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Old 05-19-2016, 12:23 PM
 
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The thing I keep thinking about is the value of this land swap. Is this small half-a-block (basically a) surface parking lot in downtown really worth the same as a 18-hole golf course in Buckhead? Maybe if the course was way out in the boonies, but land in Buckhead is not cheap. Anyone know in more detail how the value of these two parcels compares? Or is CoA maybe getting more than just this parking lot such as the old World of Coke site as part of the land swap?
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Old 05-19-2016, 12:27 PM
 
Location: Savannah GA
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Quote:
Originally Posted by flamadiddle View Post
You'll have to ask the guy driving the blue car with no plates.
You mean the blue car about to drive right into that girl stepping off the sidewalk in front of him? I predict a hit and run. Not good for the image of struggling Undergroud IMO.
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Old 05-19-2016, 12:58 PM
 
Location: Prescott, AZ
5,401 posts, read 2,726,205 times
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Quote:
Originally Posted by jsvh View Post
The thing I keep thinking about is the value of this land swap. Is this small half-a-block (basically a) surface parking lot in downtown really worth the same as a 18-hole golf course in Buckhead? Maybe if the course was way out in the boonies, but land in Buckhead is not cheap. Anyone know in more detail how the value of these two parcels compares? Or is CoA maybe getting more than just this parking lot such as the old World of Coke site as part of the land swap?
I mean, the land is valuable sure, but if you can't, and have no interest in liquidating that value, then really it's only as good as what you can do with it.

The state has no interest in offloading the property, and will be doing a series of upgrades and renovations, potentially setting it up as a state university golf training center in addition to the public nature of the course.

CoA, on the other hand, gets to fill in an open sore in its downtown fabric. The city wasn't likely to get much out of the course in the long run, but UA can become a vibrant, and tax producing part of the city.
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Old 05-20-2016, 04:21 PM
 
Location: atlanta
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what are the specifics here? which parking deck is being bought?
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Old 05-20-2016, 07:18 PM
 
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Originally Posted by bryantm3 View Post
what are the specifics here? which parking deck is being bought?
As I understand it, the main one is the parking lot bound by Pryor. Wall, and Central.

There is also a garage at Central at MLK. But that already says Underground on the side so I assume it is under the same ownership.
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Old 05-26-2016, 05:23 PM
 
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City, state prepare Bobby Jones/Underground Atlanta property deals | Atlanta News & Opinion Blog | Fresh Loaf | Creative Loafing Atlanta

Quote:
Reed also told the committee that appraisers value the golf course at about $12.7 million and the parking deck land at about $10.85 million. He said WRS, Underground's South Carolina-based buyer, would pay the difference between the two, not the city.
Shouldn't the state be paying the ~$2M difference since they are getting the more valuable end of the trade?

Quote:
Reed told the city council's Finance/Executive Committee that the grocery store lined up for the site wanted more parking, and that the residential component of the build is now larger than when council first heard of it.
I hope this developer is being smart an minimizing the parking. Parking is a poor long-term investment right now, especailly in the middle of downtown next to transit. However, the more residential the better.

Quote:
The Finance/Executive Committee voted to send the land-swap legislation to the full council "without recommendation" to the full city council, which is expected to take up the issue on June 6.
Quote:
He said getting the parking lot "will help make possible the Underground transaction thats been on hold for about nine months. Every other element of the deal is in place."
Quote:
Councilman Howard Shook, however, said a bigger issue was being overlooked: "I want to get rid of Underground so bad I can taste it, and I'll bet everyone out there does too."
Got to say I am ready to see this get off the city's books and redeveloped too. Can't happen soon enough.
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Old 05-26-2016, 07:05 PM
 
985 posts, read 1,430,093 times
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Quote:
Originally Posted by jsvh View Post
City, state prepare Bobby Jones/Underground Atlanta property deals | Atlanta News & Opinion Blog | Fresh Loaf | Creative Loafing Atlanta



Shouldn't the state be paying the ~$2M difference since they are getting the more valuable end of the trade?
I believe the developer is paying the difference to the COA, at least that's how it reads in real estate terms. In essence the developer is making up the difference on behalf of the State.
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Old 05-26-2016, 07:15 PM
 
9,907 posts, read 6,891,298 times
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Quote:
Originally Posted by onemanarmy View Post
I believe the developer is paying the difference to the COA, at least that's how it reads in real estate terms. In essence the developer is making up the difference on behalf of the State.
Ah, yeah. I guess that is fair. Plus the state is putting in a lot of money into that golf course.
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Old 06-07-2016, 06:24 AM
 
Location: Kirkwood
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Atlanta City Council approves land-swap deal.
Atlanta council approves Bobby Jones Golf Course land swap | www.ajc.com
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Old 06-07-2016, 08:07 AM
 
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Sounds like they are getting more than just the parking deck:

City Council approves transfer of Bobby Jones Golf Course to state - Atlanta INtown Paper

Quote:
the state will “land swap” part of the old World of Coca-Cola property and a parking garage next door to Underground Atlanta
Maybe we will see some life into the old World of Coke site as part of this too. I wonder how much of it they got.
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