How long will downtown rest? (Atlanta, Norcross: mattresses, hotels, buying)

[arjay57]

Originally Posted by jsvh

Yep. When I lived in Midtown a decade ago and they were still building residential capacity it had a similar level of street activity as downtown.

Actually downtown during GSU / work hours I would say is more active than Midtown today. Broad Street The other day:

There are so many people walking around in Buckhead and Midtown these days that you can barely drive.

[Iconographer]

Originally Posted by arjay57

There are so many people walking around in Buckhead and Midtown these days that you can barely drive.

SHUSH. Don't disturb the 'sprawl narrative'.

[JMatl]

Originally Posted by citidata18

Losing the largest private sector employer certainly won't help things.

The gloom and doom is extremely premature. The HQ's may be in Charlotte (temporarily), but there is no way all of the jobs are leaving. SunTrust is the larger of the two, with expertise that runs circles around BB&T.

There are no plans for a new HQ's building in Charlotte either, they already have a building there. In two years the current head of SunTrust takes over the Board of Directors. The demise of their presence Downtown may be minimal, and there will undoubtedly be some consolidation. Atlanta has the existing space to accommodate that, Charlotte doesn't.

[citidata18]

Originally Posted by JMatl

The gloom and doom is extremely premature. The HQ's may be in Charlotte (temporarily), but there is no way all of the jobs are leaving. SunTrust is the larger of the two, with expertise that runs circles around BB&T.

There are no plans for a new HQ's building in Charlotte either, they already have a building there. In two years the current head of SunTrust takes over the Board of Directors. The demise of their presence Downtown may be minimal, and there will undoubtedly be some consolidation. Atlanta has the existing space to accommodate that, Charlotte doesn't.

A poster who used to work for SunTrust confirmed on this forum that a significant number of layoffs in Atlanta are in the pipeline once the merge is complete, as there's a ton of redundancy between BB&T and SunTrust.

It's not about "doom & gloom." There's simply no question that losing the largest private sector employer will have a negative impact on downtown daytime worker population and office market (to what extent is a whole 'nother discussion). And I'm certain the small businesses already downtown aren't looking forward to losing these workers as customers.

[JMatl]

Originally Posted by citidata18

A poster who used to work for SunTrust confirmed on this forum that a significant number of layoffs in Atlanta are in the pipeline once the merge is complete, as there's a ton of redundancy between BB&T and SunTrust.

It's not about "doom & gloom." There's simply no question that losing the largest private sector employer will have a negative impact on downtown daytime worker population and office market (to what extent is a whole 'nother discussion). And I'm certain the small businesses already downtown aren't looking forward to losing these workers as customers.

It sounds like doom and gloom to me. SunTrust has 15,000 employees here, you are practically inferring that they're gone already. This isn't Detroit and Comerica.

[citidata18]

Originally Posted by JMatl

It sounds like doom and gloom to me. SunTrust has 15,000 employees here, you are practically inferring that they're gone already. This isn't Detroit and Comerica.

Actually, it's worse in a way.

Comerica wasn't a merger of equals. Although it did hurt from a standpoint of pride to lose the HQ of an institution that had been there for 140 years, it only moved its executive team to Texas (mainly because the CEO is a Texas native). Most of its infrastructure and back office employees are still in Detroit. And besides that, Detroit's actually gaining a $46 billion dollar bank HQ once Chemical Bank merges with TCF Bank in Minneapolis and relocates from Midland, MI.

The only thing staying in Atlanta, as confirmed, is the commercial banking division, which for SunTrust generates less than 20% of the company's revenue. All of the redundant roles will be eliminated and the rest will shift to Charlotte. Furthermore, Atlanta will be the only major city in the US without a big bank HQ.

[Ric 0_0]

Originally Posted by citidata18

Actually, it's worse in a way.
. Furthermore, Atlanta will be the only major city in the US without a big bank HQ.

That is true. On the positive, we have Synovus down in Columbus which is expanding quickly and growing in size. It could be worse!

[citidata18]

Originally Posted by Ric 0_0

That is true. On the positive, we have Synovus down in Columbus which is expanding quickly and growing in size. It could be worse!

True.

[JMatl]

Originally Posted by citidata18

Actually, it's worse in a way.

Comerica wasn't a merger of equals. Although it did hurt from a standpoint of pride to lose the HQ of an institution that had been there for 140 years, it only moved its executive team to Texas (mainly because the CEO is a Texas native). Most of its infrastructure and back office employees are still in Detroit. And besides that, Detroit's actually gaining a $46 billion dollar bank HQ once Chemical Bank merges with TCF Bank in Minneapolis and relocates from Midland, MI.

The only thing staying in Atlanta, as confirmed, is the commercial banking division, which for SunTrust generates less than 20% of the company's revenue. All of the redundant roles will be eliminated and the rest will shift to Charlotte. Furthermore, Atlanta will be the only major city in the US without a big bank HQ.

You're making all sorts of negative assumptions here. Unless you have insider information, everything you've stated is totally baseless. Again - it's premature gloom and doom, and nothing more than your extremely subjective opinion.

[citidata18]

5

Originally Posted by JMatl

You're making all sorts of negative assumptions here. Unless you have insider information, everything you've stated is totally baseless. Again - it's premature gloom and doom, and nothing more than your extremely subjective opinion.

There's literally a thread aboit the SunTrust merger where everything I mentioned was discussed in detail, a discussion that included a former SunTrust employee and several news articles. Go find it.

Otherwise, I'm done. You're going to believe what you wanna believe either way (true or not).