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Midtown Atlanta District Developments


ironchapman

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The Atlanta Biz Chronicle reported today that John Wieland has postponed the development of One Museum Place until the market looks better. Dammit! :angry: Since there are so many condos built and going up, they are being smart by not adding to the supply, but I was really looking forward to this building...

I was looking forward to this one as well especiallly since it would aid the growing arts district in that part of the city. On the other hand, it does make sense given the volatility in the credit markets and the TON of condos that will be delivered in 2008, including the luxury segment. It may be a while before we see another pure condo project break ground and that's probably for the best. With OMP postponed, One Cityplace, Trump towers, and Aquarius are the only remaining projects that are doing pre-construction sales.

In other news...

-It looks like the rumored big box development near Atlantic Station is moving forward. The developer is scheduled present plans to the neighborhood association next week.

-Campanile (corner of Peachtree and 14th) is the latest office building with new ownership that is planning to reposition the street level for retail space. 999 Peachtree and Colony Square are the others and all three owners have experience with street level retail at projects in other cities.

Edited by Martinman
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I'm not aware of this development - where is it and what does it consist of?

The porperty is currently owned by GT and they are involved. The property is bounded by 14th , 16th, Mecaslin and Hemphill. If you zoom in on the Atlantic webcam you can see the part that borders AS...its the lawn area to the left of the aparments near IKEA.

what does it consist of?
:dontknow:

Until now its been just a rumor. Costco and Home Depot have been mentioned as possibilities.

Edited by Martinman
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^^Martinman probably knows more detail, but as far as I know it is still owned by Dewberry Capital who had plans for a development called Midtown Square several years ago that never went through. They still own the land but have not made any sort of moves on it development wise, instead concentrating on their office development further up Peachtree.

I agree - that land has to be one of the most coveted pieces of real estate in the city and it is a blight of surface parking right now.

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^^Martinman probably knows more detail, but as far as I know it is still owned by Dewberry Capital who had plans for a development called Midtown Square several years ago that never went through. They still own the land but have not made any sort of moves on it development wise, instead concentrating on their office development further up Peachtree.

I agree - that land has to be one of the most coveted pieces of real estate in the city and it is a blight of surface parking right now.

How can the owner afford to hold on to a piece of property like that w/o maximizing usage and profits? I mean, the property taxes must be killing them, no?

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How can the owner afford to hold on to a piece of property like that w/o maximizing usage and profits? I mean, the property taxes must be killing them, no?

One would think, unless they're offsetting it by collecting rent from Jocks and Jills and the Thai restaurant, and then collecting a commission from the parking revenue. Even then I wouldn't think it would be enough to do any more than break even.

I remember an article from a long while back in which Dewberry insisted that he was holding out for a development that would be "perfect" for the property and maximize its benefits to the area.

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How can the owner afford to hold on to a piece of property like that w/o maximizing usage and profits? I mean, the property taxes must be killing them, no?

Which is worse; property taxes with some income producing tenants, or eliminating all income for two years and spending millions on construction for condos or office/retail where the market cannot support the additional supply?

The last Midtown Alliance development tour from Aug. 28, 2007 has Dewberry's Midtown Square as a 2010 construction start for delivery in 2012. The program for the project listed there is:

  • 1.2 million SF of office
  • 225 hotel rooms
  • 320 residential units
  • 150,000 SF of retail

As much as we'd like to see something built, that's probably appropriate timing given the current economy and the surpluses in the condo and office markets. Also, by 2010, they'll have real performance from the Viewpoint and 12th & Mid. retail to justify/market the retail in their project.

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Which is worse; property taxes with some income producing tenants, or eliminating all income for two years and spending millions on construction for condos or office/retail where the market cannot support the additional supply?

The last Midtown Alliance development tour from Aug. 28, 2007 has Dewberry's Midtown Square as a 2010 construction start for delivery in 2012. The program for the project listed there is:

  • 1.2 million SF of office
  • 225 hotel rooms
  • 320 residential units
  • 150,000 SF of retail

As much as we'd like to see something built, that's probably appropriate timing given the current economy and the surpluses in the condo and office markets. Also, by 2010, they'll have real performance from the Viewpoint and 12th & Mid. retail to justify/market the retail in their project.

Thanks for the link to the tour...looks like a lot of projects will come online in the next couple of years. Speaking of MA, anyone going to the meeting next week (Dec 4)?

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Which is worse; property taxes with some income producing tenants, or eliminating all income for two years and spending millions on construction for condos or office/retail where the market cannot support the additional supply?

As much as we'd like to see something built, that's probably appropriate timing given the current economy and the surpluses in the condo and office markets. Also, by 2010, they'll have real performance from the Viewpoint and 12th & Mid. retail to justify/market the retail in their project.

On the other hand, they bought that property early this decade... well before the current market conditions and I'm certain other developers have approached them about at least part of the site. At any rate, whatever they have planned is not likely to happen anytime soon.

Elsewhere...

A rumor that has Midtowners buzzing it that Apple is planning a 2-level store at 12th & Midtown. This is according to an employee at the Lenox location.

Edited by Martinman
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Elsewhere...

A rumor that has Midtowners buzzing it that Apple is planning a 2-level store at 12th & Midtown. This is according to an employee at the Lenox location.

I mentioned a few weeks ago I'd love to see a flagship Apple Store in Midtown (actually in a comment about it anchoring the corner of the 10th and P'tree Dewberry project) I think Midtown is right down the strike zone of the Apple target demographic, not too mention the proximity to GATech and the student population there.

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Does someone have a list of everything that is currently underconstruction in midtown and downtown? I am curious to see how many projects are going on right now.

Actually, I've been toying with building a web resource for this; would that be of interest to anyone else?

Edited by j.midtown
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  • 2 weeks later...

Does anyone know if development is planned for the block between 10th/11th and P'Tree/Juniper? It seems like so much is going on in that corridor yet that particular block remains run down and underutilized...any info?

An update on this in next weeks ABC, the former owner of Vision nightclub wants to open a new night club in the existing building at the corner of P'Tree and 11th. The club would be 10k sq. ft. and there would be a 5k sq. ft. restaurant attached. Sounds like Dewberry isn't planning anything for a while.

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An update on this in next weeks ABC, the former owner of Vision nightclub wants to open a new night club in the existing building at the corner of P'Tree and 11th. The club would be 10k sq. ft. and there would be a 5k sq. ft. restaurant attached. Sounds like Dewberry isn't planning anything for a while.

Not good news for that block or for Midtown. I imagine this will be positioned, like Vision was, to appeal to the hip-hop cruiser crowd which does not exactly make for pleasant nightlife.

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Question - I was reading about the Rio shopping center in an architecture book and I was wondering where it is/was located...somewhere in Midtown supposedly

It was located at the SE corner of North Ave. & Piedmont, where Publix & Walgreens are now.

I wish I had taken pictures of it, it was a pretty cool place when it opened.

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