ATLANTA | Development Thread VI

[Street Advocate]

Originally Posted by Atlanta3000

Vid provided by 3000

Oh man a rooftop bar and pool (kinda)! I hope the bar is open to the public

@jwbab, I agree, 18 stories is REALLY tall for the area! That's at king plow & terminal west, right? It's about a 0.7 mile walk from both North Ave (future streetcar) and Northside Drive (intersection with the proposed storage facility, woohoo!! ), but also closer proximity to the BeltLine walking trail. I cannot recall if the proposed BeltLine transit along this corridor is next to the walking trail or closer to Bankhead station & reservoir park.

[jwbab]

Originally Posted by Street Advocate

Oh man a rooftop bar and pool (kinda)! I hope the bar is open to the public

@jwbab, I agree, 18 stories is REALLY tall for the area! That's at king plow & terminal west, right? It's about a 0.7 mile walk from both North Ave (future streetcar) and Northside Drive (intersection with the proposed storage facility, woohoo!! ), but also closer proximity to the BeltLine walking trail. I cannot recall if the proposed BeltLine transit along this corridor is next to the walking trail or closer to Bankhead station & reservoir park.

Yes, it is the same parcel as King Plow and Terminal West, but the GIS maps show the parcel is quite large (~8 acres) extending from King Plow all the way down to the railroad bridge on West Marietta. It's unclear where exactly in those 8 acres the tower would go.

I have seen so many conflicting alignments of the Beltline in this area. Has the trail and transit alignment been finalized through here?

[Street Advocate]

Jwbab with a good find from another thread. I dug a bit more and found some site layouts and additonal images of the future towers. There's also a 3rd pdf that I did not list that was updated as recently as 7/13/2017 by P&W.

Originally Posted by jwbab

This image shows what the base of the two additional towers would look like. Still have to speculate on their height. I think its a good bet that at least one of them will have a hotel component.



Source: http://www.colliers.com/en-us/atlant...412/opus-place

Whoah two hulking white/clean/pristine towers there would be really awesome. Considering the width of each base, they appear to be pretty large proposals.

The PDF's on the right give it away, a hotel and condo! 200+ future condos (along 14th st, appears to be pretty massive) and 200 key future hotel (northernmost tower, thinner width than the other two towers, likely shorter).
http://listingsprod.blob.core.window...3-5878d9d1cf92

More photos in this PDF:
http://listingsprod.blob.core.window...f-4e96ebd4a1f1

[jayden]

Opus really will be a nice addition to the Midtown skyline even if it is shorter than originally planned. It along with the Selig development will bring some good density to the area.

[Libertarian]

Who is financing it?

[daharris80]

Originally Posted by Street Advocate

Oh man a rooftop bar and pool (kinda)! I hope the bar is open to the public

Looks like it will be a private club - http://opusplaceatlanta.com/the-opus...-the-opus-club

Originally Posted by Libertarian

Who is financing it?

According to a security deed recorded on June 22, 2017, Terra Property Trust, Inc. provided $24.5 million in financing. That may or may not be some part of the the construction loan or just paying off the initial purchase financing but since the land was initially purchased by the owner in 2014 for $22 million it shows some movement in the financing, Anyway, that's the most recent financing information available in the deed books.

[Libertarian]

That's asset-based financing, using the land as collateral. It likely just removes any skin they had in the game. Have they secured a construction loan? As they don't have a substantial track record it will be interesting to see who's their "believer."

[daharris80]

Originally Posted by Libertarian

That's asset-based financing, using the land as collateral. It likely just removes any skin they had in the game. Have they secured a construction loan? As they don't have a substantial track record it will be interesting to see who's their "believer."

Nothing filed yet. If they're getting a bond to help with financing the next thing we'll see is the real estate transfer to the city/county as part of the bonds for title program. That hasn't occurred yet.

Edit: I should say "It hasn't been recorded and indexed yet." There's a lag of about two weeks on the real estate recordings from when they are received by the county until indexed, scanned and available to view online. There certainly could already have been a closing on a construction loan, modification to an existing financing, etc...

[GeorgiaPeanuts]

http://images1.loopnet.com/d2/o2ZSlz...8/document.pdf

Cornerstone Medical Building has a new flyer out with updated renders

[Pemgin]

It was reported a while back that they plan to self finance Opus.

Of course, the usual suspect is here to throw a wet blanket on what's clearly forward progress for the project.

[Libertarian]

Don't you see a problem with getting government bonding guarantee for a purportedly luxury condo project while at the same time there's a dearth of money for low and moderate income housing in the city?

[daharris80]

Originally Posted by Libertarian

Don't you see a problem with getting government bonding guarantee for a purportedly luxury condo project while at the same time there's a dearth of money for low and moderate income housing in the city?

The net amount of tax the government will receive from this property after the development is completed and units sold will be more than it is now. That net increase in tax rolls can be used anyway the government officials decide, including subsidizing low and moderate income housing.

This property may not even be part of the bonds for title program. In my earlier message I was only stating that if it was part of such a program we will see the deed hit the property records before construction begins.

[Libertarian]

I hope you're right, that it will not be subsidized.

[Libertarian]

Using Atlanta bonded capacity (read taxpayer assets) to subsidize a New York greenhorn real estate developer with no money in the game. Yeah that makes a lot of sense. Sounds like a Trump mode of operation, except at least Trump as a real estate developer is experienced.
Let's hope this is an academic discussion!

[Pemgin]

Is that what's actually happening with this project, or is it your wishful thinking?

[Libertarian]

I think nothing. Just a paranoid fear..
Let's hope there's no "old friend" in City Hall.
Guess I know too much history of NY and Atlanta.

[RocketSurgeon]

Opus should add at least $500 million to the value of that property. Bonds could be a great investment if they meant the difference between Opus being built and that land staying vacant for another several years. I've never heard anything about the city being involved though, where did you get that idea?

[Libertarian]

It's just a conspiracy theory of mine. Probably never happen. But still I'm wondering who's lending the money.

[RocketSurgeon]

Unless something has changed, there will be no lender for the construction. The developer said they're financing it themselves.

[Libertarian]

Maybe I missed something. Is there a new owner/developer?