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Old 08-04-2014, 07:01 PM
 
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Most of the upscale retirement communities in Buckhead don't have these services in the lobby - not sure why Cumberland would be any different.

I can understand if the location was such that the bottom floors were used for retail space but it would need to be attractive to Cumberland residents in general - the residents of the community would not support those businesses on their own.
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Old 08-04-2014, 07:06 PM
 
Location: West Cobb (formerly Vinings)
3,615 posts, read 7,794,204 times
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This isn't too abnormal, meaning there's at least one in most major metro areas.

My guess is the following: This building was originally zoned for $1 million + suites with skyline views, which is pretty reasonable for the overlook (be it slightly disconnected by road, it's still on Mt Wilkinson). This building will, bar-none, have the best views in the metro area for condos/apartments. I'm serious, and I'm not embellishing. You can't make up for its base height on the overlook even with penthouse units in midtown or Buckhead, and you can't see midtown from midtown or Buckhead from Buckhead. You can see both from this location, plus Perimeter Center, plus Kennessaw Mtn, plus the Chattahoochee River most likely.

Now, it was 60% reserved in the early 2000s, so I have no clue why they didn't build it. Seems stupid to me, and had they seen what was coming, they probably would have broken ground. Anyway, when they converted the zoning to senior living facility, I imagine they had to substantiate the cost of building a high-rise (considering they were already stuck with the land, and couldn't go lower density unless they took a hit on the books because it isn't much land). Furthermore, they increased density, making the units smaller. They probably need those amenities to attract top-dollar retirees to those size units.

As I said, this is not anything abnormal. Sure, you only get a few of these in each metro area in the wealthiest areas, and typically not high-rise, but the high-rise will actually increase the value of each unit. It actually also makes it more convenient, since they don't have to walk very far to visit other people in the building or get to the amenities.

Maybe it'll start a fad of highrise retirement communities outside of Florida :-)

Last edited by netdragon; 08-04-2014 at 07:22 PM..
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Old 08-04-2014, 07:13 PM
 
Location: West Cobb (formerly Vinings)
3,615 posts, read 7,794,204 times
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I hope we don't eventually see a yellow sign soon on the property for rezoning, since that'd almost certainly mean a decrease in density.

Since they have started re-grading, then my guess is they are going to stick with the general plan since it'd be stupid to grade for a new plan that isn't yet approved. They have an option to decrease the number of floors without rezoning, so we'll only know how many floors it's going to be when they start going vertical.

Hopefully it stays at 33 floors. That'd be really cool. By the way, it'd be ten floors higher than the highest building currently in Cumberland, with a slightly higher base height on Mt Wilkinson to boot.

Last edited by netdragon; 08-04-2014 at 07:24 PM..
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Old 08-04-2014, 08:05 PM
 
559 posts, read 834,765 times
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Quote:
Originally Posted by netdragon View Post
Hopefully it stays at 33 floors. That'd be really cool. By the way, it'd be ten floors higher than the highest building currently in Cumberland, with a slightly higher base height on Mt Wilkinson to boot.
Net, I hope you're right, but I'm guessing this is going to be much less than 33 floors. Cumberland hasn't seen anything built over 14 floors in 25 years.

Hope I'm wrong.
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Old 08-04-2014, 08:19 PM
 
Location: West Cobb (formerly Vinings)
3,615 posts, read 7,794,204 times
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Quote:
Originally Posted by DawgPark View Post
Net, I hope you're right, but I'm guessing this is going to be much less than 33 floors. Cumberland hasn't seen anything built over 14 floors in 25 years.

Hope I'm wrong.
There already was :-) You're thinking that from 2003 on, there was only Horizon at Wildwood (condos, 2007, 17 floors). In the last 25 years, there was Horizon, Galleria 400 was 20 floors, Galleria 600 was 18 floors, One Overton Park was 15, and the Home Depot HQ was 21 :-)


Two Overton Park (17 floors) should be next for office, since it's under construction. Riverwood 200 (15 floors) next after that for 14-story or higher.
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Old 08-04-2014, 11:39 PM
 
Location: Atlanta
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Interesting, but if it's residential then it will probably just be a wood-framed mid-rise. I don't think there's enough demand in that area to support anything more, and certainly not 33 floors. Not even Midtown or Buckhead have broken the 30 mark since the recession, and they've both been adding several towers.
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Old 08-04-2014, 11:46 PM
 
Location: West Cobb (formerly Vinings)
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erick295: This is a pre-recession structure. I think all the pre-recession stuff in midtown and Buckhead eventually got built during the recession, didn't it? In that sense, this took a while longer.
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Old 08-05-2014, 05:40 AM
 
Location: Atlanta
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Quote:
Originally Posted by netdragon View Post
I think all the pre-recession stuff in midtown and Buckhead eventually got built during the recession, didn't it?
No, definitely not... many projects were canceled, and for a few years there wasn't any construction at all.
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Old 08-05-2014, 06:15 AM
 
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Quote:
Originally Posted by erick295 View Post
No, definitely not... many projects were canceled, and for a few years there wasn't any construction at all.
Quote:
Originally Posted by netdragon View Post
erick295: This is a pre-recession structure. I think all the pre-recession stuff in midtown and Buckhead eventually got built during the recession, didn't it? In that sense, this took a while longer.
All over metro Atlanta, projects were cancelled or retooled.

As to senior housing type projects, many stalled or were cancelled because potential residents weren't able to sell their homes or saw such large "paper" loses on their homes that they weren't willing to even try, choosing to stay in their homes and age in place.

For what it is worth, having toured multiple facilities in the last year, what they call a movie theater or performance space, isn't necessarily what I expect many of you are envisioning. Think media room in a large home, at least in my experience. All the other amenities, with the exception perhaps of the convenience store, are pretty standard in some shape or form, in most of the nicer retirement/aging communities we visited.

All these places, the nicer ones anyway, are pricey. Often very pricey, but in the end they can only charge what the market will bear.

Behind Phipps is one that was called The Parc but has since changed names and management. Originally built to be an ownership building it has changed to rental and converted a floor or two to more supportive/memory care units.
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Old 08-05-2014, 10:27 PM
 
Location: West Cobb (formerly Vinings)
3,615 posts, read 7,794,204 times
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I have some news (probably bad). I just saw a new yellow zoning ammendment sign on the property. I'll try to find information.

Quote:
Originally Posted by DawgPark View Post
Now granted, this Cumberland development won't have all of that because of lack of space. There's just nowhere to go but up.
Check my earlier post. It is zoned for quite a bit: dining facilities, a piano bar/pub, a
fitness and pool area, beauty salon, movie theater, performing arts center, non-denominational worship area,
a health clinic offering doctor and dental care, and a convenience grocery store
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