2009 (Atlanta, Roswell, Decatur: leasing, condos, tenants)

[chip1980]

Streets of Buckhead, The Atlantic, The New Terminus, 180 Peachtree, 12th & Midtown project across the street from the old Vision, 3060 Peachtree, etc are going to open next year in 2009. Which development are you excited about the most and why?

[martarider]

I would say 12th & midtown is the most interesting and exciting development. That area is a key piece of the midtown mile (horrible name) and the walkability of Atlanta city will increase dramatically as these pieces fall into place. However, I have to say, why are all these crazy developers still building? Property values suffer when there is excess supply, and Atlanta has had an oversupply of condos since the Olympics. Just STOP IT!!!!! Enoguh already. Try to contain yourselves for a while.

[LovinDecatur]

Streets of Buckhead is the one that intrigues me...this development is key to transforming the downtown Buckhead commercial district. Buckhead may finally be getting the 'downtown' that the most affluent community in Atlanta (and the Southeast) deserves.

[chip1980]

Wonder when will they announce more stores that will be at The Streets of Buckhead?

[LovinDecatur]

Originally Posted by chip1980

Wonder when will they announce more stores that will be at The Streets of Buckhead?

This is the latest article that I could find...as of June, it was 50% preleased. The bankers want to see it 65% preleased by year's end or they'll start getting nervous...

www.atlanta.bizjournals.com/atlanta/stories/2008/06/23/story1.html

[atlantagreg30127]

Originally Posted by LovinDecatur

This is the latest article that I could find...as of June, it was 50% preleased. The bankers want to see it 65% preleased by year's end or they'll start getting nervous...

A 50% preleased situation is a LOT better than some of the other developers are doing. Especially being in the Buckhead Triangle area, there really shouldn't be a huge problem meeting minimum leasing requirements around there. You have access to some of the wealthiest (and most reclusive) people in Atlanta in close distance to that development, and they unlike most of us, aren't holding back on spending when it comes to eating out and shopping.

The developers who have been strip-malling the suburbs are the ones in deep crapola right now. They've been slapping up stucco and brick strip centers every week for years and some with NO tenants lined up ahead of time. The, "If we build it they will come" chant of Atlanta retail is no longer valid, but they didn't realize it in time.

Just up the road from me is a shopping center in-between Powder Springs and Hiram that has literally sat EMPTY for over a year since it was nearly completed. The contractor couldn't secure any tenants, didn't pay his subcontract labor, and it's literally just been sitting there for months and months. Not bad looking as far as strip centers go - at least it broke the cookie cutter look most of them had. Either way - he didn't pay attention to the market and economy, didn't line up tenants, and poof - an abandoned property. I don't think anyone would have thought years ago that ANYWHERE in the metro area there would ever be an empty shopping center, but, here we are (I took this shot not long ago - it still looks like this)....


I have no doubt "The Street" will do well. Midtown Mile shops will probably do well enough, too. I'm not sure though that ALL of the developments going on will do as well in the next couple of years - especially those in suburban areas. Don't forget, developers are eyeing the Ford Plant property in Doraville as well right now for a complex "Similar to but larger than" Atlantic Station, on top of everything else being built.

[chip1980]

^^^dont forget about the old ford plant near the airport, thats going to be very bigI heard they are having talks with marta to bring the rail to that area

[martarider]

Originally Posted by chip1980

^^^dont forget about the old ford plant near the airport, thats going to be very bigI heard they are having talks with marta to bring the rail to that area

I dont understand how Marta is going to rail in to that area. It is basically straight East from the Airport station. There is no way to get from Airport station to the plant without taking a 90 degree turn and going through runways. Even if they dig under, how are you going to make that turn? Maybe they are going to branch the line farther north? But when it sucks for people in the new development to get to the airport.

[ramblinwreck17]

I am interested in Buckhead and the transition that will happen over the next few years. I tried to hold on to my old condo there while renting it to hopefully see a payoff from a developer at some point but just couldn't do it anymore. I am interested to see if my building gets bought out and what happens to those that have already been bought.

[rackensack]

Originally Posted by atlantagreg30127

Just up the road from me is a shopping center in-between Powder Springs and Hiram that has literally sat EMPTY for over a year since it was nearly completed. The contractor couldn't secure any tenants, didn't pay his subcontract labor, and it's literally just been sitting there for months and months. Not bad looking as far as strip centers go - at least it broke the cookie cutter look most of them had. Either way - he didn't pay attention to the market and economy, didn't line up tenants, and poof - an abandoned property. I don't think anyone would have thought years ago that ANYWHERE in the metro area there would ever be an empty shopping center, but, here we are (I took this shot not long ago - it still looks like this)....

There's a virtual clone of that one not far from me, on Old Alabama Road just north of Holcomb Bridge, near GA 400 (the land it's on is just east of the Kimberly-Clark campus), in East Roswell. The design is practically identical, and it's been sitting empty for quite a while, maybe close to a year -- there's actually one tenant, I think, but otherwise nothing.

I'm starting to get concerned about what occupancy is going to be like for East Village, the new mixed-use development anchored by a SuperTarget that's nearing completion less than a mile from me -- my wife's thrilled about having a SuperTarget so close, but I'm wondering who's going to fill all those storefronts, given the vacancies nearby.

And I'm definitely wondering whether they'll go ahead with plans for Centennial Walk, another mixed-use development even closer to me. Granted, it's weighted more heavily toward residential, but even that's got to be much dicier proposition than it looked four years ago when plans got underway for it.