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Project RoadRunner Latest Name in Georgia #EcDev Lore

ATLANTA (Feb. 17, 2012) - The large Caterpillar deal that Georgia Ga. Nathan Deal announced at the state Capitol this morning will go down in econmic lore as "Project RoadRunner."

Every big economic development deal has a cool "Project" name designed to protect the identity of the company scouting a new headqaurters or site for a large manufacturing plant such as the one Caterpillar will build outside Athens, Ga., in Oconee County.

In papers filed with the state this morning, the secret Caterpillar name is revealed as "Project RoadRunner." Other recent projects that attracted media attention incluce Project Einstein (Asurion), Project Spirit (RIM data center in north Fulton), Project Red (still secret) and Project Baja Spirit ( another that's still a secret.)

Other projects that are part of Georgia lore are Project Brown Thrasher (GE Power/now GE Energy's corporate relocation fron New York to Cobb County and Project Cypress, (a failed attempt in 1999 to get thousands of Chase jobs in metro Atlanta).

Because economic developers are running out of cool names and at times resurrecting old ones, I recommend instituting an alphabetical system used in the naming of hurricanes in the Western Hemisphere.

 

Read it for Yourself: Bank of America Plaza Foreclosure Notice

ATLANTA (Feb. 7, 2012) - What is the Bank of America Plaza foreclosure, anyway? What will be read on the Fulton County Courthouse steps this afternoon when the "auction" takes place?

Read the official notice here.

Lender Takes Back Bank of America Plaza (w/photos)

4 p.m. UPDATE: In the end, the Bank of America Plaza event proved somewhat anti-climatic. There was full-blown bidding war, and no one had to break out $250 million in cashier's checks.

The lender, a consortium of investors, took back the trophy tower - using its own interest in the 55-sty tower as legal tender. Next step: Look for the group to market the tower for sale.

Nevertheless, the scene at the courthouse was dramatic. News outlets from across the country convered on the court administrator as he read the legal notice. And, yes, things got sideways when Occupy Atlanta joined the fray. (See photo for proof.)

Now, the real bidding war starts.

 

ATLANTA (Feb. 7, 2012) - Today is the biggest news day ever in Atlanta commercial real estate.

Bank of America Plaza, the tallest office tower ever to be foreclosed on, likely will be auctioned on the Fulton County Courthouse steps. It won't be an auction with an auctioneer quickly soliciting bids, but several potential buyers could quietly compete for the 55-story tower at 600 Peachtree St. (Thanks, Wikipedia for the photo.)

If it auction occurs, the winner will need to produce cashier's checks for millions of dollars. The winning bidder will walk inside the courthouse, hand over the checks and get title immediately.

Press from across the country and around the world are expected to cover the event. Even Al Jazeera's English network has called, seeking information about the auction. Mix in the potential that Occupy Atlanta will show up to heckle Bank of America (now a much-smaller tenant in its namesake building), and the auction will be quite a spectacle.

The lender likely will attempt to buy back its loan. Insiders also say they won't be surprised if Cousins Properties, the tower's original developer, make a bid. Today will be incredibly interesting in the world of CRE news.

As MBA Conference Opens, National Spotlight Shines on Troubles of Atlanta's Tallest Tower

By Tony Wilbert, WNS PR

ATLANTA (Feb. 6, 2012) - The most-significant commercial real estate finance conference in America kicked off here this morning, just as a national spotlight shined on the economic woes of the city's tallest office tower.

MBA's Commercial Real Estate/Multifamly Housing Convention & Expo is happening right now at the Atlanta Marriott Marquis downtown. Atlanta scored a coup when it landed the annual conference of the top players in commercial real estate finance. MBA deems its conference as "the first must-attend event in the new year for every commercial/multifamily finance industry professional." And it's right.

Hours before the opening keynote speech was delivered today, Bloomberg Businessweek published a story about the potential foreclosure on Bank of America Plaza. BofA Plaza is an iconic office tower in Atlanta, and one of the tallest in the United States. Unless an agreeement is worked out - or the foreclosure proceedings delayed - the 55-story tower is scheduled to be auctioned Tuesday at the Fulton County Courthouse.

“It’s a fine building, a beautiful building, and still very much a landmark,” said Kirk Diamond, senior managing director at broker Cassidy Turley, in Atlanta, told Bloomberg Businessweek. “It just needs to be recapitalized and written down to a market level to be able to compete effectively.” (Cassidy Turley is a Wilbert News Strategies client.)

The potential auction would make for an interesting field trip for MBA convention-goers. Stay tuned.

 

Cummiskey: Better Incentives Will Ensure Georgia Doesn't Lose Jobs to South Carolina, Alabama

ATLANTA (Feb. 2, 2012) It's time for Georgia to stop losing big job-creation deals to South Carolina and Alabama due to lack of competitiveness, Georgia's top economic development official said this morning at a real estate forecast meeting.

And Georgia is about to take action to ensure the state doesn't continue to lose to its neighbors, said Chris Cummiskey, commissioner of the Georgia Department of Economic Development. He made his comments at the Jones Lang LaSalle 2012 Real Estate Forecast Breakfast at the St. Regis in Buckhead.

Gov. Nathan Deal's Competitiveness Initiative bill is expected to be introduced in the Georgia House of Representatives today.

Quite frankly, it's about money," he told the crowd. "We've got to find ways to close that gap becuase we have been losing to South Carolina...They have eaten our lunch too many times." Alabama also has beaten out Georgia on large projects, and that's got to stop too, Cummiskey said.

Georgia will update its current incentives platform (established in 1994) to become more agressive on the incentives front. However, because Georgia is blessed with assets such as the Georgia Ports and Hartsfield-Jackson Atlanta International Airport, the state doesn't have to give away as much as South Caroline and Alabama to win big corporate relocations and automobile manufacturing plants.

Georgia needs to start offering "80 to 85 percent" of the incentives put up by competitive states, Cummiskey said. But, he stressed, these incentives must help attract higher-paying jobs.

"We have not moved the needle enough on salaries," he said. "We have to have the better-paying jobs here. We have to find ways tomove that needle."

During the event, Jones Lang LaSalle also debuted its cool Urban Skyline mobile version. Check it out here.

 

A Groundbreaking in Atlanta? Awesome!

ATLANTA (Feb. 1, 2012) - Was that actually an official groundbreaking ceremony in Midtown this morning?

Yes, Novare Group and Batson-Cook Development Co. held a ceremonial dirt-throwing ceremony at 12th and Spring streets for SkyHouse, a 23-story tower that will house 320 apartments. And yes, that was Jim Borders (in photo), who pioneered the Midtown high-rise multifamily market, serving as emcee and lead developer.

Wilbert News Strategies is proud client Invest Atlanta played a role in making the planned project a reality. (WNS shares the Invest Atlanta account with international PR agency of record Finn Partners.) 

We hope to see more photo opps with developers armed with shovels take place this year in Atlanta.