ATLANTA | Development Thread V

[GeorgiaPeanuts]

Corepower Yoga is coming to the Spire retail space that was once occupied by a bank:

http://properties.theshoppingcentergroup.com/property/output/center/detail/id:1717/#plans

And Skyhouse South got its final tenant a chiropractic firm:

http://properties.theshoppingcentergroup.com/property/output/center/detail/id:2260/#plans

[joecool]

Originally Posted by Chris Creech

I keep waiting for the Cheetah to sell the development rights, have someone build a huge tower and the Cheetah move into a big three-story penthouse on top.

I keep waiting for someone to grab part of the Varsity parking lots as well. How long can it hold out? They should sell part of it off for a tower, build a new parking deck and redo that old section in back that floats over the parking. I'd love to see a Deco-themed tower that would match the Varsity architecture.

From what I think I remember hearing about Swinging Richards and the Cheetah is that they are grandfather claused in and if they were to move, they cannot operate as a fully nude strip club. Unless I am wrong.

[GeorgiaPeanuts]

Originally Posted by joecool

From what I think I remember hearing about Swinging Richards and the Cheetah is that they are grandfather claused in and if they were to move, they cannot operate as a fully nude strip club. Unless I am wrong.

Maybe the city can be willing to negotiate with them, to allow them to remain in the same spot but in a redeveloped building that make more use of the property.

I've also heard the company controlling Varsity isn't doing so well. They had to close down the Varsity up 400 recently, and who really goes to Varsity except tourists. I can say I won't be disappointed to see that eyesore parking lot and parking deck redeveloped, and if the Varsity endures at least it could move into a new retail space in a building that better integrates with the street for pedestrians.

[Ant131531]

Unlike Murder Kroger(which everyone was advocating they shouldn't re-develop),I'd rather not the Varsity get closed down and get redeveloped. I mean, it's still icon for Atlanta...why develop it into another bland midrise or highrise that'll be forgettable? Plus, it has great views of the city.

I'm fine with the parking lots themselves getting re-developed, but don't close down the actual Varsity. I mean, it's one of the only things that people from outside of Atlanta seem to actually know and remember even if the food isn't great.

I'm hoping somehow it gets on a historic registrar so it can't be redeveloped.

[GTdan]

Originally Posted by Ant131531

Unlike Murder Kroger(which everyone was advocating they shouldn't re-develop),I'd rather not the Varsity get closed down and get redeveloped. I mean, it's still icon for Atlanta...why develop it into another bland midrise or highrise that'll be forgettable? Plus, it has great views of the city.

I'm fine with the parking lots themselves getting re-developed, but don't close down the actual Varsity. I mean, it's one of the only things that people from outside of Atlanta seem to actually know and remember even if the food isn't great.

I'm hoping somehow it gets on a historic registrar so it can't be redeveloped.

The Varsity should be redeveloped at some point. The last thing Atlanta needs on the historic registrar is a drive-in restaurant that sells horrible food.

[Frankster87]

I'm the last one to defend a single story, suburban style restaurant in the core of our city, but I would not be upset if The Varsity was never redeveloped. Too much history and the place is uniquely Atlanta. The president even makes a trip there every time he comes into town.

That said, the adjacent surface parking lot and garage could absolutely be redeveloped. Provide parking in a new apartment or office building on the redeveloped lot and convert the parking in front, facing Spring, to outside patio seating or some sort of public space geared toward pedestrians and cyclists.

IF the entire place is ever redeveloped, I hope they at least recycle as much of the interior and exterior as possible to give it the same look and preserve its history. Also, can't get rid of the large V sign facing the connector.

[GeorgiaPeanuts]

Hanover Midtown filed for its land development permit today

Hanover Midtown - Land Development
Land Development for a multi-family high rise with ground floor retail/office space and above ground parking deck.
Application Square Footage: 481,757

[shivtim]

I know we're focused on skyscrapers and urban development here, but I think it's worth nothing that recently there has been a large amount of single family home development in Atlanta. I think this is a good thing. They're all being built in areas that are not readily MARTA accessible, so the spots wouldn't be appropriate for dense development. It helps to build the population and tax base of the core city while giving people options. Some of these are new homes being built in established neighborhoods, and some are larger developments of somewhat dense single family homes (like a proposal for 75 homes at 1455 Fairmount Ave NW).

Just this year already building permits have been applied for on 61 individual SFHs or duplexes, spread around all quadrants of the city and at a variety of price points. In addition there are several larger developments, such as the 75-home development listed above, and a development at 1091 Peachtree Battle.

[Street Advocate]

Originally Posted by shivtim

I know we're focused on skyscrapers and urban development here, but I think it's worth nothing that recently there has been a large amount of single family home development in Atlanta. I think this is a good thing.

I agree wholeheartedly. SFH's are great even in a city, so long as the parcels do not take up too much space. I wish we had more affordable townhome/brownstones in the city that integrated better with the urban environment. I'd rather them than the shoddy 80's style apartments/condos on Ralph McGill/Central Park Pl/and even the Viginia Highlands Apartments behind Trader Joe's near Park Tavern. Shoddy infrastructure that I won't miss in the CoA. Just so long as we keep an eye out for some affordable housing in the city. There's been talks about it lately, but I want to see some movement. Developments are going up quickly and more affordable homes are being displaced.

[Street Advocate]

Originally Posted by GeorgiaPeanuts

Hanover Midtown filed for its land development permit today

Love this! Looking forward to this development being a part of Midtown. Now if only Eviva and Juniper & 5th would follow suit.

[tdawg]

Hanover Midtown is sexy with what looks like great street-level presence.

[Atlanta3000]

Tower Place Buckhead
I noticed today there is a zoning sign at the proposed Tower Place Buckhead development.

• 297 apartments
• 9574 sf retail
• 613,760 sf office
• 51 condominium units

[ATLonthebrain]

Originally Posted by tdawg

Hanover Midtown is sexy with what looks like great street-level presence.

And, tdawg, that's the Juniper Street side..I mean, whoa!! This building could really set a strong tone for how retail space addresses the street/sidewalk on both Peachtree and Juniper.

[arctk2014]

Originally Posted by ATLonthebrain

And, tdawg, that's the Juniper Street side..I mean, whoa!! This building could really set a strong tone for how retail space addresses the street/sidewalk on both Peachtree and Juniper.

Kinda how 12th and Midtown's retail sits vacant along Juniper as well?....

[AtlantaMustang]

Originally Posted by arctk2014

Kinda how 12th and Midtown's retail sits vacant along Juniper as well?....

To be fair, 12th and Midtown can't fill all their Peachtree Street spaces, while Skyhouse South has leased all their spaces, even those in a parking deck on Juniper. I think it's more due to location than anything.

[ATLonthebrain]

And as that stretch of Midtown real estate (P'tree to P'mont and 5th to 14th) continues to densify, those spaces will become more in demand. But, I'm not in real estate or retail or a restaurateur, so I could be wrong. Let's hope I'm right. The foot traffic will continue to get heavier & heavier in the next 2-years with all of the new residential underway and soon-to-be built.

[Ant131531]

Yeah, it's different dynamics. The area around 7th street is way more active. Those retail spots at the 12th/Midtown development is in between two massive parking lots so there's no real street presence other than the restaurants across the street.

[RocketSurgeon]

Originally Posted by Ant131531

Yeah, it's different dynamics. The area around 7th street is way more active. Those retail spots at the 12th/Midtown development is in between two massive parking lots so there's no real street presence other than the restaurants across the street.

There's definitely a difference in activity, but 12th is a major route to Piedmont Park, and the restaurants across Juniper are doing fine. I imagine 12th & Midtown is asking higher rates. SkyHouse is a lower cost building, and different owners have different strategies... some want to sign quick leases to volatile tenants, others want to hold out for higher-value ones. Retail leases are long, so signing a tenant at a low rate can have a big opportunity cost in a growing market. Being patient and signing a higher quality tenant can really pay off... Vortex has been in the same space for 20 years, and successful businesses like that don't like to move. I'm sure they're paying a lot for it. On the other hand, if a single entity owns the entire building, they might have an incentive to fill the retail so they can lease the apartments at higher rates.

[arctk2014]

Originally Posted by AtlantaMustang

To be fair, 12th and Midtown can't fill all their Peachtree Street spaces, while Skyhouse South has leased all their spaces, even those in a parking deck on Juniper. I think it's more due to location than anything.

True- not arguing that the situation isn't different- just making the case that the retail could sit empty if not done right:including if it's overpriced- the retail won't succeed in the near future. Daniel Corp isn't banking on their retail leasing to finance the rest of their project - something to consider for Hanover's retail leasing efforts as well.

Skyhouse South's retail leasing being fulfilled speaks to the cheaper retail cost/SF (it's mostly in a parking deck)- but also means we get rather lower quality retail tenants as well. I wouldn't suspect RReal Tacos or KaleMeCrazy to be around as long-term tenants. Ace Hardware finally fulfilled a neighborhood amenity that was desperately needed. Hopefully Hanover/Loudermilk can build off those sort of neighborhood assets for this corridor instead.

Viewpoint/Skyhouse South finally have some synergy with the retail leasing but that's not to say Viewpoint didn't struggle - some tenant spaces sat empty for years here too.

[Ant131531]

Originally Posted by arctk2014

True- not arguing that the situation isn't different- just making the case that the retail could sit empty if not done right:including if it's overpriced- the retail won't succeed in the near future. Daniel Corp isn't banking on their retail leasing to finance the rest of their project - something to consider for Hanover's retail leasing efforts as well.

Skyhouse South's retail leasing being fulfilled speaks to the cheaper retail cost/SF (it's mostly in a parking deck)- but also means we get rather lower quality retail tenants as well. I wouldn't suspect RReal Tacos or KaleMeCrazy to be around as long-term tenants. Ace Hardware finally fulfilled a neighborhood amenity that was desperately needed. Hopefully Hanover/Loudermilk can build off those sort of neighborhood assets for this corridor instead.

Viewpoint/Skyhouse South finally have some synergy with the retail leasing but that's not to say Viewpoint didn't struggle - some tenant spaces sat empty for years here too.

If the Taco place is doing well, I don't see why it would move. I've seen it very busy during the evening and night. I don't know how good it is, but it's great to have some affordable options in Midtown when it comes to food.