[QUOTE=Dettmann1;7927913]
Quote:
Originally Posted by Atlanta3000
D-Mann - I think you are significantly under selling this area. Given Summerhill's proximity to Downtown, airport, GWCC, universities, highway, skyline view and relative closeness to MARTA many corporation and wealthy urban dwellers would find this area desirable if the development is designed appropriately.
Why do you find it unimaginable for a Summerhill developer to get a loan for a mid-rise/high-rise office, hotel, apartment or condo when developers are getting loans in less desirable areas of Atlanta (Westside, Underground, South Downtown - Newport). I did a quick search on Zillow and was pleasantly surprised at the prices homes are selling for pre-gentrification. The median home price in Atlanta is $230K. As you can see below, Summerhill homes are at or significantly above the median home price.
Why do you feel the size of the existing stock of buildings, homes and apartments in Summerhill should limit or dictate the size of the future development? I live in a single family house and my yard backs to Park Regency (22 story condo) and I live in frickin' Buckhead. Why do you think Summerhill's density should be less than other areas of Atlanta?
Your again picking specific cases that have special cases. Do you know how long it took for Westside to gain momentum? Or how about South Downtown, which as of right now is just a "paper redevelopment". Westside took the redevelopment of Atlantic Station and 5-10 years plus after that to get to where it is now which is in a full development swing and still continues to have non-urban development (Cookout and chick-fil-a come to mind). It helps that GT bought up a bunch of the southern property between Coke and GT as well and cleaned up that area (GT has much much deeper pockets than GSU has to do things like that as well, plus a well funded endowment run by a bunch of really bright RE and PE folks).
Underground is also at this point a "paper redevelopment". I can't tell you the number of times I've witnessed projects be announced only to fade due to Mistiming etc. (The redevelopment of City Hall East was talked about when I moved here in 2003-4. It didn't come to fruition until much later).
The land values you cite aren't all that high compared to Atlanta as a whole. Midtown/Piedmont park are much higher and even then you only see highrises in select areas where companies can justify a $2+ per SF rent number. You can't get that in an area south of downtown at this point, not by a longshot even with Higher Ed Money.
As I said, the Summerhill proposal is a start. They are proposing the right things to start to create density and character: Using existing buildings, street fronting new buildings and placing parking at the rear/internal to the blocks. I'd view those as wins and the potential start to a much more urban fabric the further north and west you go in the Turner field redevelopment.
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This is my last response on this subject so we don't highjack this thread.
In my opinion Gwinnett, Cobb, Sandy Springs and Alpharetta are more ambitious with their expectations of developments and developers than you feel we should with GA State and Carter. Not to mention, GA State and Carter fleecing the COA taxpayers to sell them 72 acres @ $30 Million with a full court PR spread detailing a dense mixed-use urban development with green roofs and a f'en blimp hovering over the horizon. Honestly I feel sad and quite frankly disturbed you or anyone else is fine with this.
I'm out.....