21 story tower proposed for Old Fourth Ward (Atlanta, Buckhead: sales, condominium)

[jsvh]

Originally Posted by kgpremed13

I think maybe those laws are there so that single family houses can continue to exist in the city. If it became legal to build high rises anywhere, in a short while, that's all there would be. What family living in a SFH in OFW will turn down a million dollar offer for their lot offered by a developer? Entire blocks would be bought out and high rises going up fairly quickly.

In expensive areas, yes. The million dollar+ single family home would be replaced with dozens or hundreds of condos (or apartments) costing hundreds of thousands instead (and greatly increasing the amount of housing on that parcel and offering an at least somewhat more affordable price point).

Zoning laws are really only about a hundred years old. Before that what you really got was a lot more of "missing middle" housing such as duplexes, cottage-courts, small live / work buildings that used to make up the majority of the housing stock. They blend in pretty well with single family homes and still are common (grand-fathered in) in many historic neighborhoods and offer affordable options. Thing is if you make developing anything more than a single family home take a team of lawyers and a deep pocketed developer they are going to need to build high rises and hundred+ unit projects to make it worth while.

Opening up more flexibility in our zoning laws is really key to getting more affordability and also that middle ground between SFHs and high-rises back again. If done on a broad scale it could deflate housing prices enough to result in less high-rises and affordability & housing supply blended seamlessly in our existing leafy neighborhoods.

Getting denser development under the treeline like that is the key to increasing housing supply, keeping a lid on affordability while also largely maintaining neighborhood charter.

[arjay57]

Originally Posted by jsvh

In expensive areas, yes. The million dollar+ single family home would be replaced with dozens or hundreds of condos (or apartments) costing hundreds of thousands instead (and greatly increasing the amount of housing on that parcel and offering an at least somewhat more affordable price point).

That's similar to what they've been doing up in Buckhead for years. They'll tear down an old house or two and put in 20 or 30 more on the same land. (Sometimes far more than that). However, the new housing costs just as much if not more than what they got rid of.

[Iconographer]

Originally Posted by arjay57

That's similar to what they've been doing up in Buckhead for years. They'll tear down an old house or two and put in 20 or 30 more on the same land. (Sometimes far more than that). However, the new housing costs just as much if not more than what they got rid of.

Most all of Peachtree stretching from Downtown to Buckhead was lined with mansions at one time. A handful remain ie the Rufus Rose House, the Wimbish House and the Rhodes House. Margaret Mitchell grew up in a mansion on Peachtree (at about 16th St) in Midtown. The Randolph-Lucas House (built for Thomas Jefferson's great-great-great grandson) was recently relocated off Peachtree to Ansley Park.
Boulevard was also a 'mansion street' prior to the Great Fire of 1917.

[fourthwarden]

Originally Posted by arjay57

That's similar to what they've been doing up in Buckhead for years. They'll tear down an old house or two and put in 20 or 30 more on the same land. (Sometimes far more than that). However, the new housing costs just as much if not more than what they got rid of.

Doesn't help that we're not building houses fast enough in general.

"For years", and "a lot" don't matter much if you're not meeting demand still.

Of course, we do have evidence right here in the metro, and indeed in Buckhead that building more to meet demand does work.

Key Findings — Midtown

The median rent in Midtown is $1,835, up 2.4 percent from a year ago.
Median 1-bedroom rents are $1,612, up 1.5 percent year-over-year.
Rental inventory in Midtown on HotPads is up 172.8 percent from a year ago.

Key Findings — North Buckhead

The median rent in North Buckhead is $2,428, up 1.7 percent from a year ago.
Median 1-bedroom rents are $1,608, down 1.7 percent from a year ago.
Rental inventory in North Buckhead on HotPads is up 153.2 percent from a year ago.

Note that inflation from March 2017 to March 2017 was 2%, so any price growth below that is actually a reduction in real terms. Of course that would be better if wages were keeping up with inflation, which they're not, but alas, that's its own problem.

Anyway, the key is to be able to keep that up, not just to meet existing demand, and not even to meet future demand, but to surpass future demand so that prices can come down rather than staying level. Overall city & metro prices were still rising above inflation, of course, so it's not like we're case-closed here.

[samiwas1]

I wasn’t really for or against the building, since old fourth ward is a hotbed of building now anyway, and mostly converting disused or underused industrial land. But, then I saw the drawing and the location. Pretty awful, especially for those who are paying a hefty rent at the apartment building next door. It looks like this building would be little more than an arm’s reach away from the existing apartment building. That’s just gross. I also don’t think that small lot, on a tiny dead end road, is a good idea at all.

[ATL Golfer]

Million dollar condos in O4W? Good luck, you'll need it.

Unless they build with all cash (not happening) they won't get this off the ground. No bank will finance without presales. Hopefully there are no buyers dumb enough to put a deposit down.

[kgpremed13]

Originally Posted by ATL Golfer

Million dollar condos in O4W? Good luck, you'll need it.

Unless they build with all cash (not happening) they won't get this off the ground. No bank will finance without presales. Hopefully there are no buyers dumb enough to put a deposit down.

There are houses selling for 700-800k in O4W, just because of the location.

[chiatldal]

Originally Posted by kgpremed13

I think maybe those laws are there so that single family houses can continue to exist in the city. If it became legal to build high rises anywhere, in a short while, that's all there would be. What family living in a SFH in OFW will turn down a million dollar offer for their lot offered by a developer? Entire blocks would be bought out and high rises going up fairly quickly.

I very for protecting SFH neighborhoods and I'm pretty sure posters on here know me as such

But this isn't a specific SFH part of the neighborhood, The area around Historic Fourth Ward Park was brownfield and warhouse

I'm against developers buying up Historic Single homes and razing them. Not developer buying up decaying brownfield, parking lots or warhouse area.


https://cpb-us-w2.wpmucdn.com/sites....v7-300x201.jpg


https://beltlineorg-wpengine.netdna-...ad-low-res.jpg

[Iconographer]

Originally Posted by kgpremed13

There are houses selling for 700-800k in O4W, just because of the location.

They're even beginning to hit the seven-figure mark. A million dollar luxury condo in O4W doesn't really sound so out of the realm of possibilities anymore.

https://atlanta.curbed.com/2018/5/11...-rooftop-views

[Forhall]

A city of single family homes means using available land inefficiently, which leads to sprawl. Imagine what Manhattan or Tokyo would like like with the same population if they had maintained even half of the single family homes? Manhattan would have to be about 200 miles across.

There is room for single family homes in Atlanta, but neighborhoods like old fourth ward, which are very close to the city "core" should have a lot more dense housing than it does currently. This condo helps accomplish that.