Gultch/CIM Group Development

[atlHawks]

WarnerMedia to Sell Atlanta’s CNN Center, Sidesteps Threat of Impending Layoffs

WarnerMedia leadership told staffers Monday that the CNN Center in Atlanta will be sold

Great timing, just as CIM got the green light

Are we thinking reno or demo?

[Ant131531]

No one is gonna demo that massive building. That would cost way too much money.

[atlHawks]

Originally Posted by Ant131531

No one is gonna demo that massive building. That would cost way too much money.

Its hideous

[smArTaLlone]

CIM Group is making alterations to the blueprint that will ultimately guide the redevelopment of the Gulch property in Downtown Atlanta. But any work on what now is a sea of asphalt and railroad tracks is on hold until Los Angeles-based CIM's legal fight over a portion of a city-approved incentive package is resolved in the courts.

CIM is making revisions to the master plan, said Brigitte Broyard, CIM's equal business opportunity manager in Atlanta. Broyard didn’t detail what those changes may entail or why the developer is changing course. “Based on our experience in creating master plans for projects across the country, we always strive to incorporate the best ideas throughout the development process,” a CIM spokesperson said in an email to Bisnow. “We bring this same approach to Centennial Yards, with its unique infrastructure challenges and critical importance to downtown Atlanta, and we will be revealing updates in the fourth quarter.”

CIM has worked on portions of the project around the periphery of the Gulch, including redeveloping Norfolk Southern's former office buildings off Spring Street into a residential mixed-use complex. According to the presentation, the developer is finishing 125 Spring St. to include 162 apartment units and 32K SF of retail space. CIM is expected to complete the project by Oct. 26. While work on the second former Norfolk Southern building at 99 Spring St. has yet to begin, Broyard told council members that CIM is considering turning it into a co-living facility, “which is something that is really hot in the market right now.” But those plans are not definitive, she said.

The fight over the use of Westside TAD financing, though, is now in the state appeals court, which is delaying CIM's ability to move forward on the heart of the Centennial Yards project, officials said. “We expect a decision from the Court of Appeals by March 16, 2021, or possibly as late as July 2, 2021, depending on the term of court in which the Court of Appeals dockets the cases for argument,” CIM officials said in the presentation. Officials added they expect opponents to appeal the case again to the Georgia Supreme Court if the appeals court rules in CIM's favor. That could push a final ruling on the case out to mid-2022, according to the presentation.

https://www.bisnow.com/atlanta/news/...reality-106111

[smArTaLlone]

There wasn't much new in the Centennial Yards presentation.

Rendering of Spring Street Phase II


Conceptual massing 2020 - This actually looks more dense than before.

[montydawg]

Originally Posted by smArTaLlone

There wasn't much new in the Centennial Yards presentation.

Conceptual massing 2020 - This actually looks more dense than before.

You can see the massing of the concept is much more dense than the rendering you posted right above it, so I’m not getting my hopes up. I do like how they appear to be building some sort of green space mall that runs from five points to State Farm arena, but am a bit perplexed why they are putting a building, blocking the view of the ATLANTA on the side of the arena from the mall. Seems like they would want clear sight lines between the arena and their properties. I guess it works for Atlantic station, so it should work here too

[Ant131531]

EDIT: Deleted this post.

[Sura]

Originally Posted by smArTaLlone

https://www.bisnow.com/atlanta/news/...reality-106111

"Officials added they expect opponents to appeal the case again to the Georgia Supreme Court if the appeals court rules in CIM's favor. That could push a final ruling on the case out to mid-2022, according to the presentation."

Just doing their best to advance the city....

[megalopolis]

Help me out here. I thought this legal battle was already won.

https://www.ajc.com/news/state--regi...RSYAE51dE8NfJ/

So this is a different lawsuit about basically the same issue?

[tallpez]

Originally Posted by megalopolis

Help me out here. I thought this legal battle was already won.

https://www.ajc.com/news/state--regi...RSYAE51dE8NfJ/

So this is a different lawsuit about basically the same issue?

Yes. And it's actually noted in the bottom of that AJC article. At issues were sales tax (resolved) and property tax (still pending).

In addition to Enterprise Zone bonds, the city wants to issue up to $40 million backed by future property taxes to finance the Gulch project. Redlight the Gulch has also challenged those bonds. The Supreme Court on Monday transferred two related cases to the state Court of Appeals.

[atlHawks]

Redlight the Gulch has to be run by muppets that have no idea how business works.

[tallpez]

Originally Posted by atlHawks

Redlight the Gulch has to be run by muppets that have no idea how business works.

Here you go: https://twitter.com/julian_bene

[megalopolis]

Originally Posted by tallpez

Yes. And it's actually noted in the bottom of that AJC article. At issues were sales tax (resolved) and property tax (still pending).

I see. I guess it would have been too efficient for the Supreme Court to have addressed both issues at the same time.

If the sales tax issue was resolved ($1.25 billion) then why is $40 million backed by property taxes the hold up?

[Martinman]

Originally Posted by megalopolis

I see. I guess it would have been too efficient for the Supreme Court to have addressed both issues at the same time.

If the sales tax issue was resolved ($1.25 billion) then why is $40 million backed by property taxes the hold up?

The property taxe part of the deal will be up to $650 million. The $40 million bond may be the first installment of financing which I assume would pay for the platform that has to be constructed.

[Atlriser]

I’m not sure that’d even cover the engineering for the platform.....

[smArTaLlone]

A bittersweet day as I say goodbye to Atlantic Station and Hines, but look forward to the next chapter in my career. Hello CIM Group. Looking forward to starting Monday and tackling the development of Centennial Yards.

https://www.instagram.com/p/CGIDF57p6Hy/

[smArTaLlone]

https://www.bisnow.com/atlanta/news/...project-106934

CIM Group is signaling its first baby steps toward its grand vision of transforming the Gulch in Downtown Atlanta into the sprawling mini-city called Centennial Yards.

The Los Angeles-based developer filed permits with the city of Atlanta to begin groundwork on Centennial Yards in preparation for the future construction of the more than 9M SF of commercial space. CIM plans to relocate an existing sewer, do some minor demolition and erect erosion control measures, according to the application.

CIM officials previously told Bisnow that they expect to reveal an updated master plan for the project before the end of the year.

[NYbyWAYofGA]

Originally Posted by smArTaLlone

https://www.bisnow.com/atlanta/news/...project-106934

Does any other city still use the term "mini-city" when describing mega developments...? It sounds like some dated neo urban buzzword. I never hear cities like New York, Seattle, or even Portland use this. It peeves me a bit. Like, I just imagine another disconnected district like Atlantic Station or Glenwood Park.

[robertjhajek]

Originally Posted by NYbyWAYofGA

Does any other city still use the term "mini-city" when describing mega developments...? It sounds like some dated neo urban buzzword. I never hear cities like New York, Seattle, or even Portland use this. It peeves me a bit. Like, I just imagine another disconnected district like Atlantic Station or Glenwood Park.

woah woah woah sir. glenwood park is not disconnected. nope.

[atlantaguy]

Originally Posted by NYbyWAYofGA

Does any other city still use the term "mini-city" when describing mega developments...? It sounds like some dated neo urban buzzword. I never hear cities like New York, Seattle, or even Portland use this. It peeves me a bit. Like, I just imagine another disconnected district like Atlantic Station or Glenwood Park.

Using 'miny-city,' sounds like a First World nitpicky personal issue.

As far as Atlantic Station being disconnected, it's not very easy to 'connect' a former Steel Mill to surrounding fabric it was always walled off from. And Glenwood Park is the absolute worst example you could use as being disconnected. They did an excellent job of seamlessly connecting the existing street grid of the adjacent neighborhood. Most cities would kill to have a fantastic neighborhood like this, and considering it replaced an old cement plant makes it even more incredible.

This constant negativity concerning nearly every element of Atlanta is growing real old...