Atlanta Relocation Archives

Whole Foods Considers 14th Street Location in Midtown Atlanta

March 18, 2015 by Thom Abbott

It looks like a much needed grocery store could appear in Midtown Atlanta…mind you not until 2018!!!!

Whole Foods Market, based in Austin, TX is in talks with The Related Group for a 60,000 sq. ft “urban store” on the site of their proposed 400-unit apartment building at 14th and West Peachtree Streets. The store would anchor Related’s planned project which might include two towers built in phases. The “urban store” format indicates that the store would be on several levels, versus all one level as is common with grocery stores. If you want a cool idea of what this could be like, just venture to Columbus Circle in New York City!

Whole Foods has one store in Midtown, although it’s on the fringe at Midtown Place across from the Ponce City Market on Ponce De Leon Avenue. This location would be somewhat more walkable for people in such Midtown Atlanta condo buildings as 1010Midtown, Peachtree Walk and even a Publix alternative to those in Plaza Midtown, where there is currently a Publix market. Get much further away and you’ll probably see Midtown peeps in their autos…so look for a parking garage! (Will they figure out how to mask it by the time they build this one? Who knows?)

Back in May, 2014, the Atlanta Business Chronicle (ABC) reported that the Related Group had the 2.2 acre site under contract. There are currently two surface parking lots there. At that same time, the ABC article made comment about the ever growing pipeline of apartments on tap for Midtown Atlanta. Of concern is too many of the units hitting the market at once, according to analysts such as Haddow & Co. To many at one time That’s could begin to soften intown rents, which today are well above $2 a square foot at the newest projects.

Keep in mind, this site is just across the street from the new Novare building, at 13th and West Peachtree. So keep your eyes open for yet another apartment crane on the Midtown Atlanta horizon.

Atlanta Real Estate to outperform rest of United States

February 26, 2015 by Thom Abbott

Atlanta Real Estate to outperform rest of the United States

The Atlanta real estate market is brisk and most metrics indicate positive growth. The seller’s market continues and Atlanta will likely out-perform the rest of the country in both value growth and unit volume.

The intown market has experienced the greatest appreciation, with many communities seeing more than a 20 percent increase in value since early 2013. Empty-nesters and millennials alike continue to migrate to the intown market to take advantage of the lifestyle benefits that urban density offers … including restaurants, shopping, public transportation, entertainment … and of course the Beltline. The Beltline phenomenon may be the single biggest driver for intown growth outside of the rebound of key intown employment sectors. Professionals are seeking communities that offer a walkable live-work lifestyle and are abandoning expensive commutes. The announcement that NCR will move 3,500 employees into the city only reinforces this trend.

With prices having accelerated to 2007 levels in many intown and Buckhead sub-markets, I think we can expect only moderate value increases in 2015. Inventory has stabilized into the four-month range (six is considered normal) as seller pent-up demand levels off. Clearly, there appears to be a normalizing in the market. Sellers can sell at prices that motivate them and buyers, anxious to lock in — in advance of rising prices — and at low rates, continue to step up.

The suburban market was subject to some of the market’s worst foreclosure rates and value declines in the recession. The evaporation of foreclosure notices has helped property values rebound. Suburban values are edging close to 2004 levels, according to Case-Shiller. Also, the tide of foreign purchasers continues to be a positive factor for suburban — and to a lesser extent — intown sellers. Anecdotal reports suggest that as many as 20 percent of all suburban purchases are driven by international buyers. This is true at all price points. The Atlanta market continues to be a magnet for inbound international migration as well as foreign investment.

Exurban markets continue to lag, but are showing unit and price growth as well. Only the second home market remains for value hunters. Prices in the North Georgia and North Carolina mountains — as well as the Georgia coast — have not yet approached a full rebound, though anecdotal reports from our brokers are that signs of vibrancy are returning. That said, absorption is still slow in those markets.

New home construction is at a seven-year high. Intown infill building has led the way with players scouting the market for tear-downs. With builder margins in the 20 percent range and so much buyer pent-up demand for new construction product, it’s clear that home-building will be a leader in the 2015 market. Of course, leading corporate homebuilders are selling new homes as fast as they can build them in the suburbs.

The vibrancy of the intown and Buckhead condo markets continues to surprise. Inventory is at a record low (one to two months) and prices are rising at the rate of 1 percent per month and have been doing so for 24 months. Buckhead uber-luxury projects such as Sovereign and The Ritz-Carlton Residences, which had been sluggish, are now long sold out. The Mandarin Oriental – with unit prices in the $2 million range – only has some 18 homes remaining. The Midtown market’s key recession-plagued projects — 1010, Luxe, Viewpoint, and lower Buckhead’s The Brookwood — are also long recovered with recession buyers in those projects being rewarded richly in this seller’s market. With few or no new condo projects over 100 units on the horizon, lack of inventory will continue to drive price gains. In Midtown, only The Atlantic (some 250 units remain) and The Lowes project (60 units, give or take) are scheduled to release new inventory in 2015. Alta, a Wood Partners proposed 250-unit project on Piedmont Park, has yet to confirm whether its units will be built for sale or lease.

Interest rates continue to remain at historical record lows and lending requirements appear to be softening. Good or bad, Fannie Mae and Freddie Mac have just unveiled new mortgage programs that will allow qualified homebuyers to put down as little as three percent and President Obama has announced reductions in private mortgage insurance (PMI) rates. This should aid first-time buyers, buttressing the foundation of the marketplace, and allow trade-up buyers to migrate through the cycle.

In short, 2015 looks to be a fine year to be in the residential real estate business whether you’re a broker, a builder, a lender, a closing agent … or a buyer or seller.

Kevin L. Palmer is the CEO and founder of PalmerHouse Properties, a residential and commercial real estate agency. Prior to founding PalmerHouse Properties in 2006, Palmer spent 25 years in the financial services industry within Atlanta

Thomas Ramon Realty is affiliated with Palmer House Properties. MyMidtownMojo.com is owned by Thom Abbott.

Mercedes Benz Selects Sandy Springs Site for 12-Acre Campus

February 23, 2015 by Thom Abbott

Mercedes Benz Selects Sandy Springs Site for 12-Acre Campus

Mercedes Benz, the well-known German luxury auto maker has selected a site in Sandy Springs off of Abernathy Road and GA400 as the site for their new Atlanta headquarters.

The land is part of two larger tracts that straddle Abernathy road and Glenridge Road. According to the Atlanta Business Chronicle, both tracts are being purchased by Ashton Woods Homes, and they will in turn sell back the 12 acre parcel to Mercedes. It’s a headquarters district for sure….Mercedes Benz neighbors include United Parcel Service and Newell Rubbermaid. Mercedes will locate on the southern side of Abernathy Road.

If they were looking for a location close to MARTA for that “techy, urban” kind of employee, they have a stretch with this site. Abernathy Road is a busy, busy automobile street, and there are no sidewalks on the South side of Abernathy leading to the MARTA station at Mt. Vernon Highway and Perimeter Center Parkway. Not to mention that walk goes along side a stretch of undeveloped land (nothing exciting to engage the pedestrian there….) and then crossing Peachtree Dunwoody Road to get to the station Entrance. Here is a map indicating the location of the campus and the MARTA station.

Driving? Abernathy road/GA400 is another ‘ground zero” for traffic bottle necks, and with the pending construction/re-design of the GA400 and I-285 Interchange just to the south of here….well, maybe they can grab an extra coffee and if they have a company Mercedes…just sit back..and wait.

But, for those Mercedes Benz employees that are inclined to want that urban life style, we can help them find a great location in Midtown Atlanta for condominium living, and near the Buckhead MARTA station Skyhouse Buckhead and Cyan are luxury apartment options. Nearby 10 Terminus and Realm Condominiums are options here as well.

We look forward to helping Mercedes Benz employees feel right at home in Midtown Atlanta and beyond.

Twitter and Industrious Look to Ponce City Market For Space

January 30, 2015 by Thom Abbott

Industrious, a Chicago-based office/work space company is looking to lease 30,000 sq. ft at Ponce City Market for a design-focused co-working membership space. The company currently has space in the “Silhouette” Building on Peachtree Street in Midtown.

And Twitter…you’ve heard of them, right? Twitter is looking to lease nearly 10,000 sq.ft at Ponce City Market as the social media/networking guys look to expand their sales and marketing peeps in Atlanta!

Ponce City Market is quickly looking to be another high-techy place to be with Mail Chimp, athenahealth, Cardlytics and HowStuffWorks.

Ponce City Market is the baby of Jamestown Properties as they redevelop and position this massive building into a collection of unique retailers, restaurants and offices.

NCR Corporation to Build Midtown Atlanta Headquarters

January 14, 2015 by Thom Abbott

NCR Corporation announced on January 13 that they will build a new corporate headquarters on a 4 acre site in the heart of Midtown Atlanta, at 8th and Spring Streets. Our photo below indicates the site, across the street from Plaza Midtown and right next to SQ5 which is under construction.

NCR Corporation to Build Midtown Atlanta Headquarters

In a story in the Atlanta Business Chronicle, it was reported that Atlanta is considering some $3.2 million in incentives to get NCR to bring the headquarters to Midtown. NCR has reported they will spend some $260 million to build on the site, which they have an agreement to buy.

The relocation would be huge for Atlanta and Midtown with some 3,600 employees being in the innovation/think tank area of Technology Square and Centergy.

The move is also a change for the company which first relocated from Ohio to suburban Duluth (Gwinnett County) some six years ago. “NCR is making a play for the Millennial workforce, which prefers the entertainment and cultural amenities of the city and rejects the long commute to the suburbs,” the Atlanta Business Chronicle reported.

Often times, a relocation of a corporate headquarters in the same city might not see many residential changes, but there may be many people that will now have much longer commutes from the suburbs of Atlanta and might want a change.

MyMidtownMojo.com is ready and waiting to welcome NCR Corporation to Midtown Atlanta and help you find your piece of Mojo (also known as a condo, townhome or single family home!)

Metro Atlanta Transit Will We EVER Figure It Out?

January 13, 2015 by Thom Abbott

I don’t claim to know, or understand every issue around transit, or the serious lack thereof in the Metro Atlanta area. I do know our system never developed to keep up with the growth of the city.

Metro Atlanta Transit Will We EVER Figure It Out?

Case in point … WMATA(Washington Metropolitan Area Transit Authority approved plans for a 98-mile (158 km) regional system in 1968. Construction began after a groundbreaking ceremony on December 9, 1969, when Secretary of Transportation John A. Volpe, District Mayor Walter Washington, and Maryland Governor Marvin Mandel tossed the first spade of dirt at Judiciary Square.

Opened in 1976, the network has grown to include six lines, 91 stations, and 117 miles

The DC Metro System today…..

Then Atlanta …. Construction began on the MARTA system in 1975, with the first rail service commencing on June 30, 1979. The system has since built most of the proposed rail lines, as well as stations in Dunwoody, Sandy Springs, and North Springs which were not included in the original plan. The missing rail segments include a Tucker-North DeKalb line with service to Emory University andNorth Druid Hills, a Northwest line with service to Brookwood and Northside Drive, extension of the West line to Brownlee-Boulder Park near Fairburn Road, extension of the Proctor Creek line to West Highlands, and a branch off the south line to Hapeville and Clayton County.

The MARTA rapid rail system has 47.6 miles of route and 38 rail stations located on four service lines.

Yes, we’ve made a baby step forward and now for the first time in more than 65 years, streetcars are on the streets of Downtown Atlanta. I can only imagine being able to connect to the Beltline, to MARTA and then off to who knows where? I can dream, right?

There is an Atlanta based organization that I discovered with some great information about transit. Citizens For Progressive Transit. Check out some of the info on this site. Or you can find their January, 2015 Newsletter here. It’s worth a read and the interesting transit talk that will happen this year at the state level.

I just know, that if we really want to be the world-class city we really want to be….transit needs to be a critical part of it….and our love of the automobile needs to go through some serious therapy.

Atlanta Real Estate to outperform rest of the United States

Mercedes Benz Selects Sandy Springs Site for 12-Acre Campus

NCR Corporation to Build Midtown Atlanta Headquarters

Metro Atlanta Transit Will We EVER Figure It Out?

HomeSmart