Atlanta Development News

[desertpunk]

The "King and Queen" Buildings Sold

The iconic skyscrapers that put the Perimeter area on the map and presaged the submarket's rise as one of Atlanta's most important office and commercial districts have found a buyer, and a local one at that. As noted in April, the city's commercial real estate investment market got a boost when TIAA-CREF decided to sell the buildings, indicating Atlanta's rise from the doldrums of the real estate crash in the eyes of institutional real estate investors. And though buyers Regent Partners LLC (with financial partner GEM Realty Capital, Inc.) are reportedly paying slightly over $300 million, significantly less than the $350-400 million originally speculated, the news is good for the city on a couple of levels. First, that Regent- the Atlanta real estate development and investment firm behind a plethora of large, high-profile projects in town- is the buyer (buy local, right?). Second, and more importantly, it's another instance of capital sources (in and out of town) willing to make bets on Atlanta's office market, and thereby, its economic prospects generally. This was not the case for a prolonged period following the unpleasantness of 2008.

[po-boy]

Originally Posted by gwiATLeman

Skyhouse appears to have already topped out.

Wow! That was really fast!! I was in Atlanta for New Year's and I don't think construction had even started...

[desertpunk]

Polaris Changes Rankle

"I was afraid of what they were doing when i saw it all draped in plastic --- basically they demolished the old blue dome and approximated it with a new one --- coincidentally a friend showed me a big chunk of the original plexi today --- the new dome has more ribs and the panels are flat, not slumped like the original --- they have thoroughly destroyed the architectural detail of portman's original lobby, one of the finest designs of the late twentieth century ---"

[desertpunk]

Skyhouse july


http://www.raleighpublicrecord.org/n...peek-skyhouse/


http://www.raleighpublicrecord.org/n...peek-skyhouse/

image hosted on flickr

IMAG0501 by agentcarter, on Flickr

[desertpunk]

Work Resumes On Buckhead Atlanta Development


http://www.buckheadview.com/2012/08/...a-work-is.html

By Greg Bluestein
The Atlanta Journal-Constitution

Construction cranes came back to life on Tuesday over Buckhead Atlanta, the long-delayed project to turn what used to be the city's party district into an upscale development.

Once an ambitious plan known as the Streets of Buckhead, the project has been scaled back by new developer OliverMcMillan. The proposed five-star hotels centered around a Rodeo Drive of the South have been replaced with a more intimate plan for apartments, office space and high-end retail. "We are firmly convinced that this project can happen," said Hunter Richardson, the development director for the project.



The project stalled in 2009, leaving partly-finished construction dotting an 8-acre bowl in the heart of Buckhead. After months of behind-the-scenes preparations, cranes started removing debris from the gaping dirt hole at the middle of the project on Tuesday. Soon, they'll start piecing together the bones of the buildings. The project should be complete by late 2013 or early 2014, Richardson said.

The finished project will have enough space for 80 to 85 retail, restaurant and other tenants. Richardson wouldn't say how many businesses have signed on, but he said luxury chain Hermes, the anchor tenant secured years ago, remains committed. "We're signing leases. We're doing deals," he said. "But it's not in our interest to announce tenants."

The roughly $1 billion project will eventually include 370 apartments, 300,000 square feet of retail space and about 100,000 square feet of "boutique" office space, the developers say.

[...]

http://www.buckheadview.com/2012/08/...-buckhead.html

[desertpunk]

Georgia State's research arm buys downtown office building


40 pryor St. atldowntown.com

The Atlanta Journal-Constitution

Georgia State University's research arm is buying a four-story office building in downtown Atlanta.

The Georgia State University Research Foundation purchased 40 Pryor Street for $1 million, college spokeswoman DeAnna Hines said. The property was appraised at about $1.9 million, she said.

The purchase gives the school access to an entire block on Georgia State's growing campus. The newly-purchased office building sits next to the school's College of Education tower.

[GunnerJacket]

Originally Posted by desertpunk

Not entirely unattractive. Surprised at the relatively low number of apartments.

Originally Posted by desertpunk

Georgia State's research arm buys downtown office building

Part of me is thrilled that GSU is developing a bona fide campus. But I'm also worried that the school might grow too big for downtown, in that they surely can't fit a complete campus in that part of town without adversely impacting established business and commercial operations. Wonder if like the U Mn and others they'll have a split campus set up someday?

[gwiATLeman]

Originally Posted by GunnerJacket

Not entirely unattractive. Surprised at the relatively low number of apartments.

The new developer downsized from the original plan to apparently focus on the retail aspect which is their area of expertise. The fact that there are three separate apartment projects with around 1,000 units already under construction within walking distance of the village, might also play a part in the low number.

Originally Posted by GunnerJacket

Part of me is thrilled that GSU is developing a bona fide campus. But I'm also worried that the school might grow too big for downtown, in that they surely can't fit a complete campus in that part of town without adversely impacting established business and commercial operations. Wonder if like the U Mn and others they'll have a split campus set up someday?

On the contrary, I think GSU has been the perfect antidote for that part of downtown which still has plenty of underutilized city blocks. Their constant expansion has created a lot of activity in the area, including retail activity where there previously was none. They've also bought several highrises thus helping the downtown office market by removing struggling office space from the market.

[GunnerJacket]

Originally Posted by gwiATLeman

The fact that there are three separate apartment projects with around 1,000 units already under construction within walking distance of the village, might also play a part in the low number.

Ah. Did not know that part. I knew of one but wasn't familiar with more still on the books.

On the contrary, I think GSU has been the perfect antidote for that part of downtown which still has plenty of underutilized city blocks. Their constant expansion has created a lot of activity in the area, including retail activity where there previously was none. They've also bought several highrises thus helping the downtown office market by removing struggling office space from the market.

Never said Ga State was bad for downtown thus far, I just wonder how much farther they might go. If they tried to put, say, a new Panthersville athletic complex (ball fields, practice facilities, etc) downtown that might be pushing it, I think. For now their campus has the right blend of buildings and uses that fit perfectly with a dense urban scene oriented around high rises, with room for more. And the idea of giving Ga State more of a true campus is great. I just hope the visions for the school don't start to interfere with lingering visions for the still viable business and financial district. The City needs more tax paying landowners as well as student consumers.

[gwiATLeman]

Originally Posted by GunnerJacket

Ah. Did not know that part. I knew of one but wasn't familiar with more still on the books.

Never said Ga State was bad for downtown thus far, I just wonder how much farther they might go. If they tried to put, say, a new Panthersville athletic complex (ball fields, practice facilities, etc) downtown that might be pushing it, I think. For now their campus has the right blend of buildings and uses that fit perfectly with a dense urban scene oriented around high rises, with room for more. And the idea of giving Ga State more of a true campus is great. I just hope the visions for the school don't start to interfere with lingering visions for the still viable business and financial district. The City needs more tax paying landowners as well as student consumers.

I agree. I believe they've already built a practice facility just on the other side of the expressway from the campus, but it would be difficult to find appropriate space for ball fields anywhere near the campus.

[gwiATLeman]

[gwiATLeman]

Originally Posted by GunnerJacket

Ah. Did not know that part. I knew of one but wasn't familiar with more still on the books.

Here are the projects mentioned




Camden Paces - 376 luxury apartments in two buildings, one five stories, one seven stories.



Village at Buckhead - 373-unit apartment across Pharr Road from Buckhead Atlanta.




92 West Paces Ferry Road - 210-unit, eight story luxury apartment building adjacent to the St. Regis hotel.

[gwiATLeman]

A spokesman for Mayor Kasim Reed confirms that the photo depicts the vehicle that will coast between the King Center and Centennial Olympic Park starting in late 2013.

The photo was taken at the Siemens facility in Sacramento where the vehicle was assembled. Exterior decals will be added closer to completion.

[gwiATLeman]

And right on cue, here they grow again.

Ambling University Development Group is planning an 18-story student housing project in downtown Atlanta.

The Valdosta, Ga.-based company submitted plans to the city of Atlanta earlier this month to redevelop an abandoned hotel and service station at Courtland Street and John Wesley Dobbs Avenue. The 270,000-square-foot project would include 254 residential units and 17,000 square feet of commercial space.

http://www.bizjournals.com/atlanta/p...-near-gsu.html

[gwiATLeman]

The Downtown Days Inn will get a $25 million renovation and be rebranded as an Aloft Hotel.
http://www.bizjournals.com/atlanta/p...hip-hotel.html






The former Hotel Midtown is getting a $21 million renovation and will become a Hyatt hotel.
http://www.bizjournals.com/atlanta/p....html?page=all

[desertpunk]

Big Projects Possibly Coming To South Buckhead

After a turn developing projects outside Georgia, Atlanta-based Carter is set to return to its roots with a couple of big-time South Buckhead projects. Oddly enough, they're both projected to cost $50,000,000. The first one is a healthcare facility near Piedmont Hospital that would open in 2013. The other is an office tower that would sit atop a parking deck in Lindbergh City Center, the whole of which heavily involved Carter. The medical building seems like a no-brainer, but the addition of office space might raise eyebrows, considering Atlanta's lacking job growth. Perhaps that's why details are so vague; the game's called "wait and see."

[desertpunk]

Midtown High-Rises Climbing


http://midtown.patch.com/articles/mi...rises-climbing


http://midtown.patch.com/articles/mi...rises-climbing

[desertpunk]

Buckhead Atlanta progress:

http://www.buckheadview.com/2012/09/...hiddenbut.html

[GunnerJacket]

Originally Posted by gwiATLeman

The Downtown Days Inn will get a $25 million renovation and be rebranded as an Aloft Hotel.
http://www.bizjournals.com/atlanta/p...hip-hotel.html

This one is definitely an improvement architecturally. Anything that banishes the conventional motel look within an urban setting is generally good. The other makeover is fair but not as needed. Like how the article was pointing out how a fair amount of Atlanta's 80's mid-size architecture is being done over. Most of the buildings I'd love to see reclad or renovated are from the late 80's to early 90's, including some built in such a rush for the Olympics it's as if they forgot to include actual taste!


Side note: I've found a picture of the model for Kevin Roche's (now) Bank of Amercia Tower, which features a solid gold clad pyramid on top as opposed to the open frame structure we see today. I've no means for posting a pic on the web right now but if anyone wants a scan they can shoot me an email address through PM.

[gwiATLeman]

The College Football Hall of Fame said Thursday it is moving forward after it secured $74 million in total capital sources, including a $22.5 million loan from Regions Bank, BB&T and Fifth Third Bank.

Total project costs are estimated at $66 million.

Plans currently call for a 90,000-square-foot facility, including a football field that will serve as an event space. There will be about 30,000 square feet of exhibit space. Construction should take about 18 months and is expected to start at the end of this year or early 2013.

http://www.bizjournals.com/atlanta/n...fame-gets.html