ATLANTA | Development Thread V

[RocketSurgeon]

Originally Posted by L.ARCH

With this lease, I'd assume office space in midtown is getting pretty tight...  Here's to hoping the next year brings an office proposal or 2!

Office vacancy is actually quite high (~15-20%), especially in Atlantic Station. I doubt we'll see any new office towers this decade (with the possible exception of 98 14th).

[thepope117]

Originally Posted by RocketSurgeon

Office vacancy is actually quite high (~15-20%), especially in Atlantic Station. I doubt we'll see any new office towers this decade (with the possible exception of 98 14th).

They shifted usage? I thought the 3 buildings would be residential and a hotel + retail if they added office space to the mix im over the moon.

[RocketSurgeon]

Originally Posted by thepope117

They shifted usage? I thought the 3 buildings would be residential and a hotel + retail if they added office space to the mix im over the moon.

I thought it included office space. I'm probably wrong.

[Verge]

Originally Posted by RocketSurgeon

Office vacancy is actually quite high (~15-20%), especially in Atlantic Station. I doubt we'll see any new office towers this decade (with the possible exception of 98 14th).

Assume you meant in Midtown since Three Alliance is under construction in Buckhead and several towers are under discussion at the Perimeter-- Not to mention the new office space at Ponce City Market--

[RocketSurgeon]

Originally Posted by Verge

Assume you meant in Midtown since Three Alliance is under construction in Buckhead and several towers are under discussion at the Perimeter-- Not to mention the new office space at Ponce City Market--

Yes, I mean Midtown. Perimeter has a strong market and Buckhead isn't bad, but Midtown has a ways to go.

[bryantm3]

i seriously doubt it will take that long. just a couple of years ago, we were saying the same thing about condos when the atlantic looked like it was going to bottom out. now there is a ton of pent-up demand for condos, and the floodgates are about to open. if the economy continues to improve, and the unemployment rate finally gets back to normal, i think that we will see those vacant office spaces fill up quickly, with the possible exception of the BoA plaza, which has had vacancy issues for quite a while now.

[Nanosolar]

Anyone know the status of the Porsche HQ??



http://www.atlantaaerotropolis.org/news-...otential-of-worlds-busiest-airport.shtml

[Atlanta3000]

Originally Posted by Nanosolar

Anyone know the status of the Porsche HQ??



http://www.atlantaaerotropolis.org/news-...otential-of-worlds-busiest-airport.shtml

http://www.earthcam.net/projects/porsche/?cam=pano

[bigstick]

Rode by it yesterday and it is coming along nicely..

[RocketSurgeon]

There's a crane at Heights at West Midtown and the parking deck is starting to go up. I'm still not sure what the development will look like, but I guess we'll at least know how many floors its garage is

Originally Posted by bryantm3

i seriously doubt it will take that long. just a couple of years ago, we were saying the same thing about condos when the atlantic looked like it was going to bottom out. now there is a ton of pent-up demand for condos, and the floodgates are about to open. if the economy continues to improve, and the unemployment rate finally gets back to normal, i think that we will see those vacant office spaces fill up quickly, with the possible exception of the BoA plaza, which has had vacancy issues for quite a while now.

I don't think you're wrong in spirit (it will probably be quick), but in real estate terms "quick" can easily mean 5+ years which would put us into the 20s. Currently the trend is actually toward converting office buildings to residential. That says a lot about where the shortages and surpluses are right now. The residential growth has been rather slow in starting, and it will probably be a few years before the effects of it are realized, and yet another few years before demand for offices reflects that.

I think the gloomy outlook for new condo construction was pretty well-placed, because nothing has happened on that front yet. I only know of two planned projects; both are small and seem to be in a perpetual "start the diet tomorrow" limbo. One Museum Place had some sort of launch event, but the developer has since said that it won't start until next year due to financing. Given what happened to Yoo on the Park, I wouldn't assume anything is real until the actual structure starts going up.

None of this is bad... slow and steady growth is healthy growth.

[RocketSurgeon]

I forgot to mention I also saw the white building next to Swinging Richards being demolished this week. I assume it's in preparation for Aspire Waterworks, so maybe it will be breaking ground soon.

[Stairstars]

Sorry to report, from my perspective, as I live next door on the south side of the 1280 West building, that they have been drilling holes all over the parking lot today where the new Amli Arts Center apartment building is scheduled to rise. I have been lurking here for sometime following all the planned development slated for Midtown, but am bummed by this one. I would have preferred a more narrow tower structure that would reduce it's airspace instead of the wide flat "wall" the drawing shows. We bought this unit for it's spectacular view and will lose about 40% of it. The only saving grace is that with Amli and the ones to be built on both sides of 14th St, that it may increase the walkability of the block by adding some nice establishments. Well, that's the hope. Love looking at the skyline, but just don't want a wall of glass right outside our window. It's not like we are going to yell for Mrs. Goldberg across the way. OK, I am dating myself now.

[arctk2014]

Originally Posted by Stairstars

Sorry to report, from my perspective, as I live next door on the south side of the 1280 West building, that they have been drilling holes all over the parking lot today where the new Amli Arts Center apartment building is scheduled to rise. I have been lurking here for sometime following all the planned development slated for Midtown, but am bummed by this one. I would have preferred a more narrow tower structure that would reduce it's airspace instead of the wide flat "wall" the drawing shows. We bought this unit for it's spectacular view and will lose about 40% of it. The only saving grace is that with Amli and the ones to be built on both sides of 14th St, that it may increase the walkability of the block by adding some nice establishments. Well, that's the hope. Love looking at the skyline, but just don't want a wall of glass right outside our window. It's not like we are going to yell for Mrs. Goldberg across the way. OK, I am dating myself now.

Did you buy not thinking about the possibility of a high-rise next door? A surface parking lot screams future development - no one's guaranteed block-free views - especially in a growing city like this.

[Frankster87]

Originally Posted by arctk2014

Did you buy not thinking about the possibility of a high-rise next door? A surface parking lot screams future development - no one's guaranteed block-free views - especially in a growing city like this.

True. Sorry you're losing your views, Stairstars.

On the bright side, as you mentioned, your area will now become more walkable and vibrant. It will be nice to see more permanent residents in the area surrounding Arts Center. Please keep us updated!

[AtlantaMustang]

Taken this morning, 33 Peachtree Place:





Centergy North making an appearance, not much left to go on that one.



Stairstars, sucks about your view, although the walkability of this area will be drastically improved with these new developments. Luckily the parking deck is the closest part of the building to your unit, arts center tower is losing their southern views even worse. Keep us updated on what you see on that site.

[micropundit]

The Robert W. Woodruff Foundation is giving Georgia State University $22.8 million to transform the three-story building at the corner of Edgewood Avenue and Park Place into a media production center that will provide areas for education, research, entrepreneurs and partnerships with the Georgia film, music, games and arts industries"
The former SunTrust bank lobby will house the university's new Creative Media Industries Institute – which officials inside the university have been calling the Cube-, an interdisciplinary center introduced this fall to build on the university's strengths in media production, research, design, the arts, music management and digital publishing by preparing students for careers that transcend traditional degree programs."
"Russ Hardin, president of the Woodruff Foundation, said the gift will have a multi-layered impact on both the city and the state."
"It's an investment in a robust, growing program at Georgia State," Hardin said. "It's also an investment in an industry that Georgia has made a priority. And it's an investment in downtown Atlanta. We are interested in accelerating the evolution of our Central Business District into a vibrant urban campus."

[Stairstars]

Originally Posted by arctk2014

Did you buy not thinking about the possibility of a high-rise next door? A surface parking lot screams future development - no one's guaranteed block-free views - especially in a growing city like this.

To be honest, it did not occur to me. Someone come along and ruin such a view by planting a big glass sail - no way! Of course, we moved here from a rural area of Central Florida where such things do not happen, as there is always another piece of land down the street to build upon - so chalk it up to urban ignorance.

They were working like beavers yesterday drilling willy nilly from the Spring St end up to the center, but now it looks more like clean up. Here is a snap with the rig just visible behind the hydra truck:



I guess I am destined to become the eyes and ears of my own visual decline.

[RocketSurgeon]

Originally Posted by Stairstars

They were working like beavers yesterday drilling willy nilly from the Spring St end up to the center, but now it looks more like clean up.

That's just soil testing. It's a promising sign, but it will probably be awhile before construction starts. If you can sell for $300k, you could always move to the Atlantic... they won't be losing their views any time soon (if ever).

Does anyone have the new rendering for it? Someone posted it awhile ago but the image was broken and I never got to see it. Apparently it's dramatically better than the one on the Midtown Alliance site..?

[micropundit]

Invest Atlanta has approved giving $4.4 million in public money from the city’s Westside tax allocation district, or TAD, to help Post Properties build a 407-unit mixed-use housing complex near Centennial Olympic Park.The $85 million project will be located across the street from the World of Coca-Cola and The National Center for Civil & Human Rights. The project would plant Post’s flag in the heart of the city.

“This is the most significant investment in the downtown Peachtree Street corridor in more than 30 years,” said Mayor Kasim Reed, calling Post a “market leader.”
Dave Stockert, the president and CEO of Post Properties, said downtown is not as strong of a residential market as Midtown or Buckhead, but he believes the project will spur additional development.

http://www.myajc.com/news/news/invest-at...downtown-/njCJq/#c22c71c4.3566367.735558

[Stairstars]

Originally Posted by RocketSurgeon

That's just soil testing. It's a promising sign, but it will probably be awhile before construction starts.

That would be a welcome relief, of sorts.

Yes, I realize they are testing, but they did it with a smaller rig several months ago. I read a quote that AMLI was cautious about the risk of overbuilding here in Midtown, so if a few of the 14th Street projects broke ground first, it might make them wince a bit. However, when they got 45% funding for this, and their building in Buckhead from the Canadian Pension Fund, I figured it was a slam dunk.