ATLANTA | Construction Thread V

[cabasse]

quite a surprise to find that perimeter has the highest vacancy rate, in spite of how much space has been added in midtown. (buckhead too)

seems our most centralized districts have again become the most valuable.

[atl2phx]

Originally Posted by cabasse

quite a surprise to find that perimeter has the highest vacancy rate, in spite of how much space has been added in midtown. (buckhead too)

seems our most centralized districts have again become the most valuable.

that is a bit surprising. i would have guessed overall vacancy to be around 25% by now.

one thing is for sure....the CBD wouldn't have fared as well without cousins leasing a large chunk of 191 and suntrust taking more space in peachtree center. i also assume the trade marts are relatively healthy and the government sectors help keep downtown fairly stable.

from a end of year numbers perspective, buckhead comes out looking better than reality simply because two large buildings that don't come online until 2010. i bet the buckhead submarket ends '10 with a higher vacancy rate than '09.

[Pessimistic Observer]

Originally Posted by atl2phx

i bet the buckhead submarket ends '10 with a higher vacancy rate than '09.

if your wrong expect me to make fun of you this time next year

[atl2phx]

Originally Posted by Pessimistic Observer

if your wrong expect me to make fun of you this time next year

lol, well yeah....i hope i am wrong.

another thing.....it would be nice to see organic growth or relo's take big chunks of space in buckhead rather than pulling tenants from midtown and downtown.

on a related note....i suppose india's wipro has reversed their decision to build out a huge operation in buckhead....i haven't heard anything about them for some time.

[cybele]

Originally Posted by atl2phx

on a related note....i suppose india's wipro has reversed their decision to build out a huge operation in buckhead....i haven't heard anything about them for some time.

Well I have seen where they are apparently still doing it but who knows?

Wipro Expands Again, Continues Hiring Spree in Atlanta

It also seems like 2010 would be a good time for Apple to get cracking on that store in the Magnificent Mile. They are making a fortune and already have them all over the city so why not put one where the demand is greatest?

I honestly don't understand what the delay is all about. (A) It couldn't cost all that much to build one since you just need some counters and such. (B) You are going to sell everything in there anyway so it shouldn't be that much to stock it. (C) You could probably cut a great deal with the landlords.

[skapunkskatedude]

Originally Posted by cybele

It also seems like 2010 would be a good time for Apple to get cracking on that store in the Magnificent Mile. They are making a fortune and already have them all over the city so why not put one where the demand is greatest?

All over the city? I believe the only one within the city limits is at Lenox.

[ATL_sKyHigh]

One of Buckhead’s most prominent new developments — the Mansion on Peachtree — could be heading back to the lender.

Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5.

http://www.bizjournals.com/atlanta/s...581200^2659491

[briantech]

Originally Posted by ATL_sKyHigh

One of Buckhead’s most prominent new developments — the Mansion on Peachtree — could be heading back to the lender.

Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5.

http://www.bizjournals.com/atlanta/s...581200^2659491

Daym... the entire building?

[sevensixtwo]

Originally Posted by briantech

Daym... the entire building?

Thats what happens you don't put luxury finishes on a luxury building. LMMFAO! Haha stupid.

[A-town]

The Mansion had it coming, it's not good when forumers on a skyscraper forum can't find anything god to say about your building. Selling multi-million dollar shells, who dumb idea was this when Sovereign is just right down the street. This was a project where greed took hold and the developers wanted something for nothing. The building architecturally could've came out better if it had been built out like the original plans called for. Instead the developers used cheap finishes on the Craft portion of the building and the crown to cut cost. Another thing is that this architectural style is better suited for Downtown or Midtown, not Buckhead. When taking into consideration the Mansions placement on Peachtree Street overlooking Downtown, the building should've been all glass to take better advantage of the views. The only reason most people would spend millions to live in such buildings are for the views. The Mansions wasn't trying to sell the views as much as they were trying to sell luxury. Big mistake considering their locations, the St. Regis sells luxury not the views, but look at it's location. Even Novare realized this and is the reason they placed more emphasis on the views and not so much the interior, it worked, as they've been successful at selling most of the units. The Mansion was design by a New York firm that knew nothing about Atlanta and as a result built with a New York frame of mind. It's very hard to get a place in New York with unobstructed views so developers focus more on the inside rather than the outside. This approach works in a dense city like New York, but not Buckhead were there are few buildings. What's the purpose of being situated on a plot of land with unobstructed views if the building doesn't make full use of it with floor to ceiling glass walls? The Mansion on Peachtree was a good concept, just poorly executed.

[cybele]

Well from what I've seen the building is fine but you don't have that many people in the city who are willing and/or able to shell out several million for a condo right now. Their timing was pretty terrible -- just as that thing hit the market the bottom fell out. Aren't most of the ultra high end condos in Atlanta dead in the water (or they just never got out of the ground)?

[atl2phx]

Originally Posted by cybele

Well from what I've seen the building is fine but you don't have that many people in the city who are willing and/or able to shell out several million for a condo right now. Their timing was pretty terrible -- just as that thing hit the market the bottom fell out. Aren't most of the ultra high end condos in Atlanta dead in the water (or they just never got out of the ground)?

you nailed it. it's about timing, tight capital and the resulting lack of buyers.

the building itself is undeniably luxurious. the crown excluded, the exterior finishes are supurb. the interior finishes in most common areas are top notch....if you haven't already, take a walk through the place sometime.

as for building the condo's as shells.......that was a smart move then and it still would be today. buyers who drop $1MM plus for a home in a building like this typically want to personalize the space by choosing what matches their preferences from a palate of options.

there's nothing wrong with a robert stern design in buckhead, in fact, this desing is MORE in line with the historical buckhead architectural legacy defined by neil reid, shutze, means, etc...........way more than sovereign (which i love too).

[A-town]

I could understand the penthouses being sold as shells, but the lower levels should've been built out. It takes a lot of the guessing work out. As far as the architectural style goes, there's nothing wrong with classical so long as you have floor to ceiling windows around. People drop millions on Buckhead condos for the view. Yes, the interior finishes are top notch, but they've could've did a better job with the Craft portion of the property and the crown. The time may have been off a little, but Sovereign which is in the same price range sold most of it's units, there's no excuses for selling only five unites.

[sabino86]

So much hate for The Mansion here. Ouch...

[ATLaffinity]

I really like the look of Mansion.

The last thing Buckhead needed was a green glass building there.

I agree that the Craft building looks more like a self-storage building than anything else.

[sevensixtwo]

Originally Posted by atl2phx

the crown excluded, the exterior finishes are supurb.

The crown and the lighting are where the luxury comes into the facade. Every building built in the last 20 years is covered with some kind of nice material. The Mansion's crown AND lighting both blow total ass.

[sevensixtwo]

Originally Posted by A-town

Even Novare realized this

Viewpoint 70% sold. Pretty good considering.

[cybele]

Originally Posted by sevensixtwo

Viewpoint 70% sold. Pretty good considering.

Well that's kind of a different price point though. The last I read that big Novare thing (I forget what it was called) at Atlantic Station was 0% sold.

[micropundit]

It looks like the Hotel Indigo in the former Carnegie Building will open in June.
http://www.ichotelsgroup.com/h/d/in/...otelCode=ATLIN

[briantech]

Originally Posted by cybele

Well that's kind of a different price point though. The last I read that big Novare thing (I forget what it was called) at Atlantic Station was 0% sold.

The Atlantic?