Atlanta Project Thread IV

[Terminus]

Originally Posted by testarossa50

What does this mean? not doubting it, I just have never heard the term bad rent before. Is it like a delinquent tenant, an apartment that can't rent at the rate assumed by financing, or what?

I've always heard it used to refer to when tenants don't pay as required. Anecdotally, I'm seeing a lot of that in this market. It was stated at a recent Bisnow event (or maybe ULI) that lenders are now very cautious about Atlanta rentals because of this.

[joecool]

I worked in marketing for a property management company for years. The issue with tenants not paying their rent is that the goals of these newer apartment buildings are to reach a stabilization point of 90% occupancy. Once that happens, the buildings are typically sold to another company. The original owners make their profit and then wash their hands of the situation. All the managers and leasing agents care about is filling up the building and getting their commission/bonuses, then moving on to the next lease-up. They often fail to conduct proper background checks, and identity theft has become rampant. As a result, these renters move in and do not pay rent for over six months before getting evicted. Unfortunately, the eviction process has taken far too long in recent years, making it difficult for the new company to remove these tenants from the building. These renters never get evictions on their credit due to using someone else identity to rent the apartment.

Not to mention the ruckus these renters cause: wild parties, drugs, and damage to the amenities and the building. It makes it extremely difficult to keep good renters in the building with all of the riffraff that the new company is desperately trying to eliminate. recently companies have become waaaaay more strict with the application process to filter out these renters who are trying to get into these new luxurious buildings.

[Julien]

Originally Posted by Newnan_Eric

For this student tower near the Varsity, it looks like it won't quite fill the block to 3rd Street. So, the tunnel pub building may remain. Unfortunately, the tackier, fake Olympic Torch also stays. That and the nasty bathhouse next to the highway on the next block are relics of a trashier time.

I won't miss the dialysis clinic, but this will obliterate the building that once housed the infamous 688 Club. It was Atlanta's answer to CBGB's in NY. A lot of famous Punk Bands played there back in the day.

Yeah, I was wondering about this yesterday on my run. Does GA tech own all the property from 3ed to faux 1st (North Ave)? Also they have already done bore samples so there is likely an interested party in developing.

[Julien]

Rambler

[Kenn]

Someone needs to give that ridiculous roadside Olympic kitsch a merciful death.

[700]

Originally Posted by Kenn

Someone needs to give that ridiculous roadside Olympic kitsch a merciful death.

People really seem to hate that sculpture, but I've always liked it. I think Midtown needs more sculptures and monuments in general. I've always thought a statue of James Oglethorpe would work well at 10th Street Park, for example.

[Sojourner_Terminus]

Originally Posted by 700

People really seem to hate that sculpture, but I've always liked it. I think Midtown needs more sculptures and monuments in general. I've always thought a statue of James Oglethorpe would work well at 10th Street Park, for example.

Yeah, not sure the average age on here, but I'm 33 and grew up in the northern suburbs. To me, that kitschy torch, the big ole Peach over the Peachtree Street bridge, the gold tip of the IBM tower and of course, the Pencil building are my mental image of Atlanta still.

Ive always hoped they would build a pretty park or plaza in Midtown and put that torch in the middle of it atop a brick and granite pedestal.

[Terminus]

Originally Posted by joecool

I worked in marketing for a property management company for years. The issue with tenants not paying their rent is that the goals of these newer apartment buildings are to reach a stabilization point of 90% occupancy. Once that happens, the buildings are typically sold to another company. The original owners make their profit and then wash their hands of the situation. All the managers and leasing agents care about is filling up the building and getting their commission/bonuses, then moving on to the next lease-up. They often fail to conduct proper background checks, and identity theft has become rampant. As a result, these renters move in and do not pay rent for over six months before getting evicted. Unfortunately, the eviction process has taken far too long in recent years, making it difficult for the new company to remove these tenants from the building. These renters never get evictions on their credit due to using someone else identity to rent the apartment.

Not to mention the ruckus these renters cause: wild parties, drugs, and damage to the amenities and the building. It makes it extremely difficult to keep good renters in the building with all of the riffraff that the new company is desperately trying to eliminate. recently companies have become waaaaay more strict with the application process to filter out these renters who are trying to get into these new luxurious buildings.

Thanks for the clarification. We have several active evictions and 6 months seems short. We've had tenants who clearly know how to game the process and file personal bankruptcy the moment they get that first notice... they know exactly what they're doing.

[smArTaLlone]

It would include 560-units and 8,100 square feet of retail space.


https://www.bizjournals.com/atlanta/news...nt&utm_medium=social&utm_source=linkedin

[jayden]

Fantastic infill. Looks to be around the same height as Kinetic.

[joecool]

Fantastic infill, yes; but the design is lacking. I am so over the multi-facade design; it looks tacky.

[bigstick]

Originally Posted by joecool

Fantastic infill, yes; but the design is lacking. I am so over the multi-facade design; it looks tacky.

I know, but you see this in just about every major city in the world, it is just a thing now.

[joecool]

Originally Posted by bigstick

I know but you see this is just about every major city in the world, it is just thing now.

Yeah, that's true. However, Toronto is seeing some really sleek designs lately.

[ArchKid]

Originally Posted by joecool

Fantastic infill, yes; but the design is lacking. I am so over the multi-facade design; it looks tacky.

Yes, the design of this large-scale student dormitory building is ugly and tacky!
Midtown Atlanta needs more modern and stylish, cutting-edge designs!

[joecool]

Originally Posted by ArchKid

Yes, the design of this large-scale student dormitory building is ugly and tacky!
Midtown Atlanta needs more modern and stylish, cutting-edge designs!

Exactly. We need stuff like this:

[ArchKid]

Originally Posted by joecool

Exactly. We need stuff like this:

Many countries and major cities have beautiful, up-to-date architecture, but Atlanta currently has too few outstanding buildings. The development and design of many buildings in this city still remain at the level and vision of several decades ago, seeming to be at a standstill. If this continues, Atlanta will gradually become a hub for unattractive architecture.

[Newnan_Eric]

Originally Posted by joecool

I worked in marketing for a property management company for years. The issue with tenants not paying their rent is that the goals of these newer apartment buildings are to reach a stabilization point of 90% occupancy. Once that happens, the buildings are typically sold to another company. The original owners make their profit and then wash their hands of the situation. All the managers and leasing agents care about is filling up the building and getting their commission/bonuses, then moving on to the next lease-up. They often fail to conduct proper background checks, and identity theft has become rampant. As a result, these renters move in and do not pay rent for over six months before getting evicted. Unfortunately, the eviction process has taken far too long in recent years, making it difficult for the new company to remove these tenants from the building. These renters never get evictions on their credit due to using someone else identity to rent the apartment.

Not to mention the ruckus these renters cause: wild parties, drugs, and damage to the amenities and the building. It makes it extremely difficult to keep good renters in the building with all of the riffraff that the new company is desperately trying to eliminate. recently companies have become waaaaay more strict with the application process to filter out these renters who are trying to get into these new luxurious buildings.

Yeah, this tracks with what I have seen.

I was involved with Icon Buckhead. As that project started to wrap up and residents moved in, it was apparent that proper background checks had not been made. Wild parties were commonplace, and we were hearing about delinquencies on rent almost immediately. When the ownership started pushing back, folks just moved out without warning.

[jayden]

Meh. I'm more interested in infill and increasing the city's urbanization than design. That's just me.

[joecool]

Originally Posted by jayden

Meh. I'm more interested in infill and increasing the city's urbanization than design. That's just me.

Yeah, I feel the same way. However, I wish more thought would be put into the design. It seems that a solid glass facade would be cheaper than all the different ugly multi-facade designs, right? Dare to dream I suppose...

[BlueSangha]

Developers need to stop value engineering every project that they propose and do something worthy of their reputations.