Underground Atlanta redevelopment could hit $400M (school, colleges, tax)

[FavoriteGayUncle]

Originally Posted by jsvh

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



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.

I'd like to see that utilized again as well.

[arjay57]

Originally Posted by onemanarmy

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.

Is this a good deal?

It's hard to believe 135 choice acres in the middle of Buckhead has equivalent value to a grungy old parking deck next to Underground.

[cqholt]

Originally Posted by arjay57

Is this a good deal?

It's hard to believe 135 choice acres in the middle of Buckhead has equivalent value to a grungy old parking deck next to Underground.

If that golf course allows UA to be sold and off the city books, as well as $400M in development and the additional tax money following into the city's coffers, then yes. Atlanta has plenty of golf courses around.

[arjay57]

Originally Posted by cqholt

If that golf course allows UA to be sold and off the city books, as well as $400M in development and the additional tax money following into the city's coffers, then yes. Atlanta has plenty of golf courses around.

The city isn't getting paid $400 million by the developer, cq. That's just what the guy claims he is going to invest in HIS OWN property.

What is the actual sales price of the parking deck involved in this transaction?

Would it make sense if some developer came up to the city and said: "I tell you what -- you give me 135 acres of prime historic property in the heart of the city. In return, I'll give you a ratty old three-level concrete parking deck. What do you say?"

[Ant131531]

The parking deck also makes a lot of money because of government workers in the area.

[cqholt]

Originally Posted by arjay57

The city isn't getting paid $400 million by the developer, cq. That's just what the guy claims he is going to invest in HIS OWN property.

What is the actual sales price of the parking deck involved in this transaction?

Would it make sense if some developer came up to the city and said: "I tell you what -- you give me 135 acres of prime historic property in the heart of the city. In return, I'll give you a ratty old three-level concrete parking deck. What do you say?"

Of course I know the city is not getting $400M, but the development will create new tax-generating businesses, residents, etc. that will booster the tax digest. Speaking of historic property, wouldn't UA be more historic than a golf course in Buckhead (that wasn't even annexed until 1952)?
https://en.wikipedia.org/wiki/Atlant...ions_and_wards

[jsvh]

Originally Posted by arjay57

Is this a good deal?

It's hard to believe 135 choice acres in the middle of Buckhead has equivalent value to a grungy old parking deck next to Underground.

I agree. I called it out on the last page. Apparently the the golf course is worth about $2M more but the developer is going to pay the city the $2M to make them whole in the trade.

Edit: But to answer your question: Yes, it is a good deal.

[fourthwarden]

Originally Posted by arjay57

The city isn't getting paid $400 million by the developer, cq. That's just what the guy claims he is going to invest in HIS OWN property.

What is the actual sales price of the parking deck involved in this transaction?

Would it make sense if some developer came up to the city and said: "I tell you what -- you give me 135 acres of prime historic property in the heart of the city. In return, I'll give you a ratty old three-level concrete parking deck. What do you say?"

Arjay, what are you even on about?


Here's how this works: The developer wants the downtown deck. The city wants to offload a few tax sinks, one of which is UA, the other is the Golf Course. The state wants a practice course for their colleges.


The city and the state exchange the properties, with the developer paying the difference in value to the city. The city now doesn't have to pay to maintain the course. The state is going to invest a few million into updating and expanding the facilities on the course so that it can be used for the state's schools' athletic programs.


The city includes the parking deck in the sale to the developer since the city still wants to off load the tax-sinking Underground Atlanta properties, and doesn't care about owning the deck. The developer pays for the properties.


The city now is much lighter in its tax sinks, the golf course gets investments, and previously public costly properties are redeveloped into a vibrant tax, resident, and business generating area of the city.


Everyone wins, everyone gets what they want. The only people who maybe loose are those who liked the 18 holes of the course, and don't care about a driving range.

[FavoriteGayUncle]

Originally Posted by cqholt

Of course I know the city is not getting $400M, but the development will create new tax-generating businesses, residents, etc. that will booster the tax digest. Speaking of historic property, wouldn't UA be more historic than a golf course in Buckhead (that wasn't even annexed until 1952)?
https://en.wikipedia.org/wiki/Atlant...ions_and_wards

Clearly UA is a significant part of Atlanta's history, but I wouldn't be so quick to dismiss Bobby Jones GC as just some golf course in Buckhead. It has a pretty significant history of its' own. Bobby Jones himself was the first to tee off there, playing the course's first exhibition match there in 1933. It was the city's first public golf course and was developed by the city as a means to give more access to the game for its' middle class citizens, as golf as a sport was exploding in popularity at the time. Some of the greats of the game played in exhibition matches there such as Charlie Yates and Louise Suggs.
I don't feel right about this plan to reduce the course to nine holes...what does the state plan to do with the other nine? It's unanswered questions like that that make this plan feel a bit rushed to me. On the other hand, I'm glad to see things coming together for Underground Atlanta.

[arjay57]

Originally Posted by cqholt

Speaking of historic property, wouldn't UA be more historic than a golf course in Buckhead (that wasn't even annexed until 1952)?

cq, you know that Bobby Jones Golf course (and Bobby Jones himself) have been some of the crown jewels of the city of Atlanta since the early 1930s.

Read more about it here:

Bobby Jones Municipal Golf Course, Atlanta's first 18-hole public facility, was constructed in 1932 as a tribute to, arguably, Atlanta's most famous athlete, Robert Tyre “Bobby” Jones, Jr. It was built in response to the overwhelming interest in the game in Atlanta generated by Jones' success and the crying need for additional recreational facilities to serve the City's growing middle-class population that was rapidly suburbanizing north of the downtown.

The City of Atlanta contracted with Wayne Stiles and John R. Van Kleek to design the course. Stiles was headquartered in Boston and designed more than 140 courses from Maine to New Mexico. Van Kleek supervised the renovation of the New York City Parks Department golf courses, among the many golfing projects that bear his mark.

The course was originally a part of Peachtree Creek Memorial Park which extended from Peachtree Street west along the creek corridor to the Chattahoochee River and commemorated the 1864 Civil War battle site. It was built on land owned by the City and approximately 36 acres donated by real estate developer, Eugene V. Haynes. Haynes was in the process of constructing Haynes Manor Estate, an upscale residential subdivision adjacent to the golf course. His only stipulation was that the course be completed by 1933. The City met this deadline by using convict labor supplied by Fulton County.

Play began on the new 18-hole course in the spring of 1933. Later that year, Jones agreed to play an exhibition match there. On Saturday afternoon, December 30, a cold blustery winter day with onlookers bundled in overcoats and scarves, Jones was joined by Charlie Yates, who five years later would win the British Amateur, Carl “Chick” Ridley, the 1924 Georgia State Amateur Champion and personal friend of Jones, and Billy Wilson, head golf professional at the City's nine-hole Piedmont Park course. Despite the weather, Jones managed to break par, reportedly holing out his second shot for an eagle on the par four 4th hole. The following day, New Year’s Eve, Wilson was named head professional at Bobby Jones Golf Course, a position he held for the next 30 years.

Mr. Haynes also donated a parcel to the City for a clubhouse. He required the City to spend $20,000 on the clubhouse to make it an attractive addition to his subdivision. This was a tidy sum for the City to raise during the Great Depression. The money came from revenue generated by the operation of the golf course and from the federal Works Progress Administration. The decorations above the windows on the front of the building were done by a WPA artist and incorporate the game of golf as a theme.

More...History of the Course