Application Submitted for New Midtown Mixed-Use Tower

[Mishap]

Originally Posted by tonygeorgia

I'm surprised this project is in South Midtown. I thought most the growth would be between 6th and 14th streets. I wish they would build more "regular" apartment towers instead of all luxury apartment towers to balance everything out

There are plenty of low-rise and more modest/older buildings around. Economics-wise it makes more sense to aim high and let rents slowly erode as the building ages. No sense in hitting the middle and letting the place become a slum before you renovate if you're pouring millions into a project. Building in higher end finishes on a brand new building lets you get a premium w/o too much added cost...if you're in $500 for a range...stainless is only $100 more. Also, there's a lot more higher income people renting for longer now that housing is a mess...that means you have a bit more breathing room for high rents before they switch to buying.

There's only a few lots between 6th and 14th left at this point (7th-8th and south end of 6th on Peachtree itself. Not sure of land costs but I don't think it'd be cheap to raze the Bulldog's block for mid-tier apartments. Given there's highrises on both sides, it'd have to be a monster project to get any actual views of downtown from there.

[belleislerunner]

I think it's funny that the materials (PDF) for the sale are recently done but choose to rely on a 2008 appraisal for the value of the property. Housing crash earmuffs...

[J2rescue]

Originally Posted by tonygeorgia

Anybody think they will build any highrise apartments that aren't luxury?

Its not possible to do anything but "luxury" rentals in a highrise due to the cost to build a highrise. But even the new mid-rise apartments get higher than average rents because they are new and usually in desired areas.

[tikigod311]

Originally Posted by arjay57

This will take good advantage of the South Midtown Pedestrian & Circulation Improvement Project.

http://www.midtownalliance.org/South%20Midtown%20Pedesterian%20and%20Circulation% 20Plan%20(LH).pdf

Very nice. Did not know this was going on. Its little things like this, attention to detail, that will keep Atlanta a great city. LOVE IT

[Mutiny77]

Originally Posted by Mishap

Are they keeping the I.M. Pei building? It's not exactly beautiful but it's one the first buildings attributed to him so I'd think it qualifies for preservation. Doing the math, it sounds like there's not a ton of room to bring in 285 apts w/ parking. I'd think it'd have to be 15-20 stories w/ parking podium in that ~2 acres. The renderings in the brochure showed towers over the Pei building.

I agree; the Pei building should definitely be incorporated into the overall development somehow, just because of who designed it.

Nice development, but I could never stay there; being that close to Mary Mac's wouldn't be good for me.