ATL:Atlantic Station updates

[GNofAtlanta]

Target-ing Atlantic Station

After years of scouting sites in the Midtown area, Target is homing in on Atlantic Station for a new megastore.

"We're working hard on Atlantic Station," said Target's real estate manager, Chris Case, during a real estate convention in Atlanta last week. "We need a store in Midtown."

Bruce Macleod, managing director of retail for Atlantic Station, which is going up by the 17th Street bridge, said the deal with Target is "close to being finished and we're excited about adding them to our mix."

Macleod said Target will move into a site on State Street, though there's no word yet on how soon.

Atlantic Station's retail portion is now 58 percent leased and 75 percent committed, Macleod said.

Atlantic Station will boast a movie theater, IKEA, Dillard's and Banana Republic, among other retailers, when it opens in fall 2005.

[GNofAtlanta]

IN DEPTH: HOME QUARTERLY
From the October 29, 2004 print edition

Atlantic Station attracts sight-unseen buyers
Tom Barry
Contributing Writer

Brian Fasthoff usually doesn't buy things sight unseen. But he made a big exception last fall, when he purchased his three-bedroom condominium in Atlantic Station.


Fasthoff said he liked what he saw in the massive $2 billion redevelopment, which eventually will have 12 million square feet of residential, retail, office and hotel space.

"When I saw the three-dimensional model of Atlantic Station that night, I knew right away that I'd buy," said Fasthoff, who co-owns Loca Luna and Eclipse di Luna restaurants in Midtown.

"It reminded me of a place by the Santa Monica Pier out in California that has pedestrian-friendly streets, restaurants and stores," he said. "Once everything opens, Atlantic Station will rejuvenate this city."

Pent-up demand

Fasthoff was hardly alone in signing up. Over three nights, 225 prequalified hopefuls -- culled from a waiting list of 1,350 -- were invited to purchase the initial 69 condominiums in Art Foundry, a 347-unit condo community within the 138-acre Atlantic Station, the largest urban brownfield redevelopment in the country.

Condo developer Lane Co. invited 75 potential buyers per night. But within three hours on the first night, all 69 condos -- $10 million worth of property -- sold. Buyers bought $20 million in condos within three days.

"All those buyers that night made me feel even better," said Fasthoff, 31. "Almost everyone there ended up with a condo."

Fasthoff, who moved from an apartment into his new home in late July, is pleased he made the move.

"As the first residents, we've had to go through the community's growing pains, but they've been minor, everything considered," he said. "I couldn't get a mailbox for two months, and they're just now finishing work on the swimming pool. But that happens with any construction project."

The beauty of Atlantic Station is that everything is going to be within walking distance -- restaurants, bars, movies and the grocery store, he said. "And I can drive to work in under five minutes," he said.

Thus far, all but a handful of the 347 one-, two- and three-bedroom condos have sold in Art Foundry, situated across the 17th Street bridge from Midtown. Prices range from $160,000 to $360,000.

In late September, Lane Co. announced that it will build a $55 million, 322-condo community in Atlantic Station to be named Element. The first units in Element are expected to be ready for occupancy next summer, with completion slated for the summer of 2006. Price points range from the high $100,000s to the $300,000s.

Also in the works is Twelve Hotel and Residences Atlantic Station, a 26-story tower that will have 404 condominiums and 101 hotel rooms. Now under construction, the joint project between the Novare Group Inc. and Wood Partners LLC is targeted for a fall 2005 completion. The condos -- to run between $160,000 and $330,000 -- will start on the seventh floor.

Down the road, Lane Co. plans to build several hundred condos or apartments above stores in Atlantic Station's retail and entertainment district, which will open in the fall of 2005. Details have yet to be announced.

Urban pioneers

Like Fasthoff, Shelley West bought her Art Foundry condo sight unseen.

"I took my mother and godmother to the meeting," she said. "Both have been in real estate for over 25 years, and they felt fine with it. So I felt fine, too. My godmother even bought her own unit as an investment."

A 29-year-old Atlanta native who works in Dacula, West moved to Atlantic Station from Suwanee.

"I always wanted to live downtown, but my parents thought it was unsafe," she said. "I told them it was either that or I'm moving to New York City."

West said she has no regrets. "Love it here," she said. "All my friends live downtown, and there are so many things to do."

Another early Art Foundry buyer was Wendy Waller, who has her own real estate firm, Yellow Real Estate Services, that has represented investors purchasing Atlantic Station condos.

Waller, 31, bought a two-bedroom unit with a fireplace for herself. The third-floor condo is the first home she's owned.

"Atlantic Station is the first large mixed-use development in this city," she said. "That's why it's hot."

[GNofAtlanta]

OH, and by the way if you haven't checked out the Element website lately you must. Under the Neighborhood section you can see a map that lets you know where each retail store is going, very informative.

http://www.elementatlanta.com

[DonTallPaul]

That interactive map is pretty sweet.

That Millenium Gate thing is pretty cool, it seems like there would have been more press on that.

Here's a pic.

http://www.ajc.com/news/content/metr.../Monument.html

[GNofAtlanta]

$53 Million Worth of Condos Pre-Sold at ATLANTIC STATION® Community
November 5, 2004
Source: (Regional)

Hundreds of Atlantans have “gotten into their element,” buying $53 million worth of condos – sight unseen – at “element,” the newest condo community in the ATLANTIC STATION® redevelopment.

Condo pre-sales began only two weeks ago. More than 1,000 people have been on the waiting list for the 322 homes; some have waited an entire year. As of now, buyers have reserved 228 homes, which means 70% of the total are sold. Only a selected number of homes are available at pre-construction pricing for a limited time.

The latest figures were released at a launch celebration for the condos Thursday night.
Several hundred people attended the event, which featured virtual reality computer animation of what the finished community will look like. The party also included costumed entertainers who greeted the guests and later performed for them.

The new condo community is now under construction in the live/work/play redevelopment next to the Downtown Connector in Midtown Atlanta. The condos will be ready for their first residents next summer, and are expected to be fully complete in the summer of 2006.

“element” is being developed and constructed by Lane Company, which also responsible for the sold out Art Foundry Condos and the Park District Apartments in the ATLANTIC STATION® community. CondoLane is marketing and selling “element.”

The new five-story “element” community will have one-, two-, and three-bedroom homes, some of which will have unique lofts with ceilings of approximately 18 feet. It will also have parks, a pool, sun deck, business center, Internet café, conference room and fitness center. Residents also have the option of joining The Art of Wellness health club, which opened this week.

The new condos will be minutes from Midtown, Downtown and Buckhead; they are between the new IKEA store and the retail and entertainment district of the ATLANTIC STATION® community, which are both under construction. When complete, the retail and entertainment area will have a movie theatre, a grocery store, restaurants and world-class shopping. When fully completed, ATLANTIC STATION® will feature 12 million square feet of retail, office, residential and hotel space.

Plans were recently announced to build the seven-story “Millennium Gate” arch in Commons Park, across the street from “element.” It will be one of the largest pieces of public art in the metro area.

Potential buyers and brokers who are interested in pre-sale appointments can sign up online now at www.elementatlanta.com.

[ascommunity.com]

Just posted some new images of the progress at Atlantic Station.

http://www.ascommunity.com/pictures/112004/index.htm

Enjoy!

--Joey

[niff]

Thanks

[Teshadoh]

And I was ready to go shopping there this weekend - damn, I have to stick to Buckhead for another year

[Stratosphere 2020]

I am impressed some very good quality stores and eateries are coming to Atlantic station. Hopefully that will be one busy entertainment district of Atlanta.

[KevinAtl]

Lane Company to Break Ground on New Apartments at ATLANTIC STATION® Community

New Development Will be Firm’s Fourth at Live/Work/Play Community


Atlanta, GA (November 18, 2004) – Lane Company announced today that it will build its fourth development in the ATLANTIC STATION® redevelopment. It is preparing to break ground on a new apartment community.

The new development will have 242 units, at a construction cost of $31 million. The firm expects to break ground by Dec. 1. The first units should be competed by early in 2006, with completion slated for late Spring of that year. The name of the project is yet to be determined.

This is Lane Company’s fourth development at the ATLANTIC STATION® redevelopment. All of Lane’s projects to date, including this one, surround Commons Park, which is the largest park in the area.

Lane’s other projects at the ATLANTIC STATION® redevelopment include:
• Park District Apartments
• “element” – a condominium community which went on sale only a month ago and is almost sold out
• Art Foundry condominium, which is now sold out.

[jason21atl]

Does anyone know what this complex will look like? How many floors it will be? Architecture type? etc?

[martarider]

Wow, this place is filling in faster than I expected.

BTW what's going to be in the upper floors of the retail buildings? I thought it was going to be residential units, but I haven't been aware of any marketing or publicity for them...

[niff]

Whoa, another one? They just announced element no more than a month or two ago. I guess this fills up the last quadrant of the commons area. Are there any other large areas to build on? I know there are a few smaller spots left [hopefully for more virtical development ].

[(four 0 four)]

Wasn't the planned build-out for this 10-15 YEARS...did they change that to MONTHS? Maybe instead, they plan on tearing down the 1st phases of residential (just before they fall down) in 8-10 years and replacing it with all new stuff, thereby sticking to the original schedule.
In the retail area, the daily progress is astounding, we'll be shopping in the big blue Ikea before you know it! It's hard to believe how much different the view is when you come around the corner on I-85S.

[niff]

Well, I'm sure it will be a while before they build out all the office space, but everything else seems to be going quite fast now.

Yeah, I can't wait to see the new view from 85 the next time I'm down there.

[martarider]

Rendering of the the new Lane development in today's Horizon section, print edition only. Here's a scan:

[jason21atl]

Looks like it should be a nice looking project. Have they released a name for it yet?

[GNofAtlanta]

A practical pond
Atlantic Station makes a retention facility a focal point instead of hiding it

By STACY SHELTON
The Atlanta Journal-Constitution
Published on: 12/01/04


Terms not to use when selling real estate: Storm drains, retention ponds, drainage ditches.

Unless you're selling at the rising Atlantic Station, where the storm pond is a focal point of the instant upscale community of condominiums, apartments, townhomes, high-rise offices and stores.

Brian Leary, vice president, design and development for Atlantic Station, said a decision was made years ago to combine a place to store storm water with a water feature that will be pleasing to the eye.

The spot is called Commons Park and includes a historic smokestack that hearkens back to the site's steel mill beginnings.

The pond, a drainage area that collects rainwater as it runs off streets and rooftops, is surrounded by landscaped greenery and a sidewalk.

A steel and wooden footbridge crosses it.

Most developments, from shopping malls to office parks, hide their storm water by burying it in a vault, or draining it into a fenced-in, overgrown pit.

Brian Leary, vice president of design and development for Atlantic Station, said a pond-like feature was drawn in the sketches from the start about seven years ago.

In working with federal and state environmental regulators and their own environmental scientist, the developers decided to combine their desire for a water feature with the need for a place to store storm water.

"We said, 'Let's combine the two and really celebrate this,' " Leary said. "We went out of our way to bring people down to the edge of the lake. It's an amazing component of our whole public space and quality-of-life plan."

Leary said the drainage pond is big enough to hold a 100-year storm.

For now, construction activity on the 138-acre site is painting the pond a muddy, brownish orange.

Condominiums and apartments surrounding Commons Park are selling fast, Leary said

[jobe]

I'm not much for the Lane designs. I can get those at any Post apartment complex. I prefer the high-rise design. And I also like the idea of being able to take advantage of those hotel amenities at Twelve.