ATLANTA | Development Thread VI - Page 412

tdawg · #**8221** Posted **May 17, 2018, 1:52 PM**

^^^ That's a great pic! Atlanta's looking terrific (especially Midtown). We're considering a move back in about ~5 years. I can only imagine how much the city will change between now & then.

Street Advocate · #**8222** Posted **May 17, 2018, 2:11 PM**

Quote:

Originally Posted by Atlanta3000

Heard a rumor this an automotive HQ. Therefore it is either: PSA, BMW or VW. This would be a major win for Cobb County and the Battery @ Braves Field.

Report: Advanced manufacturing company could bring hundreds of jobs to Cobb County, Ga.

https://webcache.googleusercontent.c...nt=firefox-b-1

This would be great for the area. Cumberland has a ton of jobs, nice to see more developments proposed within closer proximity and walkable to one another (hopefully).

jsvh · #**8223** Posted **May 17, 2018, 3:17 PM**

Quote:

Originally Posted by Atlanta3000

Heard a rumor this an automotive HQ. Therefore it is either: PSA, BMW or VW. This would be a major win for Cobb County and the Battery @ Braves Field.

Report: Advanced manufacturing company could bring hundreds of jobs to Cobb County, Ga.

https://webcache.googleusercontent.c...nt=firefox-b-1

863 jobs backed by $264M in Cobb County bonds. That is $300K per job.

In addition to that the county will give them a tax abatement and the project will initially not pay any property taxes either.

Not sure this is the sort of trend the Braves should be attracting to that area given the financial difficulties the county has gotten into since the Braves relocation.

Atlanta3000 · #**8224** Posted **May 17, 2018, 3:54 PM**

Quote:

Originally Posted by jsvh

863 jobs backed by $264M in Cobb County bonds. That is $300K per job.

In addition to that the county will give them a tax abatement and the project will initially not pay any property taxes either.

Not sure this is the sort of trend the Braves should be attracting to that area given the financial difficulties the county has gotten into since the Braves relocation.

This is a little different. The $264 Million in bonds would cover the office development and would be paid back by the developer over the life of the bond. This is beneficial to the developer because Cobb County can borrow at a lower cost than a developer. Ultimately the taxpayers are on the hook should the developer default. However Cobb would likely be able to sell the building for more than the bond value should they have to. Do get me wrong, it is still BS cities have to do crap like this to attract jobs.

sbrptree · #**8225** Posted **May 17, 2018, 4:32 PM**

Quote:

Originally Posted by Atlanta3000

Not to mention they bought the land. I am still not ready to admit defeat.

https://whatnowatlanta.com/eviva-on-...oving-forward/

Atlanta3000 · #**8226** Posted **May 17, 2018, 4:40 PM**

Quote:

Originally Posted by sbrptree

https://whatnowatlanta.com/eviva-on-...oving-forward/

Fake News: "Representatives for the developer, when reached by WNA on the telephone, would not immediately comment."

This article did not confirm anything. I am so sick of these bush league writers who sensationalize everything for a click.

Tuckerman · #**8227** Posted **May 17, 2018, 4:49 PM**

A pity about Eviva. It looked like it would be an interesting building, Hopefully the space will be developed in some manner. It would make a nice pocket park in the meantime. A pity if it reverts to just a parking lot. We should not feel too bad, as we all know, a certain percentage of proposed skyscrapers and developments fall by the wayside for many different reasons. That's life.

Martinman · #**8228** Posted **May 17, 2018, 4:59 PM**

Quote:

Originally Posted by sbrptree

https://whatnowatlanta.com/eviva-on-...oving-forward/

They don't any more than we do.

Atlanta3000 · #**8229** Posted **May 17, 2018, 5:07 PM**

Quote:

Originally Posted by Martinman

They don't any more than we do.

There is a hell of a big difference between a bunch of bystanders on a skyscraper forum rumor mongering and a writer on a retail/CRE blog who presents their content as a creditable source.

GeorgiaPeanuts · #**8230** Posted **May 17, 2018, 5:36 PM**

Check for sale of 811 Peachtree because the sale to integral had a clause that created penalties for every month the land was held and not developed as planned. They will likely sell to someone who will build.

BlueSangha · #**8231** Posted **May 17, 2018, 5:45 PM**

Quote:

Originally Posted by GeorgiaPeanuts

Check for sale of 811 Peachtree because the sale to integral had a clause that created penalties for every month the land was held and not developed as planned. They will likely sell to someone who will build.

Don’t let Dewberry get a hold of it.

Atlanta3000 · #**8232** Posted **May 17, 2018, 5:58 PM**

Quote:

Originally Posted by GeorgiaPeanuts

Check for sale of 811 Peachtree because the sale to integral had a clause that created penalties for every month the land was held and not developed as planned. They will likely sell to someone who will build.

Ask yourself why would Integral Group pay a monthly penalty if they had no intention of starting the project?

As of today it has been 20 MONTHS and 4 DAYS since they purchased the site.

Linda Keefe Closes High Profile Land Sale at 811 Peachtree in Midtown Atlanta
https://naibg.com/linda-keefe-closes...dtown-atlanta/
ATLANTA, GA – September 13, 2016 – NAI Brannen Goddard announced today that it represented The Integral Group in the recent acquisition of 1.4 acres at 811 Peachtree Street located at 6th & Peachtree in the heart of Midtown. Price was not disclosed. Planned use for the property is Eviva Peachtree, a new apartment development due to break ground with completion in 2017.

Linda Keefe, Vice President of Land Sales at NAI Brannen Goddard, represented The Integral Group in the transaction. Joshua Reeves and Taylor Anderson of Atlanta Fine Homes and Taylor Realty Services represented the seller, George Rohrig.

sbrptree · #**8233** Posted **May 17, 2018, 7:06 PM**

[QUOTE=Atlanta3000;8191354]Ask yourself why would Integral Group pay a monthly penalty if they had no intention of starting the project?

As of today it has been 20 MONTHS and 4 DAYS since they purchased the site.

Not sure, but if they had good news, they would have made a comment when asked. The combination of expensive signage and fencing thrown in a dumpster plus an inactive website does not paint a pretty picture. The whole project has been screwy IMO

Atlanta3000 · #**8234** Posted **May 18, 2018, 11:55 AM**

Just as I suspected yesterday, Integral is not selling the Eviva site. Hopefully they will position the new project as a condo.

Midtown’s highly anticipated EVIVA tower is officially off the table.
For now Developer Integral Group still controls and has confidence in the high-profile site, reps say
https://atlanta.curbed.com/2018/5/18...integral-group

Quote:

“In light of the robust job creation and population expansion in and around Midtown, specifically Tech Square, we are taking the opportunity to re-evaluate certain aspects of the project,” an Integral rep wrote in an email to Curbed Atlanta. “We strongly believe the EVIVA Peachtree site remains one of the best on the Peachtree corridor and look forward to delivering a world-class development at this location.”

skyscraperpage17 · #**8235** Posted **May 18, 2018, 12:32 PM**

Quote:

Originally Posted by Atlanta3000

Just as I suspected yesterday, Integral is not selling the Eviva site. Hopefully they will position the new project as a condo.

Midtown’s highly anticipated EVIVA tower is officially off the table.
For now Developer Integral Group still controls and has confidence in the high-profile site, reps say
https://atlanta.curbed.com/2018/5/18...integral-group

I mentioned it before, but Nashville had a project (West End Summit) just like this. The developer, Alex Palmer, sat on the land forever (a whole decade) and nothing ever came of it, despite having tenants lined up as well as financing. Because of his sheer incompetence in managing this project, those tenants eventually jumped ship and signed on to projects managed by more competent developers (that have long since been completed).

After virtual silence for several more years (other than the occasional insistence that "something" would be built on their site), Alex Palmer just finally sold it last month to another developer who's actually serious about developing the site (work has already started on it).

Atlanta should at least be grateful that it doesn't have a literal lake in the middle of its city from partial exacavation like Nashville.

I like the fact that you're remaining cautiously optimistic, but if this developer can't seem to get this project off the ground at a time when the city's population is booming, demand is red hot for housing and the economy is firing on all cylinders, it's understandable why others would be skeptical about the prospects of them ever building something on the land.

arctk2014 · #**8236** Posted **May 18, 2018, 2:57 PM**

Quote:

Originally Posted by Atlanta3000

Just as I suspected yesterday, Integral is not selling the Eviva site. Hopefully they will position the new project as a condo.

Midtown’s highly anticipated EVIVA tower is officially off the table.
For now Developer Integral Group still controls and has confidence in the high-profile site, reps say
https://atlanta.curbed.com/2018/5/18...integral-group

I honestly think the only way they'll ever develop this site is to bring in a development partner on this type of project. They don't have the track record to do such a project on their own since their other Eviva high-rise projects seem to not get past the proposal phase as well.

EDIT: While looking through Integral's project experience I noticed another Arts Center redevelopment rendering on their website. I just hope this project doesn't fall victim like their latest joint venture with Cousins when the Georgia MMPT project failed to pull through.

Atlanta3000 · #**8237** Posted **May 18, 2018, 3:17 PM**

Quote:

Originally Posted by arctk2014

I honestly think the only way they'll ever develop this site is to bring in a development partner on this type of project. They don't have the track record to do such a project on their own since their other Eviva high-rise projects seem to not get past the proposal phase as well.

EDIT: While looking through Integral's project experience I noticed another Arts Center redevelopment rendering on their website. I just hope this project doesn't fall victim like their latest joint venture with Cousins when the Georgia MMPT project failed to pull through.

Next time you may want to research because you are flat wrong.

https://www.yelp.com/biz/eviva-missi...-san-francisco

http://livinginurbansac.blogspot.com...a-midtown.html

http://evivaoncherokee.com

GeorgiaPeanuts · #**8238** Posted **May 18, 2018, 3:25 PM**

Yea people are attacking Integral saying they can't get anything done, but their Denver Eviva project is really nice

Atlanta3000 · #**8239** Posted **May 18, 2018, 3:31 PM**

Quote:

Originally Posted by GeorgiaPeanuts

Yea people are attacking Integral saying they can't get anything done, but their Denver Eviva project is really nice

No Shit. Integral's massive Assembly Yard's development just topped out on the Fortune 500 HQ for Serta Simmons as well.

arctk2014 · #**8240** Posted **May 18, 2018, 3:43 PM**

Quote:

Originally Posted by Atlanta3000

Next time you may want to research because you are flat wrong.

https://www.yelp.com/biz/eviva-missi...-san-francisco

http://livinginurbansac.blogspot.com...a-midtown.html

http://evivaoncherokee.com

I noted HIGH RISE in my comment (next time please read my statements correctly)...the low-rise developments are in fact being developed but I'm mostly referring to the other Eviva towers. Eviva Cherokee is a joint venture with another developer from Denver, Charter Realty Group as well.