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smeagolsfree

The SoBro | 32 stories 345 ft | 3rd & Demonbreun

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they still need to acquire a piece of property on both sites they are looking to develop. That small detail has not been accomplished and there are those who say it may not.

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Thanks for info, producer. Do you know which pieces of property still need to be obtained? There looks to be only a couple of buildings left on that block from Google Maps. It looks like there is a bar called The Place on the 2nd Avenue side and a small building at the corner of 3rd and Demonbreun. Are those the ones at issue?

Edited by ariesjow

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Nashrugger,

I hope this project works, I think there is a market for it. But the financing will be difficult. This is a very upscale project that will require lots of equity and lots of debt. Arranging all that takes lots of time in the current environment, especially in a market where urban living is in its infancy in a lot of ways. Even little projects take lots of time to get the financing lined up.

Again, it appears he has a partner going into this, a partner that developed nearly all the residential towers on the north side of Millennium Park. All of thsoe are a massive success and makes me wonder if this project goes through and is successful that they may pursue more in SoBro.

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I liked the base, and the slenderness, of the old design, but this one will have 18,000 sq feet of retail space on the ground floor so it should be activating the street. Plus by my count it has 70 more units. I think the parking structure looks too much like that of the Pinnacle. I just hope they break ground soon.

If the project is adding that many units, I can think it's only a good sign. Adding, rather than scaling back, that is.

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One parcel is the small yellow brick building, and the other is a sliver of asphalt as I recall. Tony had this issue when the gold and silver shop moved into its current building. Tony eventually got the cinder block parcel next to his Encore building.

Yes, Tony will have a partner. Very few projects of this type have a sole developer anymore. Many years ago when David K worked with Tony, a 35 story tower was envisioned here by Tony as well. That building was to have 10 stories of above ground parking and 15 stories of residential units. David told us (Myself and WW) of the plans, but they got scrapped sometime in 2008.

That yellow brick building was owned by a firm out of Franklin as I recall. The rendering was in the window for years and has since been cancelled, however that corner is such a valuable corner, Tony may have to pay quite handsomely for it.

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The project will be successful and a lot of it will be based on success of hotel development and the MCC. Corporate clients will rent these units out and fast. The wait has a lot to do with the following reasons:

1) The market based on who is elected in the fall.

2) The worldwide steel shortage.

3) Leed Certification.

4) Rental capacity. In other words, the rental trends in tier 2 and tier 3 cities.

5) The Medical Mart and possible tenants that could live in The Sobro.

6) Interest rates due to the recession in Europe.

There are many factors, but I believe this project will break ground before his hotel and 505CST, I just think this tower will take longer to build due to complexities in the design. He will want to break ground before winter as to prevent weather related problems. Remember, Sobro is part of black bottoms and the Pinnacle had extra costs associated with it such as ground water removal, removal of old early 19th century sewer lines, and the installation of a slurry wall to hold back loose soil and rock. Luckily they did not have to do that with the Hyatt, but they did with the Omni. (The slurry wall is the wall that looks like stacked railroad ties around the perimeter of the hole.)

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There is a corner building at 3rd and Demonbreun which he has not obtained yet on the proposed SOBRO site. It will cost him a lot. Last word was close to $800k or more. Also word is that he and the coin shop do not see eye to eye. Just sayin, could be a mute point but there have been plenty of folks interested in partnering at the hotel site and nothing has happened so far. That is the most desirable of the two lots for development given the current scenarios in SOBRO.

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Last word was close to $800k or more.

That'll be a nice payday. That piece of property was purchased in 2006 for $300,000, and before that was purchased for $120,000 in 2003.

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Hmm I like 'em both...can we get both?! :lol: I like the tall sleekness of the older one and also its base looks more "active." I do like the curvy-ness of the new rendering.

Edited by timmay143

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Friends,

I have various reasons to be optimistic about this project and the Magellan partnership is one. As you all know, Tony is being very discrete with his dealings with the local media — and has been so for more than a year now. As such, I am not at liberty to talk in detail. Suffice to say the wheels are turning on SoBro.

WW

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Just a little FYI.... TG and the gang were checking to see what they have under the blacktop. There was core drilling on site yesterday morning. Drilling was taking place on his surface lot at the corner of 2nd and Demonbreaun around 8:45 a.m. (Thursday)

I am not sure if they were finishing up so the lot could be used for the day, or if they were just getting started.

.

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That'll be a nice payday. That piece of property was purchased in 2006 for $300,000, and before that was purchased for $120,000 in 2003.

Agreed. I checked into it about a year ago for another project and was told the asking price was $675,000. It keeps going up!

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Hang on, is the little scary nightclub that keep reopening under different names going away or not? It appears in the old rendering but not in the new rendering. I'd love to see that one go. As much as entertainment venues are part of downtown's fabric, we can spare this one. And this is another building that is not historical or worth saving.

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It's vacant now and up for sale. I think based upon the new rendering that they want this entire block and have a feeling the elevation we're looking at is from the southeast. If it is then obviously that means all those balconies are facing the river. I'd prefer a north or west view, central skyline or western horizon beats the river with the metal scrap plant.

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i dont think the building is for sale but rather for lease. It is owned by C. B. Ragland and not Tony. I think they will retain that and the other property they own in the immediate area.

Edited by producer2

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It is available for Lease. 6,700 +/- square feet. Debatable whether or not it is worthy of preservation or conversion to a parking lot. With all of the bar stuff stripped out, the building has high ceilings, gorgeous interior brick and a handsome wood ceiling. Some of the original wood columns remain. Conversion to a restuant could be intersting. The interior shell of the building could easily be adapted to a design similar to this: ... The floor plan is similar. It will not be another "club." This building and the corner of 3rd and Demonbreun are not a part of Tony's development.

See the link for "Public" from AvroKo if link above is inactive.

Edited by hayesmw
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