Plans for Howell Mill Rd area?

[momanatl]

There are over 3000 units recently zoned and another 1500 units planned just within the box created by Marietta Blvd, Huff, Howell Mill and Chattahoochee. If you will look at sales for projects in Atlanta you will see that the mixed use projects are still selling while other markets are somewhat flat. The apartment market is very strong.

The area is actually ideal for "plopping" new developments because most of the warehouses are in bad shape and sitting on very large pieces of land. It is hard for developers to find very large pieces of land in well located areas of the city.

Recently the city did a land use change for the whole area based on recommendations made in the Upper Westside LCI Study sponsered by ARC(Atlanta Regional Commision). You can view the study on both the City of Atlanta Website and ARC.

As well, this is one of the areas that the Beltline, when it does happen someday, will run through.

[sweettea1]

Originally Posted by gt6974a

Well, I don't think any area is going to explode with the inventory of condos/townhomes, which with the exception of 'lofts' is what would go into this area.

Howell Mill area is full of Industrial Parks and what not, not exactly an area you can just plop down a new neighborhood.

Sure you can. Ever heard of the Meat Packing District in NYC?

[gt6974a]

Originally Posted by sweettea1

Sure you can. Ever heard of the Meat Packing District in NYC?

Well I didn't say it can't be done, you can put it in, doesn't mean it's going to sale. And with current slump in the housing market, i.e. the stock market, go ahead and put your money in, I'll keep mine out for now.

I don't see people moving into a neighborhood with the water plant next door or the Pepsi factory across the street.

These areas aren't that vacant like meat packing leaving Manhattan/Long Island farms. Hell, there's no farms anywhere there now. Industrial space is that, my fiance is a Commercial Real Estate appraiser in Atlanta for one of the largest firms in the country so I have a good idea.

If all the condo inventory wasn't available eslewhere and downtown/midtown, and growth was continuing blowing up then yes, now NO!

[momanatl]

Originally Posted by gt6974a

Well I didn't say it can't be done, you can put it in, doesn't mean it's going to sale. And with current slump in the housing market, i.e. the stock market, go ahead and put your money in, I'll keep mine out for now.

I don't see people moving into a neighborhood with the water plant next door or the Pepsi factory across the street.

These areas aren't that vacant like meat packing leaving Manhattan/Long Island farms. Hell, there's no farms anywhere there now. Industrial space is that, my fiance is a Commercial Real Estate appraiser in Atlanta for one of the largest firms in the country so I have a good idea.

If all the condo inventory wasn't available eslewhere and downtown/midtown, and growth was continuing blowing up then yes, now NO!

Housing is hurting in a major way in Atlanta. The suburbs are aweful and condos are having a rough time as well. The intown house and townhouse market may not be growing but is maintaining. This is a huge accomplishment considering the state of the housing market as a whole.

You do not have to put your money in the Huff Rd area, I understand. But that is not going to stop what is happening in that area. With construction cost going way up, the housing market soft and no lowering of interest rates on the horizon, the apartment market is HOT. Local econimists predict rental rates going up to support the strength of the apartment market.

This combined with an ever increasing desire to live intown, the great location and the ability to compete with lower land costs makes it ideal. Most of the projects I am aware of will not be selling until late 2008 which is most likely going to be at time of upswing for the housing market.

I believe ULI is goiong to have their Nov meeting in the area and will feature the area as the primary topic of discussion due to all of the development about to take place.

[gt6974a]

I've rented off of Howell Mill Road/NorthSide... specifically Fernwood, I've also rented off of (forget the name) street b/t Howell Mill and Northside that runs by Kroger. This area is an older are with an established neighborhood that has been renting several units to Tech/State students for years.

I've also rented in Home Park, until Home Park becomes the next Va Highlands area, I wouldn't bank on expansion off of Howell Mill.

Maybe some apartments but not condos.

Apartment rates going up means ownership is too expensive in the area.

I wouldn't call 2008 an upswing, if it happens, I'd call it a recovery. Most likely it will be a leveling off after housing cost continue to decline the rest of the year. If it doesn't sell in the summer, it's harder to sell.

Great buyer's market though.

I've also lived in Centenial Place, apt broken into twice. These mixed use areas often require Section 8 housing, so add that into your estimate of apartments.

Personally, if I had to rent, which way back in 02 it was around 1000-1200 for a 2 bedroom, why would someone pay that when they could buy one of the overstocked, underpriced condos in the same area

[momanatl]

Originally Posted by gt6974a

I've rented off of Howell Mill Road/NorthSide... specifically Fernwood, I've also rented off of (forget the name) street b/t Howell Mill and Northside that runs by Kroger. This area is an older are with an established neighborhood that has been renting several units to Tech/State students for years.

I've also rented in Home Park, until Home Park becomes the next Va Highlands area, I wouldn't bank on expansion off of Howell Mill.

Maybe some apartments but not condos.

Apartment rates going up means ownership is too expensive in the area.

I wouldn't call 2008 an upswing, if it happens, I'd call it a recovery. Most likely it will be a leveling off after housing cost continue to decline the rest of the year. If it doesn't sell in the summer, it's harder to sell.

Great buyer's market though.

I've also lived in Centenial Place, apt broken into twice. These mixed use areas often require Section 8 housing, so add that into your estimate of apartments.

Personally, if I had to rent, which way back in 02 it was around 1000-1200 for a 2 bedroom, why would someone pay that when they could buy one of the overstocked, underpriced condos in the same area

The area behind Kroger is largely Ga Tech student renters. It is very established and likely to just be fixed up a bit.

I lived in Home Park as well at one time. Back when Billy Bobs was on the corner.

Howell mill is, right now, being widened at the intersection of Chattahoochee. This will make Howell Mill 4 lanes the whole way without interuption.

Intown sales are flat this year and not growing unlike suberb sales which have actually declined

It is the suburban buyers that buy during the summer due trying to close before their kids go back to school. The best time for sales in the city is Fall(up to the holidays) and Spring(starting that first warm breaking day from winter and ending when the heat is unbearable). Intown buyers are different with different habits.

The great thing is that sales in the area have maintained.

Rental occupancy is above 95%(very good) and concessions are below $300 (very good) with an increasing demand due the mentioned high cost of housing combined with less affordable (but not aweful) interest rates.

Section 8 housing in Mixed use projects. The mixed use projects that tend to have affordable housing via tax credits, affordability requirements or some other programs like section 8, are usually tied to Bond supported projects. These are project that are within a TAD(Tax Allocation District). I know that West highlands, Moores Mill Shopping Center and about 5 other major projects are all in the Perry-Bolton TAD. That area is further West and North of the Huff Rd area. There is a TAD approved in the Huff Rd corridor and that is the Beltline TAD. However, the Beltline TAD is more geared towards developing greenspace and the Beltline itself than rather than directly providing money to a development. It is my understanding that each of the developments taking place in the Huff area are market rate developments and are not receiving and TAD $s and therefore will not be required to have an affordability component. The rents I have been hearing would be in the $1.4 - 1.75 per sf range. Therefore these developments would be Class "A" apartments.

The original posting was asking about what is happening in Howell Mill Rd area. When you combine Selig's development where the Walmart is with, the long needed improvement of the Chattahoochee intersection, the already established Westside Marketplace, the renovation of the White Provisions building at the end of 14th St (market rate deal as well) and all of the development on Huff and Ellsworth that is about to happen, you have over a Billion Dollars worth of investment and new development in the area.

I would consider that to be some major plans for the Howell Mill area.

I forgot to mention that the retail space over by Westside is leasing at $55/ ft.
You can buy some of the warehouses in the area for that. You know things are happening in the area when it costs the same to lease a space for one year as it cost to buy a space right down the road.

The area is already popular due to the fine eats, designers district and artist studios. When high quality for rent and for sale housing is added to the mix, the area is going to be a major destination with a well known identity(ie Highlands, Five Points, Buckhead, etc.)

It will be far different from the area people knew when they went to Tech years ago (hopefully El Amigo will survive the transition )

[Buckhead Betty]

I just happened to drive down Huff Road a couple of days ago, and cut through Ellsworth to Chattahoochee and was completely amazed by all the apartments that have been built there since the last time I came through. It looks like a completely different place. There are a ton of new housing units. There are some that I think are awful, with no landscaping whatsoever, but some are park like and very nicely done reclaiming of a rundown area. I don't know if the developers are going to do okay or not, considering the economy, and the City of Atlanta's problems in particular. I noticed a couple of restaurants have disappeared from the neighborhood, too.

[Windu]

I work in the area. It's a pretty weird mix of trendy commercial, new housing and old, ugly industrial. There's a stretch of Marietta Street between Howell Mill and Marietta Blvd that has trendy coffee, then new apartments/condos, then the King Plow converted lofts, which is across from a huge truck/warehouse, then an adult video store and a liquor store. All within a mile.

It'll be interesting to see if all of the development stalls with the economy, leaving the ugly stuff in place indefinitely. Gentrification has its risks.