Atlanta Project Thread IV

[TarHeelJ]

Originally Posted by cardjazz

I salute the committee when requesting the developer make a better effort in matching the other 3 Historical buildings at the intersection. Only wish the committee made the same request for the Emory Proton Cancer Center presentation. I guess, no asked the question … do you have the funding to complete this project? 2nd question, can you redesign the building especially on the Juniper St. side. Better yet, can you just move this project to Linden and West Peachtree St., across from Emory Emergency building. This way, people can drive by very fast without looking In my opinion, 640 Peachtree St. design has potential, they need to add some bricks.

I thought the problem with the Proton Center was the availability of the equipment, not a lack of funding.

[Libertarian]

The business model doesn't work.

[cardjazz]

Originally Posted by TarHeelJ

I thought the problem with the Proton Center was the availability of the equipment, not a lack of funding.

According to a WSJ article, Investors Try to Push Half-Built Cancer Center Into Bankruptcy. Investors say they are owed more than $8.2 million ---By Katy Stech

Here's part of the article: March 7, 2016 3:47 p.m. ET

Several investment funds with ties to Texas billionaire Tim Headington are trying to push an unfinished Atlanta cancer treatment center into bankruptcy protection.

Lawyers for Zeitgeist Capital LLC and two other funds filed an involuntary bankruptcy petition Friday for the partially built Emory Proton Therapy Center, stating in court documents that the funds are owed more than $8.2 million.
The filing in U.S. Bankruptcy Court in Wilmington, Del., sets a 20-day timeline for Emory Proton Therapy Center officials to respond to the involuntary case. They didn’t respond to requests for comment Monday.

The 107,000-square-foot center, which broke ground in 2013, is scheduled to open in late 2017 and would be the third center developed by California-based Advanced Particle Therapy LLC to begin treating cancer.

I like the idea of the project. But this kind of project requires complete funding that matches the needs of the community. This project is out of place in Midtown Atlanta.

[BWatl]

The bankruptcy case against the Georgia Proton Therapy Center has already been dismissed by agreement between the debtor and the creditors.

[cardjazz]

I hope so, … but until they start moving dirt, there’s still a problem. Spoke to the on-site security guard last week, asked if he know when Emory Proton Therapy Center would start up again. He had no idea because his job was just to keep the homeless away.

Living across the street from this unfinished building, and next to the 640 Peachtree St. proposal, I really want both projects to succeed. Consequently, it would be nice if they didn’t look so beige and boring. But, I would take beige and boring over nothing at all.
Watch this space.

[BWatl]

The dismissal of the bankruptcy doesn't mean anything relative to when construction will start again. The center did file a paper with the bankruptcy court saying that it was close to getting permanent financing in place, but the bankruptcy case was preventing it from happening. The Zeitgeist group joined in that filing and consented to the dismissal, so there must be something positive happening on the financing side, but who knows what and when.

Given the amount of concrete that was poured in there, it seems to me that nothing else could ever go in there, so let's hope they figure it out.

[Libertarian]

The technology is great but the numbers don't work. The handful of such centers in operation are all financially troubled. The Emory center could only service 160 patients over a 30 day period, that's less 1,920 per year. The annual debt amortization and interest expense on the $200 million cost would be say $20 million. Operating costs probably at least another $20 million. So at full capacity the cost per patient is almost $21,000. However, a similar-size center in northern Virginia is shutting down because their patient load was only a little more than 50 patients per month or 1/3 of capacity. My guess is that insurance companies are unwilling to pay for proton therapy instead of the less precise but cheaper X-ray treatments. In other words they didn't adequately vet the business model. I'd appreciate getting other insights.

[Libertarian]

I also miss the mid-century modernist building formerly occupying the site. It would now be more iconic. The Atlanta operation of McCann-Erickson was located in there at one time specifically to service the Coca-Cola account just down the street. For several years I signed off on the yearly financial audit of the partnership owning the building.

[smArTaLlone]

Downtown's flagship Walgreens in the Olympia Building is nearing completion.







http://atlanta.curbed.com/2016/5/19/...ovation-photos

[smArTaLlone]

http://www.bizjournals.com/atlanta/n...nitial-go.html

Atlanta’s economic development agency gave initial approval Thursday to issuing $252 million in bonds to help finance the redevelopment of the Boisfeuillet Jones Atlanta Civic Center.

Invest Atlanta’s Board of Directors passed an “inducement resolution” declaring its intent to issue bonds to go toward a $450 million mixed-use project.

In the project’s initial phase, the developer is planning to build 677 apartments and nearly 130,000 square feet of retail space, including a grocery store. Eventually, it also will include 250,000 square feet of office space and 250 condominiums.

[forj]

that looks amazing. hell yes!

[Ant131531]

I don't agree. Very lackluster. No real apparently grid. The urban fabric isn't really there. The central park is unnecessary when Central park is right next door. Turn that into a square with a central fountain and benches, then put 4 small streets around it with the apartments and retail surrounding the square.

[smArTaLlone]

https://colonysquare.whatnowatlanta....cept-branding/

• Video Link

[Martinman]

I thought that the Colony Square renovation was potentially the most impactful project in Midtown in long time and so far this looks very exciting. This could be the activity center that Midtown has been lacking. I can't wait to learn more details.

[smArTaLlone]

I wasn't sure they were going to do much along Peachtree street but I'm glad that they are proposing to build some new street level storefronts there.

BTW
Not that it means anything, but I'm sure everyone has noticed that the "Tech" store in the renderings has a striking resemblance to Apples new store design that just opened in San Francisco.

[Atlanta3000]

Originally Posted by smArTaLlone

I wasn't sure they were going to do much along Peachtree street but I'm glad that they are proposing to build some new street level storefronts there.

BTW
Not that it means anything, but I'm everyone has noticed that the "Tech" store in the renderings has a striking resemblance to Apples new store design that just opened in San Francisco.

Hell - that pic even looks like Colony Square!

If NAP can score Apple, the Holy Grail of retailers, then this project is sure to be a success...end-of-story. Even without Apple, this project has something going for it of others in Midtown don't - SCALE.

I really like what I see so far.

[smArTaLlone]

Yes please!

http://atlanta.curbed.com/2016/5/25/...nta-renovation

Downtown Atlanta's Peachtree Center could be in for a new lease on life, as officials have announced an overhaul of the iconic property.

According to a press release, commercial real estate team CBRE will be reimagining the retail, restaurant, and street-front facilities throughout the complex in an effort to make them more inviting to the office workers, hotel guests, and growing residential population in the area.

Amy Fingerhut, the Vice President of retail services for CBRE, who will be leading the project, said, "The idea is to reimagine the space available and create life and energy in the heart of Downtown."

[smArTaLlone]

Bisnow reports that Amli plans to break ground this year on two more projects, Amli Decatur and the planned project on the site of the tennis tournament. The article also mentions that several developers are not moving forward on projects if they haven't already invested a lot of money into the project.

https://www.bisnow.com/atlanta/news/...60736?rt=18191

[Ant131531]

Never heard of AMLI Atlantic Station.

[smArTaLlone]

Originally Posted by Ant131531

Never heard of AMLI Atlantic Station.

I just meant Amli's project at Atlantic Station. They purchased the property where the Tennis Tournament is held for an apartment project. If they are planning the break ground this year, there should be some information about the project coming soon.