**

Quote:

Originally Posted by simms3_redux

Not only that, but I had an interesting conversation today about another Midtown project/tower in the works. I swore to keep my mouth shut, but progress is being made and there is a lender (which was disclosed to me). The project is supposedly going to committee for final approval next week, so we may have a very public announcement coming soon. Once it is all public, I have some juicy details on the project that I can say without getting into trouble ha.

PS, if anyone knows definitive rates for Midtown retail space, please PM me with information. I am doing a favor for the team representing the lender, and they want to know going rates and average recoverables for the area. I have some info, but anything is appreciated!

What I can say from this conversation is that institutional capital is really taking Midtown seriously from both a debt and equity perspective, and it's anyone's easy best guess what product is being financed right now.

77 12th has pulled permits for initial site work. Beyond that I don't know that they have pulled permits for full on construction. That project is set in stone.

Has the project already been announced at some point in the past or is it completely new?

micropundit · #**3784** Posted **Nov 9, 2011, 6:35 PM**

2061 Peachtree, a two building 140,000 SF medical office project located near Piedmont Hospital in Buckhead. The partnership purchased the 1.5 acre site in August 2010, and plans to start construction of Phase I in the summer of 2011. The site is the highest profile site on the Beltline, and is being designed to provide access and connectivity to the Beltline as it continues to be developed in the future. Phase I will contain 50,000 SF and a three level parking deck. Georgia Hand will locate its orthopedic practice and surgery center in the building.

http://www.parksidepartners.com/2061-peachtree/

ATLaffinity · #**3785** Posted **Nov 9, 2011, 9:42 PM**

Odysseo is going gangbusters...

With our plentiful empty lots, Atlanta must be ideal for these Cirque-type shows.

UVAsuperman · #**3786** Posted **Nov 9, 2011, 10:09 PM**

2061 Peachtree--is this the parcel where Ruby Tuesday or TGI Fridays was? Next to or near Fresh Market?

BunkyWay · #**3787** Posted **Nov 9, 2011, 11:49 PM**

WOW. I did not realize how mammoth Five Points station is.

Clearly Arts Center was built for something on top, because that was one of the proposed locations for the Sympony Center.

Also, one thing that really bugs me about underground stations is that MARTA wasted money building the bunker, above-ground structures. They were a waste of money and weren't necessary, and now they are just about the most dated structures in Atlanta (along with Peachtree Center). All that is really needed above-ground for an underground station is something like Peachtree Center, but even that is unnecessary. NYC gets along just fine with a stairwell.

JSIMMS, you should have also included Garnett Station. Besides the horrendous name (Garnett?? South Downtown has such a better ring to it) you can see where MARTA took out TWO city blocks to build it, and it has to be the worst designed transit station in the world. The East Side stations of Inman Park and Candler Park are also bad.

briantech · #**3788** Posted **Nov 10, 2011, 12:07 AM**

More pictures: http://www.forumatlanta.com/index.php?shard=forum&action=g_reply&ID=616&page=1&isLive=true

sevensixtwo · #**3789** Posted **Nov 10, 2011, 9:32 AM**

Does anyone have any ideas about the "easy best guess" Simms3_redux mentioned?

briantech · #**3790** Posted **Nov 10, 2011, 12:41 PM**

Quote:

Originally Posted by sevensixtwo

Does anyone have any ideas about the "easy best guess" Simms3_redux mentioned?

Mandarin Oriental Hotel!

simms3_redux · #**3791** Posted **Nov 10, 2011, 12:57 PM**

Apparently prepare for a major announcement for retail in Midtown soon, too. I heard this one from a talk led by Steve Baile in September, and I just received an email from someone at Selig in leasing basically saying the same thing. Of course I am referring to 12th & Midtown. No further details, no timetable. I am as in the dark as anyone else, but dying to hear. I hope this announcement is soon.

I want to be on record guessing correctly something that goes in this announcement (Cafe Intermezzo was rumored a while back, may still be one)

My initial retail gap study and my wish list of stores that I believe could all feed off of each other and the current population of Midtown if they all kind of come together:

Brands that Midtown Has Demand For Right Now
1) A Petsmart/Petco
2) An associated vet/animal hospital/hotel
3) An urban format Best Buy
4) A radioshack near this Best Buy
5) Aldo Shoes or some sort of shoe store (DSW is in AS, who shops there?)
6) A frozen yogurt concept
7) Apple (ATL only has 4 stores, most metros our size have 5, Lenox is furthest south)
8) GNC
9) Sunglass Hut or Solstice

Stores in Atlantic Station That Should be in Midtown at Some Point
Nine West
Ann Taylor
Loft
Banana Republic
Gap

Stores at Lenox That Should Expand in Midtown at Some Point
Diesel
Steve Madden
Aldo Shoes
Apple
Ann Taylor
Gap
Corner Bakery Cafe
Johnston & Murphy
Nine West
Teavana
Vidal Sassoon
Wolf Camera

Sevensixtytwo: the easy best guess is multifamily. Anything else right now would be helmed by developers and lenders out of their freakin mind.

briantech · #**3792** Posted **Nov 10, 2011, 6:44 PM**

Quote:

Originally Posted by simms3_redux

Apparently prepare for a major announcement for retail in Midtown soon, too. I heard this one from a talk led by Steve Baile in September, and I just received an email from someone at Selig in leasing basically saying the same thing. Of course I am referring to 12th & Midtown. No further details, no timetable. I am as in the dark as anyone else, but dying to hear. I hope this announcement is soon.

I want to be on record guessing correctly something that goes in this announcement (Cafe Intermezzo was rumored a while back, may still be one)

My initial retail gap study and my wish list of stores that I believe could all feed off of each other and the current population of Midtown if they all kind of come together:

Brands that Midtown Has Demand For Right Now
1) A Petsmart/Petco
2) An associated vet/animal hospital/hotel
3) An urban format Best Buy
4) A radioshack near this Best Buy
5) Aldo Shoes or some sort of shoe store (DSW is in AS, who shops there?)
6) A frozen yogurt concept
7) Apple (ATL only has 4 stores, most metros our size have 5, Lenox is furthest south)
8) GNC
9) Sunglass Hut or Solstice

Stores in Atlantic Station That Should be in Midtown at Some Point
Nine West
Ann Taylor
Loft
Banana Republic
Gap

Those first few are awfully low-brow. I'd rather see something like Whole Foods or Fresh Market, the Apple Store, a Nike Store, etc. GNC/Sunglass Hut /Petco just reminds me of the butt-end of lenox mall or the walmart shopping center on howell mill.

midtown can do better than that.

AtlantaMustang · #**3793** Posted **Nov 10, 2011, 7:32 PM**

Update on Cavalia (you can see the crane for the u/c hotel in the background

)

Chris Creech · #**3794** Posted **Nov 10, 2011, 10:20 PM**

Quote:

Originally Posted by simms3_redux

Apparently prepare for a major announcement for retail in Midtown soon, too. I heard this one from a talk led by Steve Baile in September, and I just received an email from someone at Selig in leasing basically saying the same thing. Of course I am referring to 12th & Midtown. No further details, no timetable. I am as in the dark as anyone else, but dying to hear. I hope this announcement is soon.

I want to be on record guessing correctly something that goes in this announcement (Cafe Intermezzo was rumored a while back, may still be one)

My initial retail gap study and my wish list of stores that I believe could all feed off of each other and the current population of Midtown if they all kind of come together:

Brands that Midtown Has Demand For Right Now
1) A Petsmart/Petco
2) An associated vet/animal hospital/hotel
3) An urban format Best Buy
4) A radioshack near this Best Buy
5) Aldo Shoes or some sort of shoe store (DSW is in AS, who shops there?)
6) A frozen yogurt concept
7) Apple (ATL only has 4 stores, most metros our size have 5, Lenox is furthest south)
8) GNC
9) Sunglass Hut or Solstice

Stores in Atlantic Station That Should be in Midtown at Some Point
Nine West
Ann Taylor
Loft
Banana Republic
Gap

Stores at Lenox That Should Expand in Midtown at Some Point
Diesel
Steve Madden
Aldo Shoes
Apple
Ann Taylor
Gap
Corner Bakery Cafe
Johnston & Murphy
Nine West
Teavana
Vidal Sassoon
Wolf Camera

Sevensixtytwo: the easy best guess is multifamily. Anything else right now would be helmed by developers and lenders out of their freakin mind.

I shop at that DSW ALL the time, esp since the shoe warehouse place closed at Amsterdam Walk. (which I guess you could have considered midtown/va-hi.

I also shop at the Petco and the BestBuy at the new Edgewood Retail Cntr all the time. Interesting that when they first opened they tried to pass themselves off as "midtown" but the candler park/inman park people set them straight.

simms3_redux · #**3795** Posted **Nov 10, 2011, 10:30 PM**

Quote:

Originally Posted by Chris Creech

I shop at that DSW ALL the time, esp since the shoe warehouse place closed at Amsterdam Walk. (which I guess you could have considered midtown/va-hi.

I also shop at the Petco and the BestBuy at the new Edgewood Retail Cntr all the time. Interesting that when they first opened they tried to pass themselves off as "midtown" but the candler park/inman park people set them straight.

Would you shop at a DSW or Aldo if it were in Midtown within a few blocks of where you lived? Petco? Best Buy? Would you walk or do you like to drive and park? BTW, we just sold the Edgewood Retail District. Nice development and great for that area, but one of the many nice centers with abundant free parking surrounding Midtown that makes it hard to convince residents in Midtown to stay and shop and retailers to come and expand.

Terminus · #**3796** Posted **Nov 11, 2011, 1:05 AM**

Quote:

Originally Posted by simms3_redux

Would you shop at a DSW or Aldo if it were in Midtown within a few blocks of where you lived? Petco? Best Buy? Would you walk or do you like to drive and park? BTW, we just sold the Edgewood Retail District. Nice development and great for that area, but one of the many nice centers with abundant free parking surrounding Midtown that makes it hard to convince residents in Midtown to stay and shop and retailers to come and expand.

You are so right. It concerns me how all the big box stores are doing more suburban models 1 to 2 miles from Downtown and Midtown. They're just ringing them with these auto-oriented centers that will make true urban retail extremely challenging. I mean, why is somebody going to walk to one store nearby when they can drive a few more minutes to access several stores?

Note: I say this has a non-drive who would really benefit from urban retail. Alas, I usually shop at the strips because the stores I want are there.

testarossa50 · #**3797** Posted **Nov 11, 2011, 1:06 AM**

Am I mistaken or is the sky house property for sale?

simms3_redux · #**3798** Posted **Nov 11, 2011, 1:17 PM**

Quote:

Originally Posted by briantech

Those first few are awfully low-brow. I'd rather see something like Whole Foods or Fresh Market, the Apple Store, a Nike Store, etc. GNC/Sunglass Hut /Petco just reminds me of the butt-end of lenox mall or the walmart shopping center on howell mill.

midtown can do better than that.

Downtown Crossing, Boston, just sold for $128M:

Build a prettier version of that or Lenox Marketplace in Midtown on say the Cousins lot across from Midtown Station and Plaza Midtown, and instead of TJ Maxx put in a Best Buy, Petsmart, Radioshack, animal hospital, GNC, and whatever else can fit in there. Build it so that it's possible to have something on top in the future, such as ~5-8 floors of loft condo space. Validate parking for shoppers who purchase something in the development, charge $3/hour for everyone else. Bada Bing, Bada Boom. Keep your parking ratio to the minimum that lenders and the retailers and the code will allow, go for a variance if the code says higher than the retailers will let you get down to.

Across from this is the downtown Macy's. This is obviously not Newbury Street, but wait, there is a Best Buy on Newbury St with lofts on top in an old building redesigned by Frank Gehry.

simms3_redux · #**3799** Posted **Nov 11, 2011, 1:22 PM**

^^

Image courtesy of Boston Luxury Rentals

SteveD · #**3800** Posted **Nov 11, 2011, 1:34 PM**

Quote:

Originally Posted by simms3_redux

Would you shop at a DSW or Aldo if it were in Midtown within a few blocks of where you lived? Petco? Best Buy? Would you walk or do you like to drive and park? BTW, we just sold the Edgewood Retail District. Nice development and great for that area, but one of the many nice centers with abundant free parking surrounding Midtown that makes it hard to convince residents in Midtown to stay and shop and retailers to come and expand.

The Kroger at ERD is the highest sales (non-fuel) Kroger in the "Atlanta Region" which encompasses several adjacent states. It speaks to a former need apparently being successfully met. I do see quite a few people walking into ERD from Reynoldstown, but it's overwhelmingly autocentric. Of course few people are going to walk to Kroger when they are leaving with 7 or 8 grocery bags.