February Construction Update
Brief synopsis.
It's amazing the amount of construction still occurring in Atlanta despite the extremely pale job market. When I look at boomtowns Houston and Dallas, I expect to see a large amount of infill and high-rise construction still occurring. In Houston's case there is really little going on with the two largest ongoing projects being a soccer stadium and a light rail extension. In Dallas's case, there are some large suburban projects going on and some towers wrapping up intown, but nothing new coming out of the ground right now.
In Miami there is always a hoopla and a buzz about new projects and construction, but aside from two museums there is nothing "coming out of the ground."
In Austin there is still a lot of buzz and some things coming out of the ground, but still waiting to see what all actually happens.
Charlotte has slowed considerably except for the southside of town where the Bissells and their development firm are still plugging and chugging with new office towers and multifamily developments around Ballantyne.
As far as I can see, the ONLY US cities with much more going on are the standards: NYC, Chicago, and DC. What I think explains Atlanta's resilience with new construction is our history as a development town and our intown renaissance. Metro Atlanta is still shockingly hard hit, but the local economy is transitioning more to tech, creative, and the sciences. That is helping to sustain a robust demand for intown apartments and retail.
On the retail front:
1) At White Provision there are 4 new tenants going in and 1 leaving. Maison Atlanta is closing, BUT Free People, Lululemon, Billy Reid and Calypso St. Barth are opening between April and August of this year. Weaver & Woodbury continue to revitalize the King Plow area of the Westside and are fostering the opening of a new King Plow West, which will be larger than the current venue space and MUCH cooler. Peachtree St in Midtown has seen and is seeing a couple of retail closings (most notably Bakeshop), but there may be some renewed interest in a couple of spaces in the next couple of months (restaurants...not shops).
The streetcar "officially" broke ground and Ray LaHood was in town for that, but nothing has really happened there yet.
The National Center for Civil and Human Rights has not broken ground yet and will be built in 3 phases, but in order to receive any city financing it needs to break ground by June. The College Football HoF is dead quiet. I believe Porsche has broken ground on it facility near the airport (or at least it appears that way).
And in other BIG news, the new Jackson International Terminal at Hartsfield will be opening within a month or two. Two groups of retailers have already signed on:
Thomas Pink, Emporio Armani, Tag Heur/Coach, Mezzanine, Luxury Boutique, Kiehl's, MAC, Tommy Hilfiger, and more.
Yardhouse should be opening at Atlantic Station by April. Cucina Asellina is now open on Peachtree at 12th St and is part of One Group (STK Steak).
Visible construction will commence on Ponce City Market this month, and two months from now presumably it will be really pleasant to walk on the Beltline in that area as most of the construction will be done.
Photos taken today.
Skyhouse: 23 floors, 320 apartments, 8,500 SF retail
The little building across the street has a fence around it...
77 12th: 22 floors, 316 units, 20,000 SF retail
Relation to Skyhouse (1 block down the street):
Vickery's Renovation into a new seafood restaurant concept
Hilton Garden Inn/Homewood Suites: 12 floors, 260 rooms between the two brands
McCamish Pavilion - Georgia Tech: Looks nearly complete!
Emory Pointe: 443 Apartments, 80,000 SF retail
Emory Health Sciences Research Building
235 Pharr (Buckhead): ~350 apartments
New PNC signage
Still waiting for the new Emory Hospital tower. Still waiting for all the projects downtown. Still waiting for stuff to happen at Streets of Buckhead. Still filling up condo inventory in town. The good news there is that there are really only two major condo developments in midtown still filling up: 1010 which is close to 70% occupied (close to 60% sold) and White Provision. The Atlantic is undoubtedly going rental, the St. Regis is a different market and frankly I could give a damn what happens there, and the Mansion is basically not even considered a factor anymore. 12CP is I think having some difficulty, but that's a tough sell to the "standard" Novare buyer and appeals to a completely different segment, and some of those condos are being used as long term rentals for hip-hop/pop musicians and actors in town.
Crate & Barrel is almost finished building out their new store at Shops Around Lenox and Lenox Square is expanding up to Peachtree Road.
Hotel Midtown was purchased and will undergo a $20M renovation, which is HUGE.
Prev
I don't think they are going for an architectural masterpiece (at least I hope not), but more for affordable highrise living.
Linear Mode
