ATLANTA | Development Thread V

[1lifealex]

http://w3.usa.siemens.com/mobility/us/Pu...s-and-light-rail/streetcar-thumbnail.jpg final look of Atl Streetcar

[ATL_J]

Originally Posted by matt_H

Phase I of 3330 Peachtree has filed permits for construction:

3330 Peachtree

Here's a rendering:



[Click for larger image]

[testarossa50]

Seems like a waste of a prime parcel to me. Oh well, better than a hole in the ground I guess.

[clexmond]

Originally Posted by testarossa50

Seems like a waste of a prime parcel to me. Oh well, better than a hole in the ground I guess.

Seems this is a multi-phase development. Supposedly there will be some highrise as part of it. http://www.bizjournals.com/atlanta/print...ad-project-to-move-forward.html?page=all

[atlantaguy]

Yeah, this is definately only phase I of a larger, mixed-use project. Regent knows exactly what they are doing here...

[testarossa50]

So it's 150k SF of offices plus apartments or condos? That would be cool. 150k SF of offices total (which is what whatnowatlanta reported) would be pretty underwhelming though. This building is a block from a MARTA station, and should be mixed-use.

[atlantaguy]

Originally Posted by testarossa50

So it's 150k SF of offices plus apartments or condos? That would be cool. 150k SF of offices total (which is what whatnowatlanta reported) would be pretty underwhelming though. This building is a block from a MARTA station, and should be mixed-use.

Looking at the footprint of the remainder of the lot for phase II, I wouldn't be surprised to see 150,000 sf (and possibly more if the rumored Euro Co. US HQ's deal is signed), apartments AND a hotel in a single building - which could be pretty significant. These folks know how to do high density mixed-use.

Remember, Regent is responsible for the Sovereign next door. They are German with very, very deep pockets. Oftentimes they proceed without outside financing - they don't need it.

[kamden99]

Site work underway at 100 6th Street (the second Novare apartment highrise scheduled for a 2014 delivery) where Loca Luna used to be.

[clexmond]

Originally Posted by kamden99

Site work underway at 100 6th Street (the second Novare apartment highrise scheduled for a 2014 delivery) where Loca Luna used to be.

... are you me? I literally took the same picture on my walk home from work today all ready to post it on here this evening

Anyway, I hope this means their schedule has moved up some. Despite part of the project being a large parking deck, at least there will be retail and it'll be a whole lot better than a fence and crumbling retaining walls.

[simms3_redux]

Originally Posted by atlantaguy

Looking at the footprint of the remainder of the lot for phase II, I wouldn't be surprised to see 150,000 sf (and possibly more if the rumored Euro Co. US HQ's deal is signed), apartments AND a hotel in a single building - which could be pretty significant. These folks know how to do high density mixed-use.

Remember, Regent is responsible for the Sovereign next door. They are German with very, very deep pockets. Oftentimes they proceed without outside financing - they don't need it.

Are you sure Regent Partners is running with German money? There is a tenant at 3344 called Wealthcap USA, which is based in Germany and invests in US real estate, though last I heard they were exiting the US or at least Atlanta/SE (their office may not even be there anymore).

http://wealthcapusa.com/

There are other German real estate investment shops in Atlanta, as well, such as BVT Equity Holdings, obviously Jamestown, etc, but never knew Regent was one of them. Anyway, this 2-floor rendering was something I mentioned a while back as something I saw on the construction fence, but wasn't sure if I was seeing it right. They are saving that lot for something larger, but I sure do hope it turns out ok. The office market is still dismal in Atlanta, as evidenced by lower than hoped for sale proceeds with 3 recent transactions (2 in Buckhead), Jamestown pulling 999 off the market for the same reason, 550 Pharr now going apartment, downtown owners putting great effort and talking publicly about what needs to be done to get the ball rolling down there (including setting aside a huge portion of tax for the streetcar, which owners like Cousins hopes will translate to rent growth at some point), and buildings such as 1075 Peachtree still leasing up at below proforma rents (meanwhile Cox decides to building another tower for itself in Perimeter). I guess there isn't really a 150,000 SF "block" of class A space available any longer.

Oliver MacMillan is also working on its project down the road, which will offer about 150,000 SF of "boutique" style "loft" office in a very good location, so Regent must be going for a single large finance oriented occupant (as opposed to all the tech/media firms everyone else is chasing further south and the smaller users that OM is chasing for its project).

[simms3_redux]

Originally Posted by clexmond

... are you me? I literally took the same picture on my walk home from work today all ready to post it on here this evening

Anyway, I hope this means their schedule has moved up some. Despite part of the project being a large parking deck, at least there will be retail and it'll be a whole lot better than a fence and crumbling retaining walls.

Have heard next year for a start. Publicly, they are working on Skyhouse Austin, Skyhouse Orlando, Skyhouse Raleigh (which I don't think has secured financing yet, or maybe it has...it's behind the others), and then I hear they will do 100 6th. It's only a very small team over there now (a shell of Novare 2007).

Has anyone noticed the rent increases at 77 12th? Everyone's project is just killing it right now so Daniel believes it can lease its upper floor 2 BRs for between $3,500 and $5,000!!! This puts these floorplans up over $4psf, which is nuts. The only other apartments that rent for such high rates are at another one of their 12th and Midtown towers, 1065 Peachtree (Loews). Those were built as condos. Now I am starting to believe rumors that Daniel may be thinking ahead to a condo conversion at some point for 77 12th and/or 1065 Peachtree.

[BlueSangha]

Originally Posted by matt_H

Phase I of 3330 Peachtree has filed permits for construction:

3330 Peachtree

Well, it's bigger than the 7,500 sg ft the signage notes on the property they have out front now. The rendering is a bit misleading, the parcel doesn't look as wide as they make it...but then a gain 16k sq st isn't that big. Looks to me like it might be about the same size as the Charles Schwab bld down the street. it seems odd to me these smaller bldgs on Peachtree...I still can't believe they built Charles Schwab where they did... throws my whole chi off.

[simms3_redux]

^^^And people love the Schwab building (I think it's been awarded numerous times). I complained about it once and got yelled at, LoL. People in Buckhead just don't understand real urbanism, hehe, and the architecture is ok ("as long as it beats what was there it's considered a good project")

[Tuckerman]

Originally Posted by simms3_redux

^^^And people love the Schwab building (I think it's been awarded numerous times). I complained about it once and got yelled at, LoL. People in Buckhead just don't understand real urbanism, hehe, and the architecture is ok ("as long as it beats what was there it's considered a good project")

Agree. From an urban point of view Peachtree from Piedmont to Roxboro should not have anything less than 10 stories fronting on it. It certainly looks peculiar to look on one side of the street and see the imposing Terminus complex and have a rustic coffee shop (looking like it should be on the outskirts of Des Moines) across the street. It is this strange mixture that makes Buckhead, despite the urban view from a distance, look suburban. Even Perimeter seems to get it better.

[atlantaguy]

Originally Posted by simms3_redux

Are you sure Regent Partners is running with German money? There is a tenant at 3344 called Wealthcap USA, which is based in Germany and invests in US real estate, though last I heard they were exiting the US or at least Atlanta/SE (their office may not even be there anymore).

I could be totally mistaken, but I've been told this for several years by pretty knowledgeable folks. If you find out this isn't the case, please correct me though. I'm not an industry insider by any means - but I consider you to be!

[ChrisInmanPark]

Intersesting developments along Northside Dr.

Some highlights.


* The sale of the women’s softball field on the north side of Georgia Tech, overlooking Atlantic Station. The deal with a developer who plans to build a few hundred apartments is expected to close within two months, according to several speakers at the Monday event;
* The new mini city to be built downtown near MARTA’S Five Points Station, the so-called Multi Modal Passenger Terminal to be built around an area called the Gulch;
* The proposed football stadium;
* The sale SRTA site, located on the IKEA side of Atlantic Station at the corner of Northside Drive and 17th Street that was once going to be a transit hub.

So glad that they are not going to build an Amtrak station and transit hub at Atlantic Station. It needs to be downtown at the MMPT!

http://saportareport.com/blog/2012/10/sa...-SaportaReport5_24_2011&utm_medium=email

[simms3_redux]

Someone correct me if I'm wrong, but the MMPT is not going to include Amtrak. It will essentially expand the services and the architecture/efficiency of the current 5 Point MARTA station by adding busses and cabs, and long-term eventually office space and public space. I think it would eventually connect to the planned commuter rail line heading south as that would share track with Norfolk Southern, but that is still a pipe dream at this point.

The whole premise of the MMPT is essentially a waste as I have seen it proposed and DT office is not even an investment anyone can consider at this point. Norfolk Southern still uses the tracks that could connect Amtrak to the MMPT and viable solutions so far as I have read have not been reached. Passenger trains would remain north of the CBD either in current location or somewhere not too far.

Meanwhile Denver's Union Station remains its historic self and is anchoring an entire redeveloped side of downtown as well as a $10-$20BILLION transit system currently UC. It will have lots of shops and restaurants by next year, and will actually connect all of Denver's modes of transit: its extensive LRT, local and express busses, cabs, Greyhound, commuter rail, Amtrak, bikes/peds, shuttles, etc etc. Very impressive development that is actually *happening* and serving as a model for cities big and small (with Atlanta as an exception).

[clexmond]

Originally Posted by simms3_redux

Someone correct me if I'm wrong, but the MMPT is not going to include Amtrak. It will essentially expand the services and the architecture/efficiency of the current 5 Point MARTA station by adding busses and cabs, and long-term eventually office space and public space. I think it would eventually connect to the planned commuter rail line heading south as that would share track with Norfolk Southern, but that is still a pipe dream at this point.

The whole premise of the MMPT is essentially a waste as I have seen it proposed and DT office is not even an investment anyone can consider at this point. Norfolk Southern still uses the tracks that could connect Amtrak to the MMPT and viable solutions so far as I have read have not been reached. Passenger trains would remain north of the CBD either in current location or somewhere not too far.

Meanwhile Denver's Union Station remains its historic self and is anchoring an entire redeveloped side of downtown as well as a $10-$20BILLION transit system currently UC. It will have lots of shops and restaurants by next year, and will actually connect all of Denver's modes of transit: its extensive LRT, local and express busses, cabs, Greyhound, commuter rail, Amtrak, bikes/peds, shuttles, etc etc. Very impressive development that is actually *happening* and serving as a model for cities big and small (with Atlanta as an exception).

http://www.dot.ga.gov/informationcenter/...tee/MMPT_Final_Bus_and_Rail_Complete.pdf is from late 2010, but it seems to have plenty suggesting they will attempt to accomodate Amtrak in the MMPT.

[trainiac]

Originally Posted by simms3_redux

Meanwhile Denver's Union Station remains its historic self and is anchoring an entire redeveloped side of downtown as well as a $10-$20BILLION transit system currently UC. It will have lots of shops and restaurants by next year, and will actually connect all of Denver's modes of transit: its extensive LRT, local and express busses, cabs, Greyhound, commuter rail, Amtrak, bikes/peds, shuttles, etc etc. Very impressive development that is actually *happening* and serving as a model for cities big and small (with Atlanta as an exception).

I was in Denver a few weekends ago and a woman I talked to at Tattered Cover said Union Station was supposed to be ready in 2014. Lots of construction going on now. It's going to be pretty impressive. I wasn't super excited about their light rail -- getting to UoD campus was pretty easy -- but the 16th street bus system is effective connecting a bunch of downtown sites.

Did anyone else go to the streetcar presentation at the Rialto last week? It was focusing the building under the connector between Edgewood and Auburn which will have the power delivery system, maintenance and car storage, staff offices, etc. Not very attractive, but it will fill a big urban gap there. Lots of Edgewood business owners complaining about the street closures but considering there are 16 different private utilities that had to be disturbed not sure what other options they had.

When track installation begins URS is going to do rolling sections of 3 blocks with all the materials fed from the back so they shouldn't have to close more than one lane at a time and usually just one block at a time. They said intersections would be a little trickier but these are the same people who did Portand's system so hopefully they know what they're doing.

[testarossa50]

Originally Posted by simms3_redux

Someone correct me if I'm wrong, but the MMPT is not going to include Amtrak. It will essentially expand the services and the architecture/efficiency of the current 5 Point MARTA station by adding busses and cabs, and long-term eventually office space and public space. I think it would eventually connect to the planned commuter rail line heading south as that would share track with Norfolk Southern, but that is still a pipe dream at this point.

The whole premise of the MMPT is essentially a waste as I have seen it proposed and DT office is not even an investment anyone can consider at this point. Norfolk Southern still uses the tracks that could connect Amtrak to the MMPT and viable solutions so far as I have read have not been reached. Passenger trains would remain north of the CBD either in current location or somewhere not too far.

Clarification: NS actually is on board with the project and has reiterated its commitment in the last ~12 months. They have redundant mainlines to Macon, so using the secondary one for passenger traffic is a positive revenue opportunity for them. The reason this particular line has gotten so much attention is precisely because it is feasible; not for any grand transportation planning reason.

The tracks leading into the MMPT site (going to Five Points from the west), however, are CSX mainline tracks to Augusta. Amtrak runs nearby, but on NS; getting all this to line up will require some wizardry and Class I railroads are seldom easy to bring to the table.

I actually think you are not far off on your assessment of the MMPT, and in general the MMPT is one of the least exciting things on the horizon for me. We're building a massive terminal without anything to connect with it.

My preference would be to nix the MMPT for the time being and instead focus on the Lovejoy rail line. Don't bother bringing it to downtown on the busy, congested CSX/NS shared rail line that parallels MARTA. We should just have the commuter rail line terminate in East Point, and build a station to connect with MARTA. Most people who ride the Lovejoy train will need to ride MARTA to another stop anyways; why not avoid building miles of redundant infrastructure and let them get on MARTA at the earliest possible point?

Years down the road, when the MMPT is built and commuter rail has expanded, we can consider extending the rail line to downtown. But for now it's just a needless luxury.

Also I question the positive impact train stations have on neighborhoods. Most train station areas I've been to around the world are a bit sketch. Even in cities like Oslo.