ATLANTA | Development Thread VI

[The Best Forumer]

Originally Posted by Atlanta3000

AMLI OAK Valley - Buckhead (Under Construction)

This one is definitely under construction. Click on the link for additional renderings.

http://livablebuckhead.com/city-place-site-b/

Looks good to me.

[Atlanta3000]

Originally Posted by Atlanta3000

The back story is things are definitely further along than the articles alludes to. Google has zeroed in on a couple locations: Quarry Yards, 760 Ralph McGill and Atlantic Station. Additionally there are a shit load of other deals in various stages. At least 2 corporate relocations (not Amazon or Apple) and 20 other tech companies (mostly from outside of Atlanta) looking at Midtown, Buckhead and Beltline for spaces.

Don't believe the Amazon news either because Atlanta is still the front runner. From what I am hearing, Amazon/CoA has focused site selection on the Gulch and they are seriously looking at The Stitch. Also I found further evidence Amazon was looking at Atlanta in early 2016. Furthermore, I believe these early discussion are what lead the CoA to start the feasibility study on The Stitch. Not to mention, the 4.1 acre site at 3rd & Ponce was taken off the market and the ABC cannot get anyone on record to comment if the site was sold. It is also worth noting Cousins Properties owns 3+ acres surrounding AT&T's West Peachtree building. Additionally, Cousins Properties hired the engineering company that designed The Stitch for "Corporate Master Planning + Design Services (see link below) Q2 2016. So if I was a betting person I think The Stitch is probably where Amazon will land.

I posted a tweet from Kasim Reed sometime late last year where he said Atlanta would see $5 Billion in developments coming in the next 3 years. All signs are pointing to data points confirming he was not just talking shit. Just look at the dialogue going on at the State and Local level concerning mass transportation and parks. I have lived in Atlanta since 2004 and these subjects never made headlines. Also follow the money. Developers have proposed massive developments at the Gulch, Summerhill, Underground, Newport South Downtown, PCM expansion, 760 Ralph McGil, Star Metal (31 acres now), MetLife, Quarry Yard, Atlantic Station....it's off the f'en charts.

Exciting times in Atlanta folks!

http://cousinsproperties.com/sites/d...s%20160524.pdf

Folks we have a Code - BROWN and RED Up in Here

It is being reported Cousins Properties is close to purchasing a 4 acre site in Midtown, but the location is not being specified. Interestingly, this is also the size of the Ponce and 3rd site real estate broker, Cushman & Wakefield, had listed and since been taken down. Cousins also owns two parcels/3 acres near the AT&T building already. With Midtown property going for North of $20 Million an acre, we can speculate Cousin's will be dropping $80 Million+ for this parcel. Folks, developers don't drop that kind of money this late in the economic cycle unless they have a company that has already signed a letter of intent.

Sidebar - Cousins CEO was part of the GA Delegation for Amazon's site visit last week.

It may be to early for some people to jump to conclusions, but I am going to say it....ATLANTA WILL BE HOME TO AMAZON'S HQ2. Unfortunately, it appears the Gulch is not the site - at least for Phase I.

http://www.cushwakeatlanta.com/cushm...ge-in-atlanta/

https://www.bisnow.com/atlanta/news/...86884?rt=56764

[Sura]

Originally Posted by Atlanta3000

Folks we have a Code - BROWN and RED Up in Here

It is being reported Cousins Properties is close to purchasing a 4 acre site in Midtown, but the location is not being specified. Interestingly, this is also the size of the Ponce and 3rd site real estate broker, Cushman & Wakefield, had listed and since been taken down. Cousins also owns two parcels/3 acres near the AT&T building already. With Midtown property going for North of $20 Million an acre, we can speculate Cousin's will be dropping $80 Million+ for this parcel. Folks, developers don't drop that kind of money this late in the economic cycle unless they have a company that has already signed a letter of intent.

Sidebar - Cousins CEO was part of the GA Delegation for Amazon's site visit last week.

It may be to early for some people to jump to conclusions, but I am going to say it....ATLANTA WILL BE HOME TO AMAZON'S HQ2. Unfortunately, it appears the Gulch is not the site - at least for Phase I.

http://www.cushwakeatlanta.com/cushm...ge-in-atlanta/

https://www.bisnow.com/atlanta/news/...86884?rt=56764

Even if it's not Amazon, it looks like something is going to happen.

[sbrptree]

Originally Posted by Sura

Even if it's not Amazon, it looks like something is going to happen.

Still waiting on the big Google announcement. Sounds interesting but best to wait and see - bit premature to say it's Amazon's HQ2. Obviously if it turns out to be the case...major code red, brown, blue and turquoise ;-)

[Atlanta3000]

Originally Posted by sbrptree

Still waiting on the big Google announcement. Sounds interesting but best to wait and see - bit premature to say it's Amazon's HQ2. Obviously if it turns out to be the case...major code red, brown, blue and turquoise ;-)

Did you just say....turquoise? I just peed a little. Yes this will be projectile turquoise. Speaking of which, I should line up a hazmat team and a carpet cleaner for the announcement.

OVERSHARE

[jwbab]

Originally Posted by Atlanta3000

Folks we have a Code - BROWN and RED Up in Here

It is being reported Cousins Properties is close to purchasing a 4 acre site in Midtown, but the location is not being specified. Interestingly, this is also the size of the Ponce and 3rd site real estate broker, Cushman & Wakefield, had listed and since been taken down. Cousins also owns two parcels/3 acres near the AT&T building already. With Midtown property going for North of $20 Million an acre, we can speculate Cousin's will be dropping $80 Million+ for this parcel. Folks, developers don't drop that kind of money this late in the economic cycle unless they have a company that has already signed a letter of intent.

Sidebar - Cousins CEO was part of the GA Delegation for Amazon's site visit last week.

It may be to early for some people to jump to conclusions, but I am going to say it....ATLANTA WILL BE HOME TO AMAZON'S HQ2. Unfortunately, it appears the Gulch is not the site - at least for Phase I.

http://www.cushwakeatlanta.com/cushm...ge-in-atlanta/

https://www.bisnow.com/atlanta/news/...86884?rt=56764

Coincidence? This article is from January 21, 2018:

Cousins Properties Inc. has named a new managing director for Atlanta.

Cousins, Atlanta’s largest owner of office space with more than 6.8 million square feet, promoted Matt Mooney, who had been leading the Phoenix regional team for the past two years.

In Atlanta, Mooney will have responsibility for leasing, property operations, investments and business development.

During his 11 years in Phoenix, his team completed large leases with Amazon, ADP, Silicon Valley Bank and Symantec.

https://www.bizjournals.com/atlanta/...-managing.html

[skyscraperpage17]

Originally Posted by sbrptree

Still waiting on the big Google announcement. Sounds interesting but best to wait and see - bit premature to say it's Amazon's HQ2. Obviously if it turns out to be the case...major code red, brown, blue and turquoise ;-)

Nah, that would be a code yellow for sure.

If they don't select the Gulch, that would be disappointing. But Midtown (still a somewhat central location) is miles and away better than way out at the Perimeter or Doraville.

[atlwarrior]

Doesn't Amazon have like 10 more cities to tour. ijs! However, I'm sure Amazon executives would love flying into Hartsfield and take the 20 minutue train ride to North Avenue. It really seems like the perfect site for everything they are looking for.

[Verge]

Originally Posted by Atlanta3000

Folks we have a Code - BROWN and RED Up in Here

It is being reported Cousins Properties is close to purchasing a 4 acre site in Midtown, but the location is not being specified. Interestingly, this is also the size of the Ponce and 3rd site real estate broker, Cushman & Wakefield, had listed and since been taken down. Cousins also owns two parcels/3 acres near the AT&T building already. With Midtown property going for North of $20 Million an acre, we can speculate Cousin's will be dropping $80 Million+ for this parcel. Folks, developers don't drop that kind of money this late in the economic cycle unless they have a company that has already signed a letter of intent.

Sidebar - Cousins CEO was part of the GA Delegation for Amazon's site visit last week.

It may be to early for some people to jump to conclusions, but I am going to say it....ATLANTA WILL BE HOME TO AMAZON'S HQ2. Unfortunately, it appears the Gulch is not the site - at least for Phase I.

http://www.cushwakeatlanta.com/cushm...ge-in-atlanta/

https://www.bisnow.com/atlanta/news/...86884?rt=56764

Sorry to burst your bubble, but there is no way Amazon is negotiating anything at this point in their process-- They have only visited 11 of 20 cities. They are likely to have a short, short list in the interim-- with maybe 3-5 cities making their best and final offer. I wouldn't expect much until at least the summer, probably later this year. Atlanta's overall odds went down more than a bit after the Lt. Governor's treatment of Delta.

[Atlanta3000]

Originally Posted by Verge

Sorry to burst your bubble, but there is no way Amazon is negotiating anything at this point in their process-- They have only visited 11 of 20 cities. They are likely to have a short, short list in the interim-- with maybe 3-5 cities making their best and final offer. I wouldn't expect much until at least the summer, probably later this year. Atlanta's overall odds went down more than a bit after the Lt. Governor's treatment of Delta.

Multiple site selection consultants who do this for a living said Amazon has already selected where they want to land and this is a PR stunt. Personally, I have a good source that told me Amazon has already begun negotiations for the AT&T building in Midtown and they are discussing taking at least 1 Million sqft for Phase I.

[skyscraperpage17]

Originally Posted by Verge

Sorry to burst your bubble, but there is no way Amazon is negotiating anything at this point in their process-- They have only visited 11 of 20 cities. They are likely to have a short, short list in the interim-- with maybe 3-5 cities making their best and final offer. I wouldn't expect much until at least the summer, probably later this year. Atlanta's overall odds went down more than a bit after the Lt. Governor's treatment of Delta.

I don't dispute most of what you're saying, but I will note that it's very common for companies to negotiate massive deals in secret. There will set up shell companies to manage the interactions, Jane Does for any paperwork that need their approval and and force all of the parties involved to sign gag orders.

I'm not saying this is happening with Amazon, but don't assume it's not either.

[Atlanta3000]

Originally Posted by skyscraperpage17

I don't dispute most of what you're saying, but I will note that it's very common for companies to negotiate massive deals in secret. There will set up shell companies to manage the interactions, Jane Does for any paperwork that need their approval and and force all of the parties involved to sign gag orders.

I'm not saying this is happening with Amazon, but don't assume it's not either.

Exactly - Amazon is looking to build a HQ2 with 50K employees and make a $5 Billion investment in the host city. However, Amazon is only taking two days max to do site tours for their short listed cities. I don't know about anyone else, but my Bullshit meter went off when I read this. Amazon is also under the gun to make a decision ASAP because multiple cities have NIMBY forces questioning the incentives and negative impacts on their community. Not to mention, Trump and the Trampanzes fake news campaign against Amazon. Personally I expect an announcement by late May.

[BlueSangha]

My money is on Midtown. I’ve always been bullish on midtown and will continue to be. Something in my gut keeps telling me Midtown is where it’s at, and will be for some time to come.

[The Best Forumer]

Originally Posted by Verge

Sorry to burst your bubble, but there is no way Amazon is negotiating anything at this point in their process-- They have only visited 11 of 20 cities. They are likely to have a short, short list in the interim-- with maybe 3-5 cities making their best and final offer. I wouldn't expect much until at least the summer, probably later this year. Atlanta's overall odds went down more than a bit after the Lt. Governor's treatment of Delta.

I missed this... what did he do to Delta?

[West Peachtree]

At first glance, the "$20 million per acre" figure for Midtown ( $440 psf ) - or most anywhere else in ATL, for that matter - seems high. Maybe if you tear down The Varsity, God forbid. On second thought, that might well be John Dewberry's Peachtree & Tenth asking price.

Anyone have comparables - or demand intel - supporting anywhere close to $20 Million per acre ?

On third thought, Midtown Atlanta, with 4 West Peachtree Marta stations, GA Tech campus right there, first rate new and expansive hospitals/medical resources, Peachtree / West Peachtree marquee branding, wonderful new apartments and Piedmont Park nearby - shoot, maybe $20 million per acre is TOO LOW given precious little undeveloped land in Midtown !

Originally Posted by Atlanta3000

Folks we have a Code - BROWN and RED Up in Here

It is being reported Cousins Properties is close to purchasing a 4 acre site in Midtown, but the location is not being specified. Interestingly, this is also the size of the Ponce and 3rd site real estate broker, Cushman & Wakefield, had listed and since been taken down. Cousins also owns two parcels/3 acres near the AT&T building already. With Midtown property going for North of $20 Million an acre, we can speculate Cousin's will be dropping $80 Million+ for this parcel. Folks, developers don't drop that kind of money this late in the economic cycle unless they have a company that has already signed a letter of intent.

Sidebar - Cousins CEO was part of the GA Delegation for Amazon's site visit last week.

It may be to early for some people to jump to conclusions, but I am going to say it....ATLANTA WILL BE HOME TO AMAZON'S HQ2. Unfortunately, it appears the Gulch is not the site - at least for Phase I.

http://www.cushwakeatlanta.com/cushm...ge-in-atlanta/

https://www.bisnow.com/atlanta/news/...86884?rt=56764

[MARTAisSmarta]

Originally Posted by West Peachtree

At first glance, the "$20 million per acre" figure for Midtown ( $440 psf ) - or most anywhere else in ATL, for that matter - seems high. Maybe if you tear down The Varsity, God forbid. On second thought, that might well be John Dewberry's Peachtree & Tenth asking price.

Anyone have comparables - or demand intel - supporting anywhere close to $20 Million per acre ?

On third thought, Midtown Atlanta, with 4 West Peachtree Marta stations, GA Tech campus right there, first rate new and expansive hospitals/medical resources, Peachtree / West Peachtree marquee branding, wonderful new apartments and Piedmont Park nearby - shoot, maybe $20 million per acre is TOO LOW given precious little undeveloped land in Midtown !

from https://www.bizjournals.com/atlanta/...ts-market.html

The owners are not releasing an asking price, but people familiar with the property say it could fetch at least $9 million an acre. That may be on the conservative side, given the activity around Tech Square.

[ATLSkyPalaceOwner]

Originally Posted by West Peachtree

At first glance, the "$20 million per acre" figure for Midtown ( $440 psf ) - or most anywhere else in ATL, for that matter - seems high. Maybe if you tear down The Varsity, God forbid. On second thought, that might well be John Dewberry's Peachtree & Tenth asking price.

I have seriously doubts that $20,000,000 / acre is anywhere near the value of that land. For comparison, Steve "#MeToo" Wynn bought Alon, an empty parcel on the Las Vegas Strip, for about $9,000,000 / acre. I doubt we have real estate more than twice the value of empty land on the Las Vegas Strip.

I remember hearing $5,000,000 / acre - probably from Midtown Alliance - but this was a few years ago and I don't remember the context.

[cabasse]

Originally Posted by The Best Forumer

I missed this... what did he do to Delta?

he (casey cagle) politicized what was an already likely-to-be cancelled fuel tax break for delta based on the fact they got rid of a small, rarely-used discount for NRA members. even the governor himself spoke out against what he was doing...

[Hokiehaven]

Originally Posted by Atlanta3000

Multiple site selection consultants who do this for a living said Amazon has already selected where they want to land and this is a PR stunt. Personally, I have a good source that told me Amazon has already begun negotiations for the AT&T building in Midtown and they are discussing taking at least 1 Million sqft for Phase I.

I've always felt that Amazon is a PR stunt with only one backup if they don't get the deal they want from their favorite. It's easy to see how Atlanta would be with the land available, closeness to transit, GT, etc.

I actually believe that mall inside ATT center has huge potential for a company that has money and it's connected to MARTA and then of course the spot across the street is where they'd go in and then you're close to the Fox, right along the major highway in ATL. It just makes complete sense. If it's true, I hope they do the Stitch as they would make sure the city actually does it and does it well, not cheapen it out like Buckhead is with their highway cover.

[ATLskyline]

Originally Posted by Atlanta3000

Multiple site selection consultants who do this for a living said Amazon has already selected where they want to land and this is a PR stunt. Personally, I have a good source that told me Amazon has already begun negotiations for the AT&T building in Midtown and they are discussing taking at least 1 Million sqft for Phase I.

This site and the Cousins site would only total 4.2 million sq ft, where Amazon has said they require 8 million sq ft for HQ2, so that doesn’t add up unless there is land for 4 million sq ft more nearby. I would buy them looking at this site for temporary use until campus is completed, but I don’t think this is where the final campus goes. In RFP, they do state the need for 500,000 sq ft almost immediately, so my guess is that is what this space would be until campus is ready for move in. Gulch has announced 9 million sq ft of office. I think that is very telling as this one development would add 50% to the downtown submarket, currently listed at 18.8 million sq ft. This submarket also has the highest vacancy rates, 70% higher than Midtown. So if the Gulch does not have Amazon lined up, it is going to take them a looooooong time to fill that space. Kasim Reed has also mentioned the Gulch project several times which leads me to think he knows something that we don’t. Just my $.02