ATLANTA | Development Thread V - Page 634

Libertarian · #**12661** Posted **Jan 19, 2015, 12:25 AM**

I believe the problem is they can't make the numbers work for the funding.

mayhem · #**12662** Posted **Jan 19, 2015, 4:10 AM**

Hampton Inn rendering in this ABC article:
http://www.bizjournals.com/atlanta/real_talk/2015/01/hampton-inn-planned-for-midtown.html

RocketSurgeon · #**12663** Posted **Jan 19, 2015, 4:28 AM**

Quote:

Originally Posted by PremierAtlanta

Of course I am only speculating but when comparing the 1 mile/3 mile/5 mile radius demographics for Atlantic Station and Underground Atlanta you find that they are slightly different. Plus, how many apartments, condo and office workers were added to Atlantic Station at one time? Now I will grant that this developer could somehow coerce the likes of a Publix to locate at Underground. If the proposed residential towers fill up then a smaller Publix...a la' Plaza Midtown...could work.

Atlantic Station didn't add very much initially. A few years into its life, The Atlantic and BB&T buildings were still under construction, the area was suffering badly from the housing crisis, and Westside wasn't even a thing. It wasn't until the last few years that things have turned around for that side of town. I'm not sure how long you've been in Atlanta or if you were familiar with Atlantic Station back in those days, but if a Publix could survive that then a redeveloped Underground is certainly feasible. I suspect they were actually losing money in the beginning and being subsidized by the property owner to try and keep the neighborhood more valuable. If the new Underground owners are smart, they will probably make a similar arrangement. So, yes, now the two locations are quite different, because nearly a decade into its life things have really turned around for Atlantic Station... as I imagine they will for Downtown in another decade. Parallels abound.

I think you're over-valuing the Publix brand anyway. It's just a basic grocery store. They have locations all over the metro.

atlantaguy · #**12664** Posted **Jan 19, 2015, 6:39 AM**

Sounds like our next tall will be Jamestown's 600 ft+ 'Sovereign II,' behind Capital City Plaza.

I'm excited about Atlanta3000's hint re: Allen Plaza, though.

bryantm3 · #**12665** Posted **Jan 19, 2015, 3:01 PM**

Quote:

Originally Posted by atlantaguy

Sounds like our next tall will be Jamestown's 600 ft+ 'Sovereign II,' behind Capital City Plaza.

I'm excited about Atlanta3000's hint re: Allen Plaza, though.

sovereign ii? allen plaza? i must be missing something. spill the beans!

bryantm3 · #**12666** Posted **Jan 19, 2015, 3:05 PM**

Quote:

Originally Posted by SteveD

I can side with both sentiments however probably more so in the yearning for something really tall. I'm not getting any younger (52). Atlanta has held the distinction of "tallest in the US outside of NY or Chicago" for many years, but several cities have a new "tallest" under construction which will soon cause us to lose that distinction. More infill: Yes! Something really tall: Yes!

i'm not super crazy about tall towers. they are awesome, sure, but what i would rather see is atlanta become a great place to live all over midtown and downtown... and that's what these infill projects are doing.

when it comes to supertalls, i think buckhead's skyline would be more conducive to a supertall— it already has that ultra modern look, and a supertall would complement it well. midtown/downtown is currently too spotty. look at bank of america plaza... it sticks out like a sore thumb. we need more street level activity first.

Tuckerman · #**12667** Posted **Jan 19, 2015, 4:39 PM**

Quote:

Originally Posted by bryantm3

i'm not super crazy about tall towers. they are awesome, sure, but what i would rather see is atlanta become a great place to live all over midtown and downtown... and that's what these infill projects are doing.

when it comes to supertalls, i think buckhead's skyline would be more conducive to a supertall— it already has that ultra modern look, and a supertall would complement it well. midtown/downtown is currently too spotty. look at bank of america plaza... it sticks out like a sore thumb. we need more street level activity first.

I agree much with these sentiments. First, I believe infill from Downtown to Midtown with 15-25 story buildings as well as large multi-stody buildings (like 5th and Peachtree) will go a long ways to adding density, street life and filling out the gaps. It would be good to have some tall office buildings in the mix, but that will depend on demand. There is hope with NCR and other such companies locating in that area.

The 14th street promise is fine, but I am not holding my breath on this one - let me know when it{they} are finished. Nonetheless, 14th is looking pretty good in any case.

As for the Buckhead area, it seems to be really developing density, albeit with a rather unaccomodating walkability. It might be good for a few skinny talls (a la the NYC super skinny talls). Other than Buckhead it is difficult to see any other area supporting the high floor costs.

scania · #**12668** Posted **Jan 19, 2015, 5:15 PM**

Quote:

Originally Posted by bryantm3

i'm not super crazy about tall towers. they are awesome, sure, but what i would rather see is atlanta become a great place to live all over midtown and downtown... and that's what these infill projects are doing.

when it comes to supertalls, i think buckhead's skyline would be more conducive to a supertall— it already has that ultra modern look, and a supertall would complement it well. midtown/downtown is currently too spotty. look at bank of america plaza... it sticks out like a sore thumb. we need more street level activity first.

Agreed!!!

1lifealex · #**12669** Posted **Jan 19, 2015, 5:25 PM**

Quote:

Originally Posted by bryantm3

sovereign ii? allen plaza? i must be missing something. spill the beans!

Really you did not here about this 610 foot tall building http://m.atlanta.curbed.com/archives/2014/11/05/new-details-on-the-next-tower-at-tower-place-1.php

Pemgin · #**12670** Posted **Jan 19, 2015, 7:42 PM**

With that NCR announcement, I'd be surprised if Modera doesn't get built.

joecool · #**12671** Posted **Jan 19, 2015, 7:47 PM**

Quote:

Originally Posted by Pemgin

With that NCR announcement, I'd be surprised if Modera doesn't get built.

So Modera is 29 floors? The rendering only shows 6 floors.

atlantaguy · #**12672** Posted **Jan 19, 2015, 7:49 PM**

Quote:

Originally Posted by bryantm3

sovereign ii? allen plaza? i must be missing something. spill the beans!

Check out post #12575 made on Jan. 13th re: Allen Plaza.

AtlantaMustang · #**12673** Posted **Jan 19, 2015, 7:55 PM**

Quote:

Originally Posted by joecool

So Modera is 29 floors? The rendering only shows 6 floors.

The rendering you are referring to only shows the lower floors of the building. At the DRC meeting there were additional renders of the upper floors. The tower floats above this podium and has an additional setback higher up the building. If I remember correctly, the podium roof, setback roof, and building roof all were accessible to residents.

bryantm3 · #**12674** Posted **Jan 19, 2015, 8:19 PM**

thanks for filling me in, guys. i knew about the buckhead project but hadn't heard the name of it yet. as for the allen plaza announcement, that sounds exciting! however, i would be happy if we saw 811 and seventh started soon.

NickH · #**12675** Posted **Jan 19, 2015, 10:11 PM**

811 is now estimated to cost $91.7 million, which is about $20 million more than originally planned and probably still conservative. I know Argosy Real Estate was the capital provider early on but this would be the biggest investment they've touched by far.

I'd love to see 811 built, but I think they need to drop about 10 stories to reduce costs and have a realistic shot at finding funding.

https://www.wilmingtonnc.gov/Portals/0/d.../C%20Integral%20-%20Wilmington-Final.pdf

Atlanta3000 · #**12676** Posted **Jan 19, 2015, 10:26 PM**

Quote:

Originally Posted by thepope117

Ashkenazy Acquisition Corp. has both extremely deep pockets and a massive preexisting portfolio. They bought the land and stated they want to have the site built out by 2020. Add to that the fact that they are looking at it as a long term investment and id put it at a strong maybe. The proposal happened mid last year then they bought the land.

Quote:

Originally Posted by NickH

811 is now estimated to cost $91.7 million, which is about $20 million more than originally planned and probably still conservative. I know Argosy Real Estate was the capital provider early on but this would be the biggest investment they've touched by far.

I'd love to see 811 built, but I think they need to drop about 10 stories to reduce costs and have a realistic shot at finding funding.

https://www.wilmingtonnc.gov/Portals/0/d.../C%20Integral%20-%20Wilmington-Final.pdf

I'd say add 5 more and convert 10 floors of the apartments to condos for a total of 15 floors of dedicated condos. Midtown within the next 2 years is going to see hyperinflation on the existing inventory of Class A condos. The timing for this project should be able to take advantage of this market dislocation.

Hell I would probably buy one - that building is probably the most unique design architecturally since Sovereign in Buckhead.

Atlanta3000 · #**12677** Posted **Jan 19, 2015, 10:38 PM**

Quote:

Originally Posted by Libertarian

I believe the problem is they can't make the numbers work for the funding.

Speaking of funding....that is not the issue with this development. As mentioned previously, these developers are from NYC and have deep pockets. Currently the developer is trying to determine the right product to deliver the highest return on capital. Given the number of apartment projects that are going to be delivered over the next 3 years, thy are reevaluating the right product for this location....i.e. condo, commercial, hotel and/or apartment.

My sources were telling me last year IHG was looking at this development to move their HQ from the Perimeter (350 - 500K sqft). Also, they were looking to bring one of their higher-end hotels as well (InterContinental).

It was also reported late last year Wood Partners approached the developer to partner on this project. Net, net - this project is far from dead, but most certainly will not look like what has been presented.

Libertarian · #**12678** Posted **Jan 20, 2015, 2:18 AM**

Quote:

most certainly will not look like what has been presented.

yep.

Pemgin · #**12679** Posted **Jan 20, 2015, 4:19 AM**

Quote:

Originally Posted by Atlanta3000

Speaking of funding....that is not the issue with this development. As mentioned previously, these developers are from NYC and have deep pockets. Currently the developer is trying to determine the right product to deliver the highest return on capital. Given the number of apartment projects that are going to be delivered over the next 3 years, thy are reevaluating the right product for this location....i.e. condo, commercial, hotel and/or apartment.

My sources were telling me last year IHG was looking at this development to move their HQ from the Perimeter (350 - 500K sqft). Also, they were looking to bring one of their higher-end hotels as well (InterContinental).

It was also reported late last year Wood Partners approached the developer to partner on this project. Net, net - this project is far from dead, but most certainly will not look like what has been presented.

I'd be surprised if the three tower proposal went through. But that site screams for at least one signature building. It's right in the middle of four of the most recognizable skyscrapers in the city. I still count on something impressive.

arctk2014 · #**12680** Posted **Jan 20, 2015, 2:14 PM**

Quote:

Originally Posted by joecool

So Modera is 29 floors? The rendering only shows 6 floors.

They just show the low-rise portion wrapping the parking deck since the project is/was early on in the design process.