Atlanta Project Thread IV

[smArTaLlone]

Originally Posted by clexmond

Another related tidbit, on the schedule for the NPU-E meeting in early June is transfer of development rights from the Margaret Mitchell house property to 207 13th Street.

Interesting. I suppose we may know a bit more in June.

Originally Posted by bryantm3

i don't get it. do you mean they're moving the house?

No it means that whoever is planning a development on 13th street, presumably Tivoli, will buy the right to develop the 13th street site at a higher density than is allowed under the current zoning codes.

[kingkool]

Looking through foreclosure records on 13th street, the properties were first scheduled for foreclosure last October, it was delayed to April, and then delayed again until May (today, supposedly). It is a bit odd they wouldnt handle the foreclosure with the bank before applying for permits, no? Update: Apparently Tivoli managed to pay the loan off at the last second (I have no idea why they say site "was sold" and that they "paid more than 6M" for it... Tivoli paid about 4M for it years ago and just never paid the bank for the loan)...

[joecool]

Originally Posted by bryantm3

i don't get it. do you mean they're moving the house?

I remember hearing a few years ago on here that they were going to possibly move the Margret Mitchel house to another location to building an office tower or just build a tower around it. I don't see how either would be possible.

And what corner of 13th are y'all talking about?

Also I heard someone at Colony Square yesterday talking about the Museum Tower being back in the works, I hope that's true.

[smArTaLlone]

Originally Posted by kingkool

Looking through foreclosure records on 13th street, the properties were first scheduled for foreclosure last October, it was delayed to April, and then delayed again until May (today, supposedly). It is a bit odd they wouldnt handle the foreclosure with the bank before applying for permits, no? Update: Apparently Tivoli managed to pay the loan off at the last second (I have no idea why they say site "was sold" and that they "paid more than 6M" for it... Tivoli paid about 4M for it years ago and just never paid the bank for the loan)...

"The project was sold today in a joint venture for an apartment project that I'm involved in. This is what was intended now for months."

I would assume that the bank was made aware of the anticipated equity partner deal which took a few months to be completed and that is the reason for the foreclosure delays.

At least we do have confirmation that an apartment tower is in fact in the works.

[smArTaLlone]

Originally Posted by joecool

And what corner of 13th are y'all talking about?

Its a little more than an acre just west of Parc Vue condos.

[joecool]

Oh cool. I hope it's something brick. I am getting tired of all the plain glass looking towers. Lets have something with brick.

[smArTaLlone]

Originally Posted by joecool

Oh cool. I hope it's something brick. I am getting tired of all the plain glass looking towers. Lets have something with brick.

I doubt it'll be brick but I've been thinking the same thing. Every new tower that has gone up in Midtown recently has been all glass and it would be nice to have a bit of variety. Here's an example from Houston that is nothing fancy but a nice break from the all glass box.

[joecool]

That's cool too.

I'd LOVE something like this...

[Artemis]

Originally Posted by joecool

That's cool too.

I'd LOVE something like this...

I don't think so

[joecool]

Why not? We can't have everything looking like the same. Different strokes, Different folks...

[joecool]

Originally Posted by smArTaLlone

Its a little more than an acre just west of Parc Vue condos.

[/IMG]

Saw this today on 13th. I guess there about to start demo. One house was being gutted and an apt building looks like it's in the beginning of demo...

[pawelra]

^^^ It's actually been like that for at least few weeks now. I saw this about a month ago, but I wish something starts soon in Atlanta looks like we are in plateau now.

[smArTaLlone]

Yes that "demolition" was done by a tree that fell in March or April.

It was reported that they could move forward on the project by this Spring and I've also heard that everyone that lived in those buildings had to be out by April so who knows.

There has also been talk of another developer trying to buy land in that area including the land owned by Tivoli and I wonder if that might be Tivoli's partner.

[smArTaLlone]

http://eastatlanta.patch.com/articles/28...t-to-break-ground-in-july#photo-14394366

The developers of the 280 Elizabeth St. project expect they will break ground on the $45 million residential and retail complex in July.

The mixed-use development, bounded by Elizabeth Street, North Highland and Lake avenues and the Inman Park Village project, is projected to be complete by the third quarter of 2014.

[simms3_redux]

I've heard rumblings that the Tivoli project will indeed be happening rather soon. Though with Tivoli you just never know...have no idea who the partner is if there is actually a partner (sounds like there is). I know other developers with sites in Midtown are currently talking about highrise multifamily/condos amongst each other. Still all cautious talk and no definitive movements, but I think someone could pull the trigger soon if it's not Tivoli. Atlanta job market seems to be making strides (hear more positive news about Perimeter and Buckhead though), and I have heard that more tech firms are bringing their presence or expanding their presence intown to be near Tech students (seems like a no brainer, but all of the disconnected principals in Atlanta live in North Fulton/Gwinnett and office/R&D space is substantially cheaper in those markets with more flexibility).

On the retail front with ICSC next week - White Provision and Streets of Buckhead are basically leased up, so the action will be Ponce City Market intown. Can anyone tell me their most recent experience at Westside Provisions District with the new shops? How's foot traffic? Has anyone been to the Suitsupply at Shops Around Lenox? I think that's pretty cool that they decided to test the Atlanta market, though I wish they would have chosen a different location. Is Republic of Couture open yet in Midtown? Can someone post pics of the buildout and describe recent foot traffic now that it's supposedly open and the weather is nice (maybe post Saturday pics)? How are the restaurant buildouts of the 77 12th condo tower coming along? Can't wait to hear about Jamestown's leasing progress after ICSC (they have a really expensive booth every year for their portfolios/projects...hence their lease-up at White Provision).

[smArTaLlone]

Originally Posted by simms3_redux

I've heard rumblings that the Tivoli project will indeed be happening rather soon. Though with Tivoli you just never know...have no idea who the partner is if there is actually a partner (sounds like there is). I know other developers with sites in Midtown are currently talking about highrise multifamily/condos amongst each other. Still all cautious talk and no definitive movements, but I think someone could pull the trigger soon if it's not Tivoli. Atlanta job market seems to be making strides (hear more positive news about Perimeter and Buckhead though), and I have heard that more tech firms are bringing their presence or expanding their presence intown to be near Tech students (seems like a no brainer, but all of the disconnected principals in Atlanta live in North Fulton/Gwinnett and office/R&D space is substantially cheaper in those markets with more flexibility).

On the retail front with ICSC next week - White Provision and Streets of Buckhead are basically leased up, so the action will be Ponce City Market intown. Can anyone tell me their most recent experience at Westside Provisions District with the new shops? How's foot traffic? Has anyone been to the Suitsupply at Shops Around Lenox? I think that's pretty cool that they decided to test the Atlanta market, though I wish they would have chosen a different location. Is Republic of Couture open yet in Midtown? Can someone post pics of the buildout and describe recent foot traffic now that it's supposedly open and the weather is nice (maybe post Saturday pics)? How are the restaurant buildouts of the 77 12th condo tower coming along? Can't wait to hear about Jamestown's leasing progress after ICSC (they have a really expensive booth every year for their portfolios/projects...hence their lease-up at White Provision).

I have not been but Republic of Couture opened last Friday. It does not appear that any buildout at 77 12th retail has started yet.

[clexmond]

Originally Posted by simms3_redux

I've heard rumblings that the Tivoli project will indeed be happening rather soon. Though with Tivoli you just never know...have no idea who the partner is if there is actually a partner (sounds like there is). I know other developers with sites in Midtown are currently talking about highrise multifamily/condos amongst each other. Still all cautious talk and no definitive movements, but I think someone could pull the trigger soon if it's not Tivoli. Atlanta job market seems to be making strides (hear more positive news about Perimeter and Buckhead though), and I have heard that more tech firms are bringing their presence or expanding their presence intown to be near Tech students (seems like a no brainer, but all of the disconnected principals in Atlanta live in North Fulton/Gwinnett and office/R&D space is substantially cheaper in those markets with more flexibility).

On the retail front with ICSC next week - White Provision and Streets of Buckhead are basically leased up, so the action will be Ponce City Market intown. Can anyone tell me their most recent experience at Westside Provisions District with the new shops? How's foot traffic? Has anyone been to the Suitsupply at Shops Around Lenox? I think that's pretty cool that they decided to test the Atlanta market, though I wish they would have chosen a different location. Is Republic of Couture open yet in Midtown? Can someone post pics of the buildout and describe recent foot traffic now that it's supposedly open and the weather is nice (maybe post Saturday pics)? How are the restaurant buildouts of the 77 12th condo tower coming along? Can't wait to hear about Jamestown's leasing progress after ICSC (they have a really expensive booth every year for their portfolios/projects...hence their lease-up at White Provision).

I am actually quite surprised there haven't been any condo announcements recently. The condo market and housing market overall in Midtown (probably elsewhere as well, Midtown is just what I'm familiar with) is extremely tight and I see pretty much everything sell within a month with many within a week. I'd really like to see Loudermilk take advantage of the property he owns north of Viewpoint to build something that can tie into their planned apartment project where Starbucks is as well as with the planned redo of Viewpoint retail.

[simms3_redux]

^^^Condo projects still need a construction loan and lenders in Atlanta got burned. Plus condos sell slowly for less than $300/sf in Midtown, which is basically replacement cost. I think that's the holdup. I think the retail at 1010 basically floated that loan and the building isn't even sold out yet! The rentals atop 1065 start at basically $4500 and they are 1-2 BRs but sizable and luxurious. The decision was made at the last minute to go rental because there are 56 people in Atlanta (NBA and NFL stars for instance) who can sign 12 month leases and pay that freight, but there are fewer people willing/able to put money down to purchase one and then pay that freight in monthly mortgage + HOA fees.

For instance, let's say that a 2,000 SF unit at 1065 costs $1.5M, that's $750/sf which is what shells at the St. Regis and Ritz Carlton are getting in Buckhead pre-buildout. You put 20% down and sign a 3.5% fixed rate loan amortized at 30 years. Your monthly mortgage payment is almost $5400, and then you probably have monthly HOAs at another $800 assuming they are $0.40psf, which is reasonable. You're at $6200/mo to buy a 2,000 SF luxury condo after you put $300K down. And that's $750/sf purchase, which is not that unreasonable. For a buildout like I would guess 77 12th has (slightly less than 1065), maybe you're paying $400/SF...so chop everything basically in half and you're still paying ~$3500/mo to be in 2,000 SF for an average condo, after a down payment of $150K-$200K. How large is the Atlanta market for this? It has not proven itself to be a stellar condo market.

[smArTaLlone]

Here are couple of more renderings of GSU's beautiful new law building which now has the funding to proceed with construction.

[bryantm3]

Originally Posted by smArTaLlone

Here are couple of more renderings of GSU's beautiful new law building which now has the funding to proceed with construction.

wish they could stick in some retail around the sides like they did with the aderhold building. this is just another monolith.