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Originally Posted by jpk1292000
I think it's pretty hard to argue that Portland, OR, Denver and Austin are more significant business centers and ports of entry than Atlanta. While I'm disappointed to see the failure of the TSPLOST, I find it hard to argue that Portland, Denver and Austin are more "worldly" than Atlanta. Maybe in Hipster quota, but not in commerce and transportation.
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In many ways Portland is a better real estate investment than Atlanta. Here's why:
1) Higher barriers to entry
2) Much stricter regulation on development, zoning, etc to prevent cycles and unsustainable growth/development patterns
3) Direct connections internationally and domestic (not as many as ATL obviously) and large port
4) 18-24 hour submarkets
5) Awesome city, regional and state leadership focused on the details and attracting the right people to the city (young, educated, progressive, active)
6) Very effective public transportation and very friendly to alternative modes of transit (arguably the most bike friendly city in America)
7) Much better leadership on the state, regional and local level
Midtown Atlanta is sort of a sluggish 18 hour market with scarce amenities, retail options, etc compared to similar submarkets in other cities. Portland's CBD has essentially the equivalent of Lenox Square in retail in the ground floors of its buildings. There is constant foot traffic in and around downtown Portland, and people want to live and be there or adjacent in really cool and well connected neighborhoods. Very young city.
I can say all the same things about Denver, but amplified. Additionally, their airport is HUGE and can take you anywhere. They are well connected by rail. The city is planned VERY well and there are very progressive development/zoning regulations that dissuade sprawl and encourage density, integration, TODs, etc. Currently the city is spending BILLIONs to enhance and expand its fixed-rail transit system, and this money includes the redevelopment of Union Station into a multimodal hub far far far superior than anything even discussed in Atlanta. It's UC right now and will connect all modes of transportation, will include top notch retail and restaurants, and is well situated between the CBD and an adjacent infill neighborhood.
Let these photos speak to Denver:
There are 53 of these in the city:
source: Elements of Urbanism: Denver
This is the infill going up EVERYWHERE in these 3 cities. Imagine one day Atlanta seeing the same kind of product.
More photos here:
Elements of Urbanism: Denver
Austin is much smaller, but is urbanizing and progressing so fast it is already a more "advanced" real estate market than Atlanta. Consider that rents for the same product in Austin's CBD are 20-25% higher than in Midtown Atlanta. I have heard through the grapevine that Skyhouse Austin rents will be about 20% higher than Skyhouse Atlanta rents...same building. Also, not sure of Skyhouse Austin's parking situation, but I noticed in its rendering a garage like the one here was not included. It's just a more advanced market, growing much faster, attracting far more young professionals, much more educated, etc etc. Obviously a lot of developers/investors want to make plays there. Atlanta based Cousins is all but out of its hometown right now, but is going big in Austin.
And then there is the question of how good Atlanta is for young SINGLE professionals and those looking to stay that way for a while? Up for debate.
Here are two more scenes from Denver with associated quotes, same source:
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The spectacle of Denver Cruiser Rides was a show not to be missed. Each year the Cruisers announce the zany costume themes for the bike cruises which take place on "Bike Ride Wednesday."
The themes for 2012 included some tried and true favorites — officially referred to as DCR Traditions — such as the Ship o’ Fools (a.k.a. pirates, sea men and nymphs, Sept. 19) and what a Denver Post writer likes to call the Ghetto Robots (bubble wrap, duct tape and cardboard, June 20). There are also some retreads of themes from previous years, like the footie-pajama-friendly Slumber Party (June 6) and rolling Super Diamond concert known as Disco night (May 30).
There, on the horizon, is a semi-coherent swarm of rainbow afro wigs, pirate hats, spandex and pink tutus. It smells of booze, legal cannabis, and bicycle grease, sweat and tears, and by the time the bike-riding blob has overtaken you, it’s too late: you’re part of a Denver Cruiser Ride.
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The Cruiser Rides end up at Civic Center Park, seen here at about midnight. Down front a DJ or band has the music cranked up, a pall of thick musty smoke hovers above the crowd, and down there in the blur, in the middle of the photo is a rapidly spinning 'Denver Cruiser Riders Circle of Death'. An amazing feat of stoned femininity and drunken machismo, performed with the zeal and purpose of a fraternity pledge gone way wrong.
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The jovial party atmosphere in nighttime Denver was illustrated by this scene where 5 college age passengers boarded the bus and announced to everyone that it was their friends birthday, the entire bus then broke into singing 'Happy Birthday'. As it turned out, birthday girl was on a scavenger hunt sponsored by her friends, one of the 'items' she had to collect was a bus full of strangers singing happy birthday... mission accomplished.
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I'm so jaded from traveling and photo threads online on boards like this. We are just so far behind. I hope you can understand what I mean by smaller cities behaving more and more like larger coastal gateway markets. Atlanta does not function like a gateway market even though its airport is a large gateway (more of a connection airport than an O&D airport, and not huge on cargo or international flights like MIA).
To me a quality observation of whether or not you're in a gateway market is if when you walk around on public sidewalks you hear all sorts of languages being spoken. I walk Midtown sidewalks every day, and often I'm pretty alone on them, but when there are people it's not a conglomerate of foreigners, shoppers, hustling bankers, etc. Cities like Boston, Chicago and SF are so European to me...filled with Europeans. Of course NYC is filled with everybody. Recently I read an article on immigration in Atlanta and how the metro is so atypical in that immigrants who come here move to the burbs and don't always form communities like a Koreatown or Little Italy, etc. The city/metro doesn't behave at all like a 5 million person city. More like a behind the times 3 million person sprawling sunbelt metro. It forms its own appeal to people, hence the metro's growth over the past 3 decades, but I think it has come to an end. We have reached a breaking point. Our metro's/city's way of being is literally opposite to a gateway market's, or to smaller gateway wannabe's like Denver, Austin and Portland.
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, I would want complementing uses that drive foot traffic between adjoining places. I think that is why my company only invests in 24 hour gateway markets in dense walkable areas. We can own something on 5th Ave that technically competes with other buildings for office space and competes for retail, but the street name alone helps bring prospective office tenants and retail tenants and certain retailers on the block can really help us push rents. The traffic is obviously there.
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