GSU Campus Construction (rental, to buy, school)

[arjay57]

Originally Posted by Mishap

The numbers probably didn't work out if the building came out to more than a pittance. They probably could have afforded to swing more but there's plenty of real estate more suited in the area. For all we know they bid $10M and decided $20M was too steep for a 40 yr old building not optimized for what they needed. At least as office space it can create positive cash flow and leasing agents can sign some sweet lease deals when throwing in a full refurb.

It still boggles my mind that an iconic Downtown skyscraper can be had for $30/sf. Industrial property is going for more than that. I read where some guy paid $5 million for a single condo the other day.

[gumboula]

Originally Posted by JPD

Meaning that GSU acquiring Equitable could potentially have been more harmful than helpful to Downtown.

It definitely would have been a wash. And GSU will be taking over Suntrust tower beginning spring 2012. IMO, GSU saw a great deal with Equitable. When it wasn't as much of a deal, they passed. With the Suntrust complex coming online and plans to build on the old MumboJumbo site, GSU has a lot going on already.

[MathmanMathman]

Originally Posted by gtcorndog

Why is everyone doing backflips about the Equitable building. There is a reason why the market rate is so low... no one wanted it. Sure GSU could've bought it for a relatively low price, but how many millions of dollars would it take for them to turn it into usable space? What would GSU use the space for? How practical is a 30+ story school building?

It was supposed to house GSU's College of Business which is fairly large. I don't think GSU would have to do very much to make the space usable as all GSU was after was office space. The building then would have been catty corner to its proposed new Business classroom building. It would have been a perfect fit for GSU.

[JPD]

Originally Posted by MathmanMathman

It was supposed to house GSU's College of Business which is fairly large. I don't think GSU would have to do very much to make the space usable as all GSU was after was office space. The building then would have been catty corner to its proposed new Business classroom building. It would have been a perfect fit for GSU.

Then why did they cheap-out?

[MathmanMathman]

Originally Posted by StAubin

buckhead is importent but i dont really count it as the core, it is more of an edge.

When I came in on the train today, I could see the Buckhead skyline and it's looking more and more like Downtown/Midtown.

It wouldn't surprise me if in the near future, Buckhead decides to split off and be its own city. It sure is looking like one.

And if Downtown makes a big comeback, GSU should think of major second campus. If the plans for Fort Mac fall apart, shoot give GSU that as a second campus.

[MathmanMathman]

Originally Posted by Mishap

Probably would have to do some massive renovations to the first 3-4 of floors to convert them to classroom space and the rest would have to be admin/office space. Classes letting out every hour would be hell on the elevators. Could they use 2-3 floors of escalators?

No, I think they saw the Equitable building as just office and meeting space for faculty, staff, and grad students. Maybe a few classrooms but just a few. GSU has plans to build a new classroom building just for business and another for law.

[MathmanMathman]

Originally Posted by JPD

Then why did they cheap-out?

Don't know. They are building other stuff too and maybe they were spread too thin. Although i think incurring some debt to outbid for it would have been worth it especially with interest rates so low and GSU would have been good for the money.

[MathmanMathman]

Originally Posted by JPD

All colleges are likely to falter if tuition costs continue to rise, and students realize that many of the degrees will get you nothing in the way of employment.

Not state supported schools. They are a bargain. Private schools are more likely to falter.

I'd say if GSU can't afford an extremely inexpensive piece of prime real estate, they might already be faltering.

They are building other stuff too. GSU is solvent but not rich. The BOR have to approve pretty much everything a school does so a state school doesn't go down like Morris Brown.

The APS cheating scandal is definitely going to hurt them, too.

GSU wasn't involved so it's probably alright. If anything, this might lead to greater scrutiny and emphasis on teacher training and certification. They probably should add ethics as well. Now if most of the teachers/administrators are GSU grads, that might hurt.

[MathmanMathman]

Originally Posted by Mishap

Like previously stated, how do you convert a 35 story office tower into classroom space?

You don't. It was to be office space for the College of Business.

It may be prime real estate but it doesn't necessarily align w/ their goals.

Of course it does. Why did GSU buy the SunTrust building just across Woodruff Park? SunTrust was supposed to be for administration and Arts & Sciences. Originally GSU was going to put CoB there but wanted to move them to the Equitable building instead. This messes up GSU's plans.

Turning it into dorms would be pretty steep and probably not work too well.

Right, that's why GSU is converting former hotel space to dorm space. Still stuff to do but it a lot of the needs are already in the building.

GSU is a pretty good value still. It costs less than than GT/UGA which aren't exactly expensive in their own right.

I'm not sure but GSU might be more expensive or at least very close in cost. GSU is classified and funded as a research university.

[MathmanMathman]

Originally Posted by JPD

From here on out, APS students are less likely to have sham test scores. It's probably safe to say that APS students make up a nice chunk of the GSU student body. Many of the kids in APS would not get accepted into ANY college if their actual test scores were on their transcript. Therefore, APS scandal = fewer GSU students = less revenue for GSU.

There is also the SAT or ACT to get past. But even if they "slipped in" with corrupted scores, all a college or university cares about is if you can "cut it" at their university.