ATLANTA | Development Thread V

[thepope117]

Originally Posted by GeorgiaPeanuts

I think Novare was required to keep the corner near One Atlantic Center consistent with the design of One Atlantic Center

They were, its in the lands deed the surprising thing was that they at least made a middling effort at some semblance of architectural consistency with the tower.

[RATBOYKEV]

Midtown Apartment Stats for recently-finished buildings

• 131 Ponce - 229/280 (82%) leased as of 01/22/15
• Skyhouse South - 296/322 (92%) leased as of 01/22/15
• Skyhouse Midtown - 300/322 (93%) leased as of 01/22/15
• 77 12th St - 323/330 (98%) leased as of 06/15/14

Midtown Multi-family MLS Stats for "urban" Midtown (Hwy to Piedmont & North Ave to HWY)

• ~60 Studio/1-BR units from $125,000 to $370,000
• ~44 2 Bed (or more) Units from $200,000 to $1,600,000
• ~7 Townhomes with most from the 5th & Piedmont development UC

Thoughts: Apartment living is still way under-served as shown by how quickly 131 Ponce has filled up in the 5 or so months it has been open. The 4 UC buildings, including Atlantic House, should all do well, but beyond that who knows. Im not aware of the building-specific $/SF, but they all look to be safely above $2 and approaching $2.50

Condo inventory is ridiculously low and # of days on market is amazingly short. From talking with condo owners, it seems most have fully recovered from 2008-10 and expect to see continued healthy appreciation. I recently got my Midtown Condo appraised and the value was finally above the 2006 sale price. Whoever builds the next condo building should be able to make a killing given the ~12-month lead time where the marker will continue to tighten.

[RATBOYKEV]

Originally Posted by bryantm3

even so, i would hardly call the portion facing 14th street as bland. while the tower portion might be a copycat of the others, the retail and design treatment given to the parking deck is above and beyond anything else novare has done, and will do wonders for the street activity in the area:

Any idea if the parking deck will be open to the elements or will the dark glass continue throughout the whole deck?

[GeorgiaPeanuts]

Modera Midtown next to University House on Spring filed permits today.

[Ant131531]

Wow. Midtown is about to look like Seattle, Austin, and London for the amount of cranes in the air at once in one area. It really is truly booming now. It's very possible by the summer, there could be over 2.5k units UC in Midtown alone concurrently. However, the student apartments will be finished by then so maybe not.

This is how you truly urbanize neighborhoods. Not the "let me build an apartment building in a random neighborhood in a random spot that's going to take decades to connect to".

[jpk1292000]

Development is absolutely amazing. I've been here since 2000 and there's never been a period in this city where the high rise residential growth has come close to this. It feels like the massive urbanizing push that we've been waiting for for so long is finally happening. In 2 years, Midtown will be completely transformed. There will probably be at least six or seven cranes in Midtown by summer.

You would think that significant retail announcements can't be far behind for Midtown with all of these new residences.

And Modera is 29 floors. That's decent height right up against the Connector.

Exciting times in Atlanta.

[RATBOYKEV]

Originally Posted by Ant131531

It's very possible by the summer, there could be over 2.5k units UC in Midtown alone concurrently.

There are currently 2332 units UC in 6 projects. With ATL House, Modera, & OMP this goes to 3127 units UC in 9 active projects before the student towers finish in August. With the 9 projects and the already completed towers, this would add close to 6000 new midtown residents to the ~15,000 from the 2010 Census. The (way too) early estimate for population density for the 2020 Census would be somewhere around 30,000 ppsm.

Chart of completed, active, and imminent projects

[Driver8]

Originally Posted by bryantm3

post's tower is probably my least favourite design of all the ones proposed. it looks like a late 90s suburban bank or municipal building:

i had thought the whole "pseudo-historic" thing had gone by the wayside for new buildings.

i don't mind brick— in fact, in the proper context, it looks better than a lot of the newer designs. but there is no point in spending the extra cash if your design is just a lacklustre retread of all the municipal buildings of the 1990s.

at least what novare is putting out is current, even if it is bland. passé and bland is just so much worse.

even so, i would hardly call the portion facing 14th street as bland. while the tower portion might be a copycat of the others, the retail and design treatment given to the parking deck is above and beyond anything else novare has done, and will do wonders for the street activity in the area:

I was referring to the Post Midtown Millennium

The mix of glass with the brown façade building material looks a little more interesting to me than some of the Novare buildings.

[Triptychtwo]

Originally Posted by RATBOYKEV

Midtown Apartment Stats for recently-finished buildings

• 131 Ponce - 229/280 (82%) leased as of 01/22/15
• Skyhouse South - 296/322 (92%) leased as of 01/22/15
• Skyhouse Midtown - 300/322 (93%) leased as of 01/22/15
• 77 12th St - 323/330 (98%) leased as of 06/15/14

I've heard University House is ~60% pre-leased for a fall opening.

[GeorgiaPeanuts]

Originally Posted by RATBOYKEV

There are currently 2332 units UC in 6 projects. With ATL House, Modera, & OMP this goes to 3127 units UC in 9 active projects before the student towers finish in August. With the 9 projects and the already completed towers, this would add close to 6000 new midtown residents to the ~15,000 from the 2010 Census. The (way too) early estimate for population density for the 2020 Census would be somewhere around 30,000 ppsm.

Chart of completed, active, and imminent projects

AMLI Arts Center also filed permits recently. Dunno how many units that adds.

[1lifealex]

There will probably be at least six or seven cranes in Midtown by summer.

[/QUOTE]

There is already 6 cranes up in midtown another two or three might go up before the two student apartments cranes come down

[shaundrawdy]

Originally Posted by RATBOYKEV

Midtown Apartment Stats for recently-finished buildings

• 131 Ponce - 229/280 (82%) leased as of 01/22/15
• Skyhouse South - 296/322 (92%) leased as of 01/22/15
• Skyhouse Midtown - 300/322 (93%) leased as of 01/22/15
• 77 12th St - 323/330 (98%) leased as of 06/15/14

Midtown Multi-family MLS Stats for "urban" Midtown (Hwy to Piedmont & North Ave to HWY)

• ~60 Studio/1-BR units from $125,000 to $370,000
• ~44 2 Bed (or more) Units from $200,000 to $1,600,000
• ~7 Townhomes with most from the 5th & Piedmont development UC

Thoughts: Apartment living is still way under-served as shown by how quickly 131 Ponce has filled up in the 5 or so months it has been open. The 4 UC buildings, including Atlantic House, should all do well, but beyond that who knows. Im not aware of the building-specific $/SF, but they all look to be safely above $2 and approaching $2.50

Condo inventory is ridiculously low and # of days on market is amazingly short. From talking with condo owners, it seems most have fully recovered from 2008-10 and expect to see continued healthy appreciation. I recently got my Midtown Condo appraised and the value was finally above the 2006 sale price. Whoever builds the next condo building should be able to make a killing given the ~12-month lead time where the marker will continue to tighten.

Where did you find this information? I live at 131 Ponce, and it definitely does not seem like it's that occupied. The second level garage just opened (the bigger one accessible from North Ave.), and there are barely any cars parked in there. There were also still a ton of units available when I was looking at our site plan a few weeks ago. There are some temporary residents living there for movie filming, but the 229 occupied units still sounds like a stretch. It's a great complex, though!

[RATBOYKEV]

Originally Posted by shaundrawdy

Where did you find this information? I live at 131 Ponce, and it definitely does not seem like it's that occupied.

I just used this to count the # of available units

[joecool]

I wish Modera would release an updated rendering so we can see the tower part of the rendering.

[Ant131531]

Originally Posted by Triptychtwo

I've heard University House is ~60% pre-leased for a fall opening.

Not surprised. It's in such a great location right in front of a grocery stores, near bars and lots of restaurants, near MARTA, and a 5-10 minute walk from the Tech campus and that whole area is going under a massive transformation so it's not like it's on an island.

Just 2 years ago I remember thinking how little development Spring got....now look at it...it's truly blossomed.

Even the Peachtree corridor has 2-3 projects under construction.

And yeah, Midtown already has about 6-7 cranes(maybe more). It may possibly have over 10 by the summer.

Midtown will be our little version of Manhattan by 2030.

[shaundrawdy]

Originally Posted by RATBOYKEV

I just used this to count the # of available units

Thanks for sharing! The site doesn't show all the available units. Just a maximum of 8 if more are available. We are at a 50% occupancy rate, though, which I still think is good!

[Atlanta3000]

Modera Rendering(s)

I too am eager to see a full view of the tower. Therefore tomorrow I will plan on calling Mill Creek Residental's HQ and see if I can wezel someone into giving me an updated rendering. Not quite sure what I am going to say or if I will do a full on lie and say I am with DRC's "Architectual Oversight Committe....blah, blah, blah".

With that said, I have had luck at embelleshing my creditentals. Just last week, I had to go to a conference in Orlando. While I was cheking into to the Peabody Hotel, I asked the front desk person for a room upgrade and I leaned over and said, "I am with THE BAND". Damn if I didn't get a Penthouse room and they sent up a bottle of champagne.



Wish me luck.

[BlueSangha]

I'm thinking now would be a good time for Dewberry to start making moves on his tenth street property, with the way the hotel, apartment, and condo market is the way it is...

[ATL_J]

Originally Posted by RATBOYKEV

I just used this to count the # of available units

To add, they don't make available all the units, because they want to control their inventory. Showing potential renters that there are hundreds of units available drives down their price and might make potential residents raise some questions about why there is so much availability.

[NewUrbanist90]

Originally Posted by BlueSangha

I'm thinking now would be a good time for Dewberry to start making moves on his tenth street property, with the way the hotel, apartment, and condo market is the way it is...

Dewberry is not a big enough company to compete with companies like Novare who can move quickly, not to mention they are not seasoned enough to know when is the right time to move. It's incredibly frustrating that what is in essence the centerpiece property in Midtown sits virtually empty and is being held onto by a company with grandiose dreams that they can't fulfill, leaving a huge hole in the Midtown skyline and streetscape.