A new condo boom begins? 42 story Condo/Hotel proposed on Crescent Avenue in Midtown.

[alco89]

Originally Posted by tdatl

One thing that bothers me is that it doesn't appear that most of these building are putting in street-level retail.

That's simply not true.

[atler8]

Originally Posted by tdatl

I think it's neat to see all the new construction in Midtown, but I wonder if they're overbuilding. I work in a tower right in the heart of Midtown, & we look out from the upper floors & see cranes in every direction. One thing that bothers me is that it doesn't appear that most of these building are putting in street-level retail. And that is something this area needs. Someone mentioned Atlanta becoming a 'real city' and was accused of trashing ATL. I like ATL, but I agreed with his sentiment. It doesn't have the same urban feel as smaller places like Boston, Seattle, & Portland, and it's due to the relative lack of street life in Midtown and downtown compared to those places.

I work in Midtown too & completely understand your sentiments about street level retail. But, there are practical & $ sides to what is built & how much retail space is allotted that is driven by demand.
Already in Midtown there are numerous newer residential & mixed use towers & complexes that have an abundance of street level retail space with much of it presently in a vacant state. Even along high profile Peachtree St., the vacancy level is somewhat problematic.
I'm specifically reminded of the failures & shaking out processes that have occurred there in several signature structures such as those near 12th & Peachtree on down to the 999 Peachtree Building.
Similarly, a number of developments on other major Midtown thoroughfares & side streets also have major amounts of vacant retail space for rent.
Midtown is evolving & still finding itself as to what it is and will be. We should be cognizant of the fact that the "build it and they will come" mindset does not always work, whether it be in office, residential or retail developments & Atlanta is not unique in this real estate truism.

[Atlwarrior]

Another midtown project moves forward!

http://www.bizjournals.com/atlanta/m...945&j=74041202

[wasel]

Originally Posted by atler8

I work in Midtown too & completely understand your sentiments about street level retail. But, there are practical & $ sides to what is built & how much retail space is allotted that is driven by demand.
Already in Midtown there are numerous newer residential & mixed use towers & complexes that have an abundance of street level retail space with much of it presently in a vacant state. Even along high profile Peachtree St., the vacancy level is somewhat problematic.
I'm specifically reminded of the failures & shaking out processes that have occurred there in several signature structures such as those near 12th & Peachtree on down to the 999 Peachtree Building.
Similarly, a number of developments on other major Midtown thoroughfares & side streets also have major amounts of vacant retail space for rent.
Midtown is evolving & still finding itself as to what it is and will be. We should be cognizant of the fact that the "build it and they will come" mindset does not always work, whether it be in office, residential or retail developments & Atlanta is not unique in this real estate truism.

I see this in Brookhaven and Chamblee too. For example, Town Brookhaven has hundreds of apartments sitting on top of retail space and probably a good 3rd of the retail is empty. Empty despite the fact that they in a highly visible area of residential PLUS the very high-traffic Costco in the same center. Chamblee is very similar--lots of condos and a MARTA station right in the middle of it, yet most of the retail space is empty.

I have a friend who is a small business owner and she has told me how $ retail space is these days, even in the old strip-center type areas. You have to be making really good cash flow to make it work, and unless you're an established chain, it's tough to swing it.

[Ant131531]

Originally Posted by wasel

I see this in Brookhaven and Chamblee too. For example, Town Brookhaven has hundreds of apartments sitting on top of retail space and probably a good 3rd of the retail is empty. Empty despite the fact that they in a highly visible area of residential PLUS the very high-traffic Costco in the same center. Chamblee is very similar--lots of condos and a MARTA station right in the middle of it, yet most of the retail space is empty.

I have a friend who is a small business owner and she has told me how $ retail space is these days, even in the old strip-center type areas. You have to be making really good cash flow to make it work, and unless you're an established chain, it's tough to swing it.

Yeah there's no doubt right now there are many businesses who would love to try their luck in Midtown, but the rents are so high for businesses that only chains can really move in. Rarely will a mom and pop restaurant open in Midtown.

[cqholt]

Originally Posted by Ant131531

Yeah there's no doubt right now there are many businesses who would love to try their luck in Midtown, but the rents are so high for businesses that only chains can really move in. Rarely will a mom and pop restaurant open in Midtown.

Midtown CID needs to create a program that will offset the rents to help small businesses get in the retail spaces.

[Hokiehaven]

Originally Posted by cqholt

Midtown CID needs to create a program that will offset the rents to help small businesses get in the retail spaces.

This would be big, it's fairly obvious that some of these retail locations are way out in pricing, particularly thinking 1080 Peachtree, compared to what's realistic at this time.

[onemanarmy]

Originally Posted by cqholt

Midtown CID needs to create a program that will offset the rents to help small businesses get in the retail spaces.

I agree, also developers need to think of the retail spaces as building amenities and not profit centers. Having a small bodega, cleaners, coffee shop should be the equivalent of building a pool.

[arjay57]

Originally Posted by onemanarmy

I agree, also developers need to think of the retail spaces as building amenities and not profit centers. Having a small bodega, cleaners, coffee shop should be the equivalent of building a pool.

A great point, but it sure is hard to get developers to see it that way.