ATLANTA | Development Thread VI

[jwbab]

Based on SAP/SPI filings today in Accela, it looks like Peak Campus is planning on developing a multi-block student housing project on Marietta St on both sides of the intersection with Boss St.

The filings were for 806 and 818 Marietta St NW.

[Atlanta3000]

Atlanta Named One of the Top 5 Promising Cities for Commercial Real Estate - Barrons

This city’s support for research and development companies, along with a robust group of technology firms, resulted in a job growth rate last year that was twice the national average of 1.6%, according to the Bureau of Labor Statistics. The net total of new Atlanta jobs during the year ending in April: 87,000. One big reason for the uptick is Coda at Technology Square, which is a 770,000-square foot development that will support data centers and research labs. Investors should build high-end rental housing, which will be in high demand as the new offices fill up with well-paid employees, says Jilliene Helman, CEO and co-founder of RealtyMogul.com. She also believes retail spaces are attractive investments, as discretionary income spikes with the new and high-salary jobs. “There’s a sexiness to these places with a surgent of technology and traditional jobs,” she claims. This year, Atlanta is supposed to have one the largest increases in the number of households compared to other major cities in the country. But timing is crucial: Atlanta was also one of the hardest hit real-estate markets when the recession came last go around.

http://www.barrons.com/articles/prom...ate-1500402753

[Pemgin]

I wonder how it is that CODA succeeded in putting its parking underground and 740 W. Peachtree, right next door and having the same developer, isn't.

[jwbab]

The Avery at Underground Atlanta

Avery

Avery Underground Prestwick I, LP is proposing to develop a $36.7 million, 4-story, 180-unit workforce multi-family development within the heart of Underground Atlanta. 150 units (83%) will be income restricted to households earning 60% AMI or below and 30 units (17%) will be market-rate units targeted at households earning 80%-120% of AMI.

Link: http://www.boarddocs.com/ga/investat...18-17%20vr.pdf

The project is seeking incentives from Invest Atlanta at their meeting tomorrow.

[jwbab]

Medical Arts Building

Medical Arts

Global X Properties, the owner of Medical Arts Building, is proposing to rehabilitate a vacant and dilapidated office building into an 85,000 SF, class A office space targeted toward community-oriented, non-profit organizations, as well as ground-floor retail space. All work will be done per the Secretary of Interior standards for historic preservation. The façade will be fully restored, windows refurbished, all mechanical systems replaced, and structural issues addressed. The project also includes tenant up-fit and renovation of the attached parking garages.

Link: http://www.boarddocs.com/ga/investat...18-17%20vr.pdf

[Dettmann1]

Originally Posted by Pemgin

I wonder how it is that CODA succeeded in putting its parking underground and 740 W. Peachtree, right next door and having the same developer, isn't.

One project is being done for GT, the other is not. Since GT is the stakeholder and they pretty much get to call the shots on the design, etc. I believe that would be the main driver behind the difference as GT can be pretty particular about certain things with their buildings.

[jwbab]

Invest Atlanta is having a busy meeting tomorrow.

Underground Atlanta

Link: http://www.boarddocs.com/ga/investat...7%20vr%202.pdf

WRS Realty, Inc. (“WRS”) recently purchased Underground Atlanta form the City and proposes to redevelop it into a new mixed-use master-planned project, featuring:
• 325,000 square feet of retail (GLA)
o 88,000 sf anchor grocery store
o 115,000 sf junior anchors
o 58,000 sf inline/ground floor
o 64,000 sf renovation of underground Alabama Street into F + B Hall
• 25,230 square feet of office (GLA)
• 3,439 public parking spaces
o 2,189 new structured parking spaces
o 1,250 existing structured parking spaces

Newport South Downtown

Link: http://www.boarddocs.com/ga/investat...18-17%20vr.pdf

Newport Site plan

Newport US RE intends to renovate and adaptively reuse 38 buildings, totaling 410,000 square feet of existing space, in an eight-block area of south downtown into a vibrant mixed-income, mixed-use neighborhood with arts and entertainment.
o 225,128 square feet of retail
o 173,053 square feet of office
o 52 residential units (20% workforce units at 80% AMI)
o 186 structured parking spaces (renovation)

Newport US RE has made additional acquisitions in the area that are not located within the boundaries of the Eastside TAD and, thus, not included as part of this application.

King Memorial

King Memorial

Link: http://www.boarddocs.com/ga/investat...18-17%20vr.pdf

Place Properties is proposing to build a $65 million, 385-unit modular multifamily community adjacent to the MLK MARTA Station in a currently unutilized parking lot. At least 25% of the units will be income-restricted to households earning 80% of AMI or below. The project will also include 414 structured parking spaces (1.08 per unit) and 8,000 square feet of storefront retail. The project will utilize best practices in modular residential construction, an innovative new building technique that has been successfully used in San Jose, CA and Brooklyn, NY.

There are about 24 total items on the agenda. Go Here: http://www.boarddocs.com/ga/investat...ard.nsf/Public and click on the Board of Director's Meeting link for 7-19-17.

[tdawg]

Both The Avery and Medical Arts rehab look fantastic!

[alco89]

Great finds/posts jwbab!

Really excited about the direction downtown is heading!

[jpk1292000]

In contrast to the new Portman proposal, Medical Arts and Avery look fantastic.

[ATLmangum]

In Regards to the Portman design, if you take away the parking podium, it's not that bad. It's unique, not sure what else you expect. In regards to the parking, we all need to move past this...it's like putting lipstick on a pig. All office buildings require parking, esp one that are 30 stories. Not all parking can be underground either. Yes I think they can do a better job of "hiding" it, and it sounds like the will per DRC recommendations. Can we just all be excited another surface lot (now that is a dead zone) will bite the dust.

[Atlriser]

The Avery is unique but Portman is awful? I'm sorry but I don't see ANYTHING unique about the Avery and Portman looks as fine if not better than any other 30 story spec office tower built today in any city around the world. I just don't see what some on here complain versus praise?!

[scania]

Originally Posted by ATLmangum

In Regards to the Portman design, if you take away the parking podium, it's not that bad. It's unique, not sure what else you expect. In regards to the parking, we all need to move past this...it's like putting lipstick on a pig. All office buildings require parking, esp one that are 30 stories. Not all parking can be underground either. Yes I think they can do a better job of "hiding" it, and it sounds like the will per DRC recommendations. Can we just all be excited another surface lot (now that is a dead zone) will bite the dust.

Agreed. I think overall, the Portman design will look great in person.

[RocketSurgeon]

I like that Portman design--much better than Coda started out--but as I've said before I'm probably the only one here who likes brutalism, which it's obviously influenced by

We're not getting taller towers in Midtown because Midtown has density restrictions. Those kinds of projects won't happen until Downtown makes a comeback.

[montydawg]

Originally Posted by jwbab

The Avery at Underground Atlanta

Avery



Link: http://www.boarddocs.com/ga/investat...18-17%20vr.pdf

The project is seeking incentives from Invest Atlanta at their meeting tomorrow.

Based on the rendering above, assuming the background is correct, it appears they are developing a chunk of the WRS underground project right over the railroad tracks. Since parking can't be built under this building (MARTA and CSX underneath) this shows that at least some of the above-ground parking that WRS proposed went away or moved somewhere else. I hope this does not mean that the WRS/N9 vision is not being watered down. Below is what I interpret this building as seen in the WRS rendering. I don't believe this fills the whole block since the existing underground sculpture that was along central ave is visible in the rendering above.

[joecool]

Originally Posted by Atlriser

The Avery is unique but Portman is awful? I'm sorry but I don't see ANYTHING unique about the Avery and Portman looks as fine if not better than any other 30 story spec office tower built today in any city around the world. I just don't see what some on here complain versus praise?!

Agree! Avery is basic and cheap looking. Portman design is not that bad.

[alco89]

Originally Posted by Atlriser

The Avery is unique but Portman is awful? I'm sorry but I don't see ANYTHING unique about the Avery and Portman looks as fine if not better than any other 30 story spec office tower built today in any city around the world. I just don't see what some on here complain versus praise?!

Nobody said Avery is unique.......

But at any rate, the Portman building is very squat with it's massing. That's why I'm not a fan of it.

[Ant131531]

Originally Posted by RocketSurgeon

I like that Portman design--much better than Coda started out--but as I've said before I'm probably the only one here who likes brutalism, which it's obviously influenced by

We're not getting taller towers in Midtown because Midtown has density restrictions. Those kinds of projects won't happen until Downtown makes a comeback.

I don't understand why Midtown has density restrictions....it's on a grid, against a major highway, has 4 MARTA rail stations, and it's already dense...makes no sense. Logically, it's the perfect or 2nd most logical place in the entire region to put the highest density projects at.

[Hokiehaven]

Originally Posted by alco89

Nobody said Avery is unique.......

But at any rate, the Portman building is very squat with it's massing. That's why I'm not a fan of it.

Agreed on Portman, Avery is infill, I can be okay with that for the street presence which seems to be all around it and of course getting housing, no building should be less than like 6 stories downtown, so that fits that too.

Love what is seen of the Medical Arts so far, want to know what else they are doing around it, can't tell much from the pic.

[RocketSurgeon]

Originally Posted by Ant131531

I don't understand why Midtown has density restrictions....it's on a grid, against a major highway, has 4 MARTA rail stations, and it's already dense...makes no sense. Logically, it's the perfect or 2nd most logically place in the entire region to put the highest density projects at.

It makes perfect sense--Downtown is the planned core of the city, not Midtown. The restrictions are much looser there, and that limits what can be allowed in Midtown since they share the same roads, utilities, services, etc.