ATLANTA | Development Thread V - Page 450

Immovable_Media · #**8981** Posted **Dec 15, 2013, 7:35 AM**

National Center for Civil & Human Rights: https://www.youtube.com/watch?v=ekXGjDw0E20
The building has topped out at three floors. The shape is unique and should fit in nicely in-between the World of Coke and the GA Aquarium. As the building takes shape it's become clear just how small this museum will be. Especially when you compare it to the huge...

College Football Hall Of Fame: https://www.youtube.com/watch?v=22_z9hsWNqU
This ode to football is going to be massive. As you watch the 3rd floor take shape, take note of the interesting "football" looking entrance...

GSU College of Law Building: https://www.youtube.com/watch?v=8K0azIScT1k
Work is fully underway here. Crews are busy working on the foundations and ensuring everything is ready for construction. The crane should go up any day now. I guess GSU didn't purchase the parking deck net door eh? It's still standing...

One12Courtland: https://www.youtube.com/watch?v=zNy8YenxDsA
Work continues on the 12th floor. Pretty nice mid-rise here! Only reason I say mid-rise is because I compare it to the likes of 191 Peachtree down the street...

Aloft Hotel: https://www.youtube.com/watch?v=VrTG3GdNjVE
The former Day's Inn is looking great. The updated color palette, roof accent and entrance should look awesome when done. Renovation continues...

The Imperial Hotel: https://www.youtube.com/watch?v=1r-ZLx_q4Ws
This building has been rebranded "Commons At Imperial Hotel." It looks like crews have all but completed the facade work. I'd imagine there is still a lot of interior renovation that has to be complete and that's whats taking so long to deliver this project.

Terminus · #**8982** Posted **Dec 15, 2013, 7:24 PM**

Quote:

Originally Posted by Immovable_Media

Aloft Hotel: https://www.youtube.com/watch?v=VrTG3GdNjVE
The former Day's Inn is looking great. The updated color palette, roof accent and entrance should look awesome when done. Renovation continues...

The cool thing about this is that the owner sees the parking as a future apartment deal once there are comps in Downtown. You see, there's currently a strong demand for rental in the core, but underwriters are very conservative and won't finance deals until there are comps, so it's a Catch 22. This is why all the financing is going to the same parts of town - because lenders (even more than developers) are creatures of habit. In any case, once Paces Properties completes the conversion of 250 Piedmont into apartments (which has finally secured funding), there will be comps and some of these other rental deals in the waiting will be able to proceed.

I discovered this after a recent conversation with one of the most prolific developers in the region during a discussion we had on Downtown. He's bullish on the core and would love to do several non-student rental deals in Downtown. He even has sites in mind, but the lenders always say "no." This said, he's very optimistic that the Paces Properties rehab will change everything and give Downtown the attention it deserves.

ATL_J · #**8983** Posted **Dec 15, 2013, 9:14 PM**

Quote:

Originally Posted by Terminus

The cool thing about this is that the owner sees the parking as a future apartment deal once there are comps in Downtown. You see, there's currently a strong demand for rental in the core, but underwriters are very conservative and won't finance deals until there are comps, so it's a Catch 22. This is why all the financing is going to the same parts of town - because lenders (even more than developers) are creatures of habit. In any case, once Paces Properties completes the conversion of 250 Piedmont into apartments (which has finally secured funding), there will be comps and some of these other rental deals in the waiting will be able to proceed.

I discovered this after a recent conversation with one of the most prolific developers in the region during a discussion we had on Downtown. He's bullish on the core and would love to do several non-student rental deals in Downtown. He even has sites in mind, but the lenders always say "no." This said, he's very optimistic that the Paces Properties rehab will change everything and give Downtown the attention it deserves.

Can you elaborate on 250 Piedmont? I had not heard about this - so that office tower at 250 Piedmont Northeast is being converted into rentals? That's very interesting. I remember you talking about a few downtown conversions.

In regards to the Aloft... I will say, the original exterior cladding as so much better than what they went with. They saved some money, but considering how much this building could have stood out its a major disappointment.

Terminus · #**8984** Posted **Dec 15, 2013, 9:20 PM**

Quote:

Originally Posted by ATL_J

Can you elaborate on 250 Piedmont? I had not heard about this - so that office tower at 250 Piedmont Northeast is being converted into rentals? That's very interesting. I remember you talking about a few downtown conversions.

In regards to the Aloft... I will say, the original exterior cladding as so much better than what they went with. They saved some money, but considering how much this building could have stood out its a major disappointment.

Yes, about 350 units. Google the address and Paces Properties and you'll see a few articles about it.

PremierAtlanta · #**8985** Posted **Dec 15, 2013, 10:15 PM**

Quote:

Originally Posted by Terminus

The cool thing about this is that the owner sees the parking as a future apartment deal once there are comps in Downtown. You see, there's currently a strong demand for rental in the core, but underwriters are very conservative and won't finance deals until there are comps, so it's a Catch 22. This is why all the financing is going to the same parts of town - because lenders (even more than developers) are creatures of habit. In any case, once Paces Properties completes the conversion of 250 Piedmont into apartments (which has finally secured funding), there will be comps and some of these other rental deals in the waiting will be able to proceed.

I discovered this after a recent conversation with one of the most prolific developers in the region during a discussion we had on Downtown. He's bullish on the core and would love to do several non-student rental deals in Downtown. He even has sites in mind, but the lenders always say "no." This said, he's very optimistic that the Paces Properties rehab will change everything and give Downtown the attention it deserves.

Great news about 259 Piedmont. Downtown is well overdue for rental residential. I just hope most of it comes in highrises.

scania · #**8986** Posted **Dec 15, 2013, 11:30 PM**

Quote:

Originally Posted by Immovable_Media

National Center for Civil & Human Rights: https://www.youtube.com/watch?v=ekXGjDw0E20
The building has topped out at three floors. The shape is unique and should fit in nicely in-between the World of Coke and the GA Aquarium. As the building takes shape it's become clear just how small this museum will be. Especially when you compare it to the huge...

College Football Hall Of Fame: https://www.youtube.com/watch?v=22_z9hsWNqU
This ode to football is going to be massive. As you watch the 3rd floor take shape, take note of the interesting "football" looking entrance...

GSU College of Law Building: https://www.youtube.com/watch?v=8K0azIScT1k
Work is fully underway here. Crews are busy working on the foundations and ensuring everything is ready for construction. The crane should go up any day now. I guess GSU didn't purchase the parking deck net door eh? It's still standing...

One12Courtland: https://www.youtube.com/watch?v=zNy8YenxDsA
Work continues on the 12th floor. Pretty nice mid-rise here! Only reason I say mid-rise is because I compare it to the likes of 191 Peachtree down the street...

Aloft Hotel: https://www.youtube.com/watch?v=VrTG3GdNjVE
The former Day's Inn is looking great. The updated color palette, roof accent and entrance should look awesome when done. Renovation continues...

The Imperial Hotel: https://www.youtube.com/watch?v=1r-ZLx_q4Ws
This building has been rebranded "Commons At Imperial Hotel." It looks like crews have all but completed the facade work. I'd imagine there is still a lot of interior renovation that has to be complete and that's whats taking so long to deliver this project.

Thanks for the update!

scania · #**8987** Posted **Dec 15, 2013, 11:31 PM**

Quote:

Originally Posted by micropundit

Le Bilboquet is an upscale French bistro that has been located near Manhattan’s Central Park for more than 25 years. It also has locations in Dallas, Texas, and Sao Paulo, Brazil.

American F+B is a concept from Dallas, Texas-based Consilient Hospitality. It will take about 5,500 square feet at Buckhead Atlanta, located at North Fulton and Buckhead Avenue.Consilient Hospitality also will open a second concept at Buckhead Atlanta. It’s likely a pizza concept, either under the name Fireside Pies or 13 Pies.

Lugo Caffe is an Italian café concept from New York-based restaurant group LDV Hospitality with locations in New York City and Atlantic City. The restaurant offers its own lines of Prosecco, Chianti and Pinot Grigio, and specializes in homemade pastas.

Corso Coffee is an Italian-style coffee bar from LDV Hospitality. It offers espresso-based beverages, breakfast pastries, salads and paninis. It also has locations in New York City and Atlantic City.

Doraku Sushi is a Japanese concept that first opened in South Beach, Fla. It’s from Kevin Aoki, son of the founder of Benihana. The restaurant, which also has locations in Hawaii and Vietnam, has extensive sushi and sake menus.

Georgetown Cupcake is a bakery featured on the TLC network show “DC Cupcakes.”

Gypsy Kitchen and The Southern Gentlemen are two concepts from the founders of Atlanta’s The Big Ketch and Tin Lizzy’s. The two restaurants will share a 10,000-square-foot spot. Gypsy Kitchen will be a Spanish fusion concept. The Southern Gentleman will be a gastropub. A permit for the two restaurants was recently filed, estimating construction costs at $1.2 million.

Shake Shack will open its first Georgia location at Buckhead Atlanta. The burger, hot dog and frozen custard stand from New York City restaurateur Danny Meyer and Union Square Hospitality Group will take about 2,500 square feet and will have a rooftop deck.
http://www.bizjournals.com/atlanta/blog/...-restaurants-confirmed-for-buckhead.html

This is great news!

thebigATL · #**8988** Posted **Dec 16, 2013, 12:08 AM**

Quote:

Originally Posted by PremierAtlanta

Great news about 259 Piedmont. Downtown is well overdue for rental residential. I just hope most of it comes in highrises.

I agree with you I'm really impress with downtown with all this construction hope to more from them bigger and better thing like you said HIGHRISES Because it the heart of the city really.Downtown finally getting love here midtown and buckhead got a lot of love especially buckhead with its beautiful skyline.

thebigATL · #**8989** Posted **Dec 16, 2013, 12:17 AM**

Quote:

Originally Posted by PremierAtlanta

Great news about 259 Piedmont. Downtown is well overdue for rental residential. I just hope most of it comes in highrises.

I agree with you I'm really impress with downtown with all this construction hope to see more love for them like (bigger and better)things like you mentioned HIGHRISES.Because I really think the heart of the city (Downtown) needs more love like finally here in midtown and buckhead.

bryantm3 · #**8990** Posted **Dec 16, 2013, 2:20 AM**

Quote:

Originally Posted by Terminus

The cool thing about this is that the owner sees the parking as a future apartment deal once there are comps in Downtown. You see, there's currently a strong demand for rental in the core, but underwriters are very conservative and won't finance deals until there are comps, so it's a Catch 22. This is why all the financing is going to the same parts of town - because lenders (even more than developers) are creatures of habit. In any case, once Paces Properties completes the conversion of 250 Piedmont into apartments (which has finally secured funding), there will be comps and some of these other rental deals in the waiting will be able to proceed.

I discovered this after a recent conversation with one of the most prolific developers in the region during a discussion we had on Downtown. He's bullish on the core and would love to do several non-student rental deals in Downtown. He even has sites in mind, but the lenders always say "no." This said, he's very optimistic that the Paces Properties rehab will change everything and give Downtown the attention it deserves.

i'm looking forward to seeing how 250 piedmont is going to be converted. to me, it seems like a weird location to start with apartments in downtown; i would've thought fairlie-poplar or the centennial park area would've been first to pop.

the existing conditions around the first floor of the building don't look promising for street activity, but i hope they can work it into something nice. the main problem is the parking deck that surrounds the building. here's a view from baker:

http://goo.gl/maps/gGS8C

from piedmont:

http://goo.gl/maps/LlwlV

and looking up harris:

http://goo.gl/maps/y7dzg

it's a very anti-urban building. seeing as how the parking deck is sort of tied into the deck for the hilton, i'm having a difficult time seeing how they could add retail or some other street active use for the ground level without tearing down the parking deck. i'm sure they know what they're doing if the banks are willing to lend for a project like this, because just gutting the building and turning them into apartments won't be a good sell for those that want to live intown unless the parking deck is torn down or severely modified.

Libertarian · #**8991** Posted **Dec 16, 2013, 6:00 AM**

Quote:

it's a very anti-urban building. seeing as how the parking deck is sort of tied into the deck for the hilton, i'm having a difficult time seeing how they could add retail or some other street active use for the ground level without tearing down the parking deck. i'm sure they know what they're doing if the banks are willing to lend for a project like this, because just gutting the building and turning them into apartments won't be a good sell for those that want to live intown unless the parking deck is torn down or severely modified.

I don't want to be a negative troll, but why does every structure in Atlanta have to connect with the neighborhood? If I were in the market for a unit I'd imagine the location has several advantages: easy access with proximity to the connector as well as Presidential Parkway and Piedmont Ave; good views; being adjacent to the Hilton; and, likely selling or renting for a decent price. Sure, it's not really a great pedestrian area for walking but that's not a deal killer for many.

bryantm3 · #**8992** Posted **Dec 16, 2013, 7:11 AM**

Quote:

Originally Posted by Libertarian

I don't want to be a negative troll, but why does every structure in Atlanta have to connect with the neighborhood? If I were in the market for a unit I'd imagine the location has several advantages: easy access with proximity to the connector as well as Presidential Parkway and Piedmont Ave; good views; being adjacent to the Hilton; and, likely selling or renting for a decent price. Sure, it's not really a great pedestrian area for walking but that's not a deal killer for many.

right now, the people that are moving intown are those who want a walkable neighbourhood. for them, that's a deal killer.

scania · #**8993** Posted **Dec 16, 2013, 3:46 PM**

Quote:

Originally Posted by bryantm3

right now, the people that are moving intown are those who want a walkable neighbourhood. for them, that's a deal killer.

Not everybody feels that way. One thing I've realized is that people moving in-town are moving for various reasons. You'll find plenty of people agreeing with both of you.

Terminus · #**8994** Posted **Dec 16, 2013, 5:03 PM**

Quote:

Originally Posted by scania

Not everybody feels that way. One thing I've realized is that people moving I town are moving for various reasons. You'll find plenty of people agreeing with both of you.

I have to agree with you, on that. As much as I personally value it, it seems that there's a huge percentage of those moving intown who are more interested in the "amenities" in their complexes than what's around.

This said, the site sit on the planned extension of the Stone Mountain Trail to Centennial Park (which currently ends across the street), and presents the opportunity to use the amenities at the adjacent Hyatt, including a covered walkway/bridge system all the way to Peachtree Center. That could be beneficial, especially when you consider the grade change from Piedmont to Peachtree in that part of town.

arjay57 · #**8995** Posted **Dec 16, 2013, 5:48 PM**

There are probably a good many people interested in living downtown even though they may have to drive somewhere else.

atlantaguy · #**8996** Posted **Dec 16, 2013, 7:10 PM**

While I agree with bryantm3 that the street presence of this buildings sucks, Terminus brought up an interesting point with the bridge to the Hyatt reference.

Just being plugged into the bridge network of Peachtree Center with its tens of thousands of jobs and all kinds of amenities pretty much ensures the success of this apartment conversion. This place will lease up fast, and hopefully open the eyes of the timid lenders.

thebigATL · #**8997** Posted **Dec 16, 2013, 7:44 PM**

GREAT NEWS OF TODAY!!!

1138 PEACHTREE WILL START CONSTRUCTION FALL OF 2014 And will be finish in late 2015
Also I was looking through the web I found this picture how all the construction will be finish but this does not include the 98 14 st (3 towesr)