midtown atlanta apartments Archives

100 6TH Street Apartment Tower Proposed for Midtown Atlanta

May 8, 2012 by Thom Abbott

Well, a few years ago the cranes scrambled for a place on the Midtown Atlanta skyline to build the condo towers that now grace the Midtown Atlanta skyline. Fast forward to 2012…and the race is on again to dot the skyline…but this time to build apartment buildings like 100 6th Street.

This evening, I attended the Design Review Committee meeting of the Midtown Alliance where Novare Group’s Jim Borders (builder of Metropolis, Spire, Viewpoint, Twelve Atlantic Station, Twelve Centennial Park, The Atlantic and more….) made his case for the new 23-story tower that will house some 320 homes along with an adjacent parking structure with some 400+ parking spaces.

The rendering here (also shown at tonight’s meeting) is the South facing portion of 100 6th Street. The parking deck y0u see to the right will run from almost the corner of 6th Street to the Corner of 7th Street. Sadly, garages are still needed in the City of Atlanta since mass transit is still a dream for Atlanta, but this one will take up almost a whole BLOCK! The architects played the cards right as there are two retail spaces fronting Juniper Street (even though they are not required) to keep the surrounding Midtown neighbors happy about not having a block of dead space.

For those questioning the exact location, the tower of 100 6th Street will sit basically where Loca Luna Restaurant and The Armory Bar use to be.

Some of the DRC members were not to happy about a proposed “pocket park” at the corner of 7th and Juniper Streets. One committee member said that while the idea sounded good, because of a lack of activity on that corner, the park could have the potential to be a safety issue. When asked why that corner did not have a retail space, Mr. Borders commented that is was “not a marketable space.” I think what he meant to say was he just could not charge enough for it!

If there is anything that Midtown Atlanta lacks it is AFFORDABLE retail space. Perhaps the way to “market this corner” is to a merchant that has the marketing savvy to bring in customers and can make it in the space because it’s not costing them an arm and a leg every month in rent. It will be interesting to see if this portion of the design gets changed based on community input.

It was also not 100% clear to me how the new building will be placed in relation to the current Viewpoint Midtown tower. Hopefully, those owners on the South facing side of Viewpoint will still have…..a view.

But for now, it looks like another crane for another apartment building (we have two under construction now) will be on the skyline in the coming months .

Mesirow Financial buys Post Biltmore – Atlanta Business Chronicle

March 1, 2012 by Thom Abbott

Via Scoop.it – Other Atlanta News Events

Mesirow Financial of Chicago bought Atlanta’s Post Biltmore apartments for $51Million. The 276-unit apartment building is located at West Peachtree and 6th streets. It will spend up to $8k per unit upgrading and most likely….increase rents! Currently, the building is at 97% occupancy with an average rent of $1300 per month.

Rental rate in Midtown increased by 12 percent and the vacancy rate was near 96 percent.

Been on the fence about renting vs. buying? Just might be time to jump OFF that fence!

Via www.bizjournals.com

Designer challenges Novare to a duel over its proposed Midtown apartment highrise

February 13, 2012 by Thom Abbott

Via Scoop.it – Midtown Atlanta Condos
Did a local designer come up with a better version of SkyHouse Midtown Atlanta than Novare’s designs? New 23-story luxury apartment building is under construction at 12th and West Peachtree Streets in Midtown Atlanta. I first posted about this project in November of last year.

I happened across this article this morning in a round about way. I was downloading pictures I took of the site a week ago as the cranes are now up and at it, as you can see here. I had never seen this article, but I do have to say, the “other design” is certainly more striking, especially when it comes to disguising the garage. I’ve often wondered why there is not a design requirement that masks our mammoth parking garages that are always needed with our buildings.

Due to copywrite laws, I’ve not shared the other plans, but you can find them in the link to the article.
Via whatnowatlanta.com

View SkyHouse Luxury Apartments in a larger map

YES! New Cranes in Midtown Atlanta!

February 5, 2012 by Thom Abbott

Yes, you heard that right! There are new construction cranes in Midtown Atlanta! A welcome sight for a troubled economy indeed!

One of those Midtown Atlanta construction cranes is at 10th and Williams Street (Or the Downtown Connector) where the new Hilton Garden Inn/Homewood Suites hotel is under construction! What a beautiful building that will be to visitors arriving into Midtown via the 10th Street Bridge! It’s convenient to all the Midtown Atlanta law offices, and to Turner Broadcast Systems (TBS) and the new GATech Basketball stadium!

Construction Cranes are also appearing on the Midtown Atlanta skyline at two new luxury high-rise apartment buildings that have broken ground. Ironically, they are BOTH on 12th street…if you can imagine that! One is part of the 12th and Midtown Development where 1010 Midtown is located. The second, located at 12th and West Peachtree has also just broken ground. The race would appear to be “on” as to who will finish first and have the first shot at getting apartment shoppers in the Midtown Atlanta rental market.

We have long been missing a higher end rental product in Midtown Atlanta. Potential renters have either needed to find a private condo for rent, or opt for only 3 apartment buildings in the immediate area. Now, we will have two new apartment buildings hit the rental market at almost the same time. Let the rental war begin??

While this is good news for renters looking for Midtown rental options, they will be on the pricey side at $1500 for a 1 bedroom and $2400 for a 2 bedroom. (We will see how the market reacts to this when they open) On the flip side, for those investors or private owners looking to rent their Midtown Atlanta condo, there may be some pressure on the price you can get with all this shiny new places to rent. OR, it may drive up your price as you may be able to ask more than you have in the past, given the “competition” you will now have.

Certainly some questions that all the New Cranes in Midtown Atlanta have offered up!

Two Luxury Apartment Towers Planned for Midtown Atlanta

November 16, 2011 by Thom Abbott

Well it seems that construction cranes will soon be part of the Midtown Atlanta skyline once again! Yippie! Two Luxury Apartment Towers are planned for Midtown Atlanta. And oddly enough, on the same side street off of Peachtree Street — 12th Street!

Daniel Corp (Birmingham, AL) and Selig Enterprises, Inc are set to break ground next month on an $82 million glass tower which will feature 20 stories, 330 homes and condominium-like amenities. Located at 77 12th Street, it’s the next phase of the massive 12th & Midtown development started by the same group. Plans for the 17 acre development stalled after the construction of the Loews’ Hotel, 1075 Peachtree (office tower) and 1010 Midtown Condominiums. Daniel Corp has leased out some of the unsold condominums as Midtown Atlanta condo sales have skidded.

This new construction is a good thing for Midtown Atlanta an several fronts. “Atlanta got caught up in the condo boom, but there’s a shortage of market-rate apartments,” said Steve Baile, Senior VP for Daniel Corp in an article in The Wall Street Journal. “We thought it was time to test the market.” I’ll agree with that one.

Secondly, new construction in an area is a signal that things are improving. And there is a shortage of rental units in Midtown Atlanta. Most people looking to rent in the area must rely on private rentals in condominiums buildings. Most all of the Midtown buildings are at rental capacity (HOA’s restrict rentals to 20-25% of the homes in the building). There are but a few major apartment complexes in the Midtown area. And those buildings run a 7.2% vacancy rate.

A second apartment tower has also been planned by Novare Group, made most “famous” for their condominium projects of recent such as Viewpoint, Spire, Metropolis, The Atlantic and Twelve Atlantic Station….just to name a few! Novare’s Sky Tower will sit on 12th Street, between West Peachtree and Spring Streets. Those plans call for a 23-story building with 320 homes. Their plans also call for retail space along 12th Street. If you’ve walked through this area, you know it needs some serious sprucing up, and BOTH of these buildings may very well help spur other businesses to open in this somewhat desolate part of Midtown Atlanta. All of the previous developments have focused on Peachtree Street, or close proximity.

Daniel Corp is planning to rent apartments starting at $1500 for a one bedroom and $2200 for a 2-bedroom. I’ve found some challenges in getting potential tenants to pay those kinds of rates in current Midtown Atlanta condo buildings, so it will be interesting to see if the proposed rates are indeed “market rates.”

Construction cranes have already returned to Midtown. A crane towers over the site of the new Hilton Garden Inn/Homewood Suites that is going up at 10th and Willams (Downtown Connector).

Two Luxury Apartment Buildings for Midtown Atlanta!

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