Atlanta Project Thread IV

[smArTaLlone]

https://www.bizjournals.com/atlanta/news...across.html?iana=hpmvp_atl_news_headline

Jamestown LP has purchased the Southern Dairies project across from Ponce City Market, its massive redevelopment of the former Sears Roebuck & Co. building in Atlanta’s Old Fourth Ward.


Jamestown paid $34.5 million for the Southern Dairies campus, a group of buildings on North Avenue that once formed the largest dairy in Georgia. In the late 90s, it was bought and redeveloped into an adaptive reuse project. Dating back to 1935, the former plant shares architectural features with Ponce City Market, such as huge windows and high ceilings.

Jamestown likely sees Southern Dairies as a complement to Ponce City Market, which is directly across North Avenue. A real estate affiliate of Jamestown bought the 4.1-acre development earlier this month, according to Fulton County property records.

[Ant131531]

They're probably going to redevelop the property....hopefully it's something with a red brick design like PCM.

[Neighbor]

Originally Posted by Ant131531

They're probably going to redevelop the property....hopefully it's something with a red brick design like PCM.

What do you mean by "redevelop?" The property is already painted brick and matches the style of PCM. It would be nice if the developed the large parking lots on Morgan and North Avenue. They could also open up the fencing and have interior shops.

I'm really curious as to what the plan for Jamestown is with this property.

[Street Advocate]

Originally Posted by Neighbor

What do you mean by "redevelop?" The property is already painted brick and matches the style of PCM. It would be nice if the developed the large parking lots on Morgan and North Avenue. They could also open up the fencing and have interior shops.

I'm really curious as to what the plan for Jamestown is with this property.

Developing those parking lots would be huge. The Morgan Ave location would be prime for more condos.

[robertjhajek]

yes! lets get it more active along north ave. so walled up there.

[GeorgiaPeanuts]

Midtown Alliance has created an updated rendering of the 15th street extension as seen from West Peachtree looking west.
https://www.midtownatl.com/about/program...provements/midtown-15th-street-extension

[smArTaLlone]

[Neighbor]

Originally Posted by smArTaLlone

This has to be the slowest moving project in the city. I don't think I've ever seen anyone working on this. It's a relatively simple project, what is taking so long?

[ATL_J]

Originally Posted by Ant131531

They're probably going to redevelop the property....hopefully it's something with a red brick design like PCM.

The site won't be redeveloped, the land basis is too high, it cost them $7.67m / acre to purchase. They might add density however. For reference, the Georgia Power site went for $3.5m / acre. Jamestown bought it because it is a high performing office asset adjacent to PCM which they'll continue to develop (surface parked lots, tower on top of the structured parking deck along the BeltLine) and they'll want to capture the appreciation they (and New City) bring to the area.

[ATL_J]

Originally Posted by Neighbor

This has to be the slowest moving project in the city. I don't think I've ever seen anyone working on this. It's a relatively simple project, what is taking so long?

It is a historic property, I believe they had to reclaim a lot of items. Send them away, get them restored, bring them back, etc. Also, do they have an office tenant? If they don't, maybe they're not in a rush? Taking their time until closer to completion might also allow them to leverage better rents as the area continues to improve and office rents go up.

[Atlriser]

Originally Posted by ATL_J

The site won't be redeveloped, the land basis is too high, it cost them $7.67m / acre to purchase. They might add density however. For reference, the Georgia Power site went for $3.5m / acre. Jamestown bought it because it is a high performing office asset adjacent to PCM which they'll continue to develop (surface parked lots, tower on top of the structured parking deck along the BeltLine) and they'll want to capture the appreciation they (and New City) bring to the area.

Not disagreeing with you regarding Jamestown’s intent, but your argument is counterintuitive. To maximum ROI they could just add density or given the high land cost, a complete redo at maximum footages allowed might be warranted. Really depends on the current income versus the potential should it be completely redeveloped. Usually it’s the latter when dealing with underutilized property as this is looking forward. That’s why New City tore down and built a high rise. Considering PCM is demanding the highest rents in Atlanta and the Dairy property is highly underutilized I would not be surprised to see a complete redo and incorporation into PCM given that they are also wanting to add several mid rises now already on their existing PCM property.

[ATL_J]

Originally Posted by Atlriser

Not disagreeing with you regarding Jamestown’s intent, but your argument is counterintuitive. To maximum ROI they could just add density or given the high land cost, a complete redo at maximum footages allowed might be warranted. Really depends on the current income versus the potential should it be completely redeveloped. Usually it’s the latter when dealing with underutilized property as this is looking forward. That’s why New City tore down and built a high rise. Considering PCM is demanding the highest rents in Atlanta and the Dairy property is highly underutilized I would not be surprised to see a complete redo and incorporation into PCM given that they are also wanting to add several mid rises now already on their existing PCM property.

My argument is not counter-intuitive. They might redevelop it in the far future, but as I mentioned, with that land basis it would be difficult to redevelop (I won't say impossible, because I'm not running the numbers). New City paid $2.5m / acre for the Kroger / office site and as I mentioned, $3.3m / acre for the Georgia Power site. That is the numbers they're working with to make their deals work. If Jamestown wanted to do something, they'd just build on underutilized PCM parcels.

I think you'll probably see them add density to the site, if they can add additional parking for the added office, but this seems like more of a long term hold considering the value being created nearby.

[smArTaLlone]

https://www.bizjournals.com/atlanta/news...utm_medium=trueAnthem&utm_source=twitter

Lord Aeck Sargent and Jones Lang Lasalle are the University System of Georgia's top choices to oversee the $200 million Phase III of Georgia Tech's Technology Square in Midtown Atlanta.

The system's Board of Regents voted this week to authorize contract negotiations with Lord Aeck Sargent to design the project. The Atlanta-based architect emerged as the top-ranked planning and design firm for the Phase III expansion.

Praxis 3 was ranked second on the regents' list of architectural firms, followed by Kieran Timberlake and Perkins + Will. If a contract can't be worked out with Lord Aeck Sargent, the university system's staff would move on to the second-ranked firm.

The regents gave Jones Lang Lasalle top ranking among program management firms that bid on the project, followed by Gleeds USA and Cushman & Wakefield – which submitted a joint bid – and CBRE Group Inc. and CPS (Comprehensive Program Services), which also joined forces on a bid.


A 10-year plan developed for the project calls for it to be built in two stages. The first stage calls for the construction of 420,000 square feet, which will house the Ernest Scheller Jr. College of Business, the H. Milton Stewart School of Industrial and Systems Engineering, other programming and underground parking.

The project will be funded through a combination of state money, institutional funding and private financing and donations. The earliest the building could open would be 2022.

[smArTaLlone]

https://www.bizjournals.com/atlanta/news...-phase.html?iana=hpmvp_atl_news_headline

It's estimated that construction will begin next February with completion by December 2021.

[Sura]

Looks ugly as shit.

[montydawg]

Originally Posted by Sura

Looks ugly as shit.

It matches all the other cold monolithic off white cinderblock and fluorescent light governmental brown brick accent plexiglass window cement courtyard fortresses they have built in the area in the last 40 years.

[NYbyWAYofGA]

Originally Posted by montydawg

It matches all the other cold monolithic off white cinderblock and fluorescent light governmental brown brick accent plexiglass window cement courtyard fortresses they have built in the area in the last 40 years.

Tim Keane really needs to get on it. What the hell are they waiting for? By the time he starts implementing anything, the city is going to be even more of a mess...

[jpk1292000]

I think I’d rather actually have a surface parking lot than that design

[smArTaLlone]

The court case regarding the historic buildings has been stetted allowing the demolition of the 152 Nassau and the subsequent development to move forward.


https://www.instagram.com/p/B38OkEUpQIJ/

[tallpez]

Originally Posted by smArTaLlone

The court case regarding the historic buildings has been stetted allowing the demolition of the 152 Nassau and the subsequent development to move forward.

A little short on details, but here is a Curbed Article with some more information. https://atlanta.curbed.com/2019/10/23/20...a-country-music-recording-margaritaville