ATLANTA | Development Thread V - Page 691

NickH · #**13801** Posted **Apr 24, 2015, 8:12 PM**

King and Queen Sale Breaks ATL Records

Not only is it iconic on Atlanta's skyline, but now Concourse Corporate Center has another distinction: the biggest sales price in Atlanta's history. Building and Land Technology has closed on the 2.2M SF Central Perimeter office campus—complete with the iconic King and Queen towers—for $489M, the highest net price ever paid for office in Atlanta. The deal comes in at $222/SF. Sources told us the price. BLT did not disclose those details. The price eclipses Bank of America Plaza's price tag—$436M—back in 2006 when BentleyForbes purchased the Midtown tower from Cousins Properties. That story did not end well for BentleyForbes, which lost the tower to foreclosure amid the Great Recession.

https://www.bisnow.com/atlanta/news/office/king--queen-sale-breaks-atl-records-45245

micropundit · #**13802** Posted **Apr 24, 2015, 8:55 PM**

Quote:

Originally Posted by GeorgiaPeanuts

I just noticed this at the bottom of the article; it almost reads like a sarcastic shot fired at Dewberry:

Time to hear from the horse's mouth what is taking so long.

Having gone behind the pay wall and read the story, three things jumped out:
1. There is an almost eulogistical tone to the piece, perhaps because of the revelation that Dewberry has had a third bout with cancer recently, that traces his relationship with a demanding and domineering father that apparently continues to haunt him.
2. There is also a passing reference to Dewberry not being as flush as he once was( or claimed to be), in spite of his current lavish lifestyle with a manor in Charleston; a private plane and other big boy toys.
3. Last, but least, the story closes with Dewberry suggesting that he will continue to on to his Midtown master plan even if it does fully occur during his lifetime.

Sure hope that I am wrong about the story's tone.

Terminus · #**13803** Posted **Apr 24, 2015, 9:39 PM**

You have to give Dewberry some credit... if it wasn't for him, 10th and Peachtree would now be home to a two-story strip mall that Sembler had proposed back in 2000, before any of the zoning would have prevented this. It would have been similar to the Piedmont and North Avenue deal that they did around that time.

My understanding is that he somehow bought the option out from under them.

I will always take a vacant lot (and the potential it represents) than something that is unlikely to change for many, many decades due to long-term leases.

arjay57 · #**13804** Posted **Apr 25, 2015, 1:05 AM**

Quote:

Originally Posted by Terminus

You have to give Dewberry some credit... if it wasn't for him, 10th and Peachtree would now be home to a two-story strip mall that Sembler had proposed back in 2000, before any of the zoning would have prevented this. It would have been similar to the Piedmont and North Avenue deal that they did around that time.

My understanding is that he somehow bought the option out from under them.

I will always take a vacant lot (and the potential it represents) than something that is unlikely to change for many, many decades due to long-term leases.

Dewberry is an extremely smart businessman.

He acquired the Campanile in 2010 for just $36 million, even though it had sold for nearly three times that much in 2007.

Given that the King & Queen buildings just sold for half a billion, that would make the Campanile worth around $115 million.

http://www.carterusa.com/app-latest-news...tution-dewberry-snags-midtowns-campanile

jnihiser · #**13805** Posted **Apr 25, 2015, 1:57 PM**

Hyatt House @ Downtown a few weeks back:

The Brady Ave. Project @ Westside :

ATLSkyPalaceOwner · #**13806** Posted **Apr 25, 2015, 3:22 PM**

Quote:

Originally Posted by NewUrbanist90

I wish Dewberry would just unload all of the *PRIME* real estate they own and let someone else develop it. I understand the desire to wait to build until you can put the perfect development in, but there's never going to be a perfect time for the perfect development.

Does Dewberry happen to own the massive lot between 7th and 8th along Peachtree? If not, does anyone know who owns it / what the long-term future plan for that is?

I find it surprisingly that a lot that large, in that prime of a location, not only doesn't have any activity on it now, but there aren't even proposals for it.

I guess it could be 2 or 4 lots in total for that square block depending on how they are divvied up, but the point still stands I think.

AtlantaMustang · #**13807** Posted **Apr 25, 2015, 5:47 PM**

I think the tower crane at the new Post building is going up?

Red one in the back.

ATLSkyPalaceOwner · #**13808** Posted **Apr 25, 2015, 5:51 PM**

Quote:

Originally Posted by AtlantaMustang

I think the tower crane at the new Post building is going up?

Red one in the back.

I have a clear shot of Post from my window and it doesn't look like it's close enough to that property (assuming it's that grassy lot north-west of the Fed building). It looks like it is another crane for the 60 11th St project.

Canguy · #**13809** Posted **Apr 25, 2015, 8:37 PM**

Quote:

Originally Posted by ATLSkyPalaceOwner

I have a clear shot of Post from my window and it doesn't look like it's close enough to that property (assuming it's that grassy lot north-west of the Fed building). It looks like it is another crane for the 60 11th St project.

That's correct. 2nd crane at 60 11th. Post breaking ground in about a month.

AtlantaMustang · #**13810** Posted **Apr 25, 2015, 9:03 PM**

Quote:

Originally Posted by ATLSkyPalaceOwner

It looks like it is another crane for the 60 11th St project.

Oops, that's what I meant to say.

kamden99 · #**13811** Posted **Apr 25, 2015, 9:47 PM**

Quote:

Originally Posted by ATLSkyPalaceOwner

Does Dewberry happen to own the massive lot between 7th and 8th along Peachtree? If not, does anyone know who owns it / what the long-term future plan for that is?

I find it surprisingly that a lot that large, in that prime of a location, not only doesn't have any activity on it now, but there aren't even proposals for it.

I guess it could be 2 or 4 lots in total for that square block depending on how they are divvied up, but the point still stands I think.

If I recall correctly, that lot is owned by Hines. They were going to develop something there before the downturn, but those plans fizzled out pretty quickly. I believe the entire square block (except for the corner apartments @ 8th/Juniper) are assembled together.

It was included on one of the Midtown Alliance's development maps back when the "Midtown Mile" was originally proposed.

ATLSkyPalaceOwner · #**13812** Posted **Apr 26, 2015, 1:38 AM**

Quote:

Originally Posted by kamden99

If I recall correctly, that lot is owned by Hines. They were going to develop something there before the downturn, but those plans fizzled out pretty quickly. I believe the entire square block (except for the corner apartments @ 8th/Juniper) are assembled together.

It was included on one of the Midtown Alliance's development maps back when the "Midtown Mile" was originally proposed.

Thanks for the info!

Also drove by the new Skyhouse construction, and there's a fence around the Einstein's parking lot. I think they are going to start demoing that building soon.

1lifealex · #**13813** Posted **Apr 26, 2015, 2:41 AM**

Look for this to start soon https://www.bisnow.com/atlanta/news/mult...aking-moves-for-modera-midtown-45085#ath

Pemgin · #**13814** Posted **Apr 26, 2015, 1:09 PM**

Quote:

Originally Posted by 1lifealex

Look for this to start soon https://www.bisnow.com/atlanta/news/mult...aking-moves-for-modera-midtown-45085#ath

Hopefully a full rendering will soon follow...

PremierAtlanta · #**13815** Posted **Apr 26, 2015, 5:11 PM**

Quote:

Originally Posted by 1lifealex

Look for this to start soon https://www.bisnow.com/atlanta/news/mult...aking-moves-for-modera-midtown-45085#ath

Whilst I am very happy to read that this tower is moving forward, I am surprised that we have yet to see a rendering for it. This is, after all, a 29 story apartment tower. Considering its location next to the Connector, this building that will make such an impact. With all of the secrecy, I am expecting something quite unique. I look forward to being pleasantly surprised.

cokezero · #**13816** Posted **Apr 26, 2015, 6:01 PM**

Quote:

Originally Posted by kamden99

If I recall correctly, that lot is owned by Hines. They were going to develop something there before the downturn, but those plans fizzled out pretty quickly. I believe the entire square block (except for the corner apartments @ 8th/Juniper) are assembled together.

It was included on one of the Midtown Alliance's development maps back when the "Midtown Mile" was originally proposed.

Yes, it was Hines but it only involved the big parking lot at the corner of 7th and Peachtree. It didn't include the smaller, midblock lot or the retail buildings at 8th and Peachtree. Here's the text of a 2006 Atlanta Business Chronicle article. It was behind the paywall, so I'm pasting part of it below...

Quote:

Hines joins Midtown

by Bryan Long, Atlanta Business Chronicle, May 22, 2006

Hines, the Houston-based developer of Midtown's new 1180 Peachtree office tower, is ready to show Atlanta it can build condominiums, too.
The company is preparing a joint venture with two Midtown landowners to develop a 40-story condo tower on Peachtree Street. The high-rise would be the first residential project for Hines in metro Atlanta and among the tallest condo towers in the city.

A second, smaller building would house a 200-room boutique hotel, which would share services with condominium owners. A flag has not been chosen for the hotel component, although San Francisco-based Kimpton Hotels is among those talking with Hines.

The project joins three other proposed condo towers on the neighboring block, the first of which is scheduled to break ground in May.

A handful of condo projects, announced recently, top the 40-story mark. Novare Group Inc. plans to build a 46-story condo tower in Atlantic Station and Wood Partners LLC has announced plans to build a 50- to 60-story tower on 15th Street in Midtown.

Robert C. "Robin" Loudermilk Jr. and George Rohrig own the land at the corner of Seventh and Peachtree streets and will partner with Hines in the deal.

The development lot follows Seventh to Juniper Street and then sweeps behind a small parking lot and Bulldogs nightclub. The parking lot and nightclub are not part of the deal and will remain in operation.

Source: http://http://www.bizjournals.com/atlanta/stories/2006/05/22/story3.html

Atlanta3000 · #**13817** Posted **Apr 27, 2015, 12:01 PM**

Quote:

Originally Posted by RocketSurgeon

What are you worried about, exactly? Companies are restructured and sold on a regular basis and it rarely affects real estate. Business as usual for the most part.

You are right - when companies are restructured or sold, rarely does this effect a company's real estate holdings. However in this particular case, NCR has expressed intent on relocating their HQ from Gwinnett to Midtown at a estimated cost of $300 Million. So we are not talking about their existing real estate holdings, but potentially $300 Million expense/investment. Considering NCR's stock over the last 5 years has performed poorly compared to their peer set and significantly lower than the S&P 500, this has attracted activist investors that are pressuring NCR's management team to make significant changes to their corporate strategy. I find it hard to imagine NCR could even begin to move forward with even a phased corporate relocation given the mounting pressure from Wall Street. Also, keep in mind NCR's CEO does not even live in Atlanta/GA (he is based in NYC). So he does not necessary have any allegiance to Atlanta. He also tried to get GA Tech to help fund their relocation to Midtown, which in my opinion is a scumbag move. With all do respect to GeorgiaPeanuts, he will never be able to give this forum info in terms of the company being sold, merged or divestiture (even if he hears a rumor) because he could lose his job for giving info on a publicly traded company that is not shared with the market (SEC charges if you do).

Net, net - I am worried that NCR will not move forward with their relocation plans until they are able to communicate a sound financial strategy that will keep the activist investors at bay. Until then, I don't see this moving forward.

shivtim · #**13818** Posted **Apr 27, 2015, 12:45 PM**

A fence is now up around the entire 1010 West Peachtree site (from Spring to W.Peachtree along 10th). Demolition should commence soon.

PremierAtlanta · #**13819** Posted **Apr 27, 2015, 8:04 PM**

For those of you living in Atlanta....

MARTA will have the last round of meetings for the 12 mile extension of the HRT Red Line to Alpharetta. This is a REALLY big deal in my estimation. This extension will open up the tech heavy North Fulton market to rapid transit and could spur even more TOD development for Georgia's most populated county. We need supporters of rapid rail transit to attend this meeting.

MARTA planners will present the plan and answer questions from 6:30 p.m. until 8 p.m. at East Roswell Recreation Center, 9000 Fouts Road.

ericdeatl · #**13820** Posted **Apr 27, 2015, 8:15 PM**

Quote:

Originally Posted by PremierAtlanta

For those of you living in Atlanta....

MARTA will have the last round of meetings for the 12 mile extension of the HRT Red Line to Alpharetta. This is a REALLY big deal in my estimation. This extension will open up the tech heavy North Fulton market to rapid transit and could spur even more TOD development for Georgia's most populated county. We need supporters of rapid rail transit to attend this meeting.

MARTA planners will present the plan and answer questions from 6:30 p.m. until 8 p.m. at East Roswell Recreation Center, 9000 Fouts Road.

The meeting will be this Thursday, April 30.

http://www.bizjournals.com/atlanta/blog/...up-meetings-on-north-line-extension.html