Skyline Views

When I looked out the window of the top floor of the office tower at 1075 Peachtree St. in Midtown Atlanta, I caught this view of the 1010 Midtown Condo Tower. I had to snap a shot. Both the condo tower and the office tower, are part of the 12th & Midtown mixed-use development. This view shows how architects designed 1010 Midtown to follow the natural curve of the Peachtree spine. The condo tower is 35 stories and about 410 feet tall.

This Buckhead Building is Setting the Pace for Luxury Sales in Atlanta

ATLANTA (May 15, 2014) - The luxury condo market is back, especially at The Residences at Mandarin Oriental, Atlanta. Sales and contracts a the landmark Buckhead building totaled $11 million in the first quarter. And more sales at The Residences are expected soon. Here's the full story:

THREE CONDO UNITS AT THE RESIDENCES AT MANDARIN ORIENTAL, ATLANTA, SELL IN FIRST QUARTER

iStar Residential, a division of iStar Financial Inc. (NYSE: SFI), announced today the sale of three luxury high-rise condominium units, located at The Residences at Mandarin Oriental, Atlanta, for a total of more than $6.3 million. The first unit closed in January and two other units  closed in March. Two additional units are under contract, for a total of $11 million to be sold in the first quarter.

“The sale of three units at The Residences in the first quarter validates the returning desire for high-end luxury residential properties located in top-tier markets,” said John Kubicko, Senior Vice President at iStar Financial Inc. “We are confident that the remaining units will attract prospective buyers quickly from both  the local and international markets who want to experience city life at its finest.”

Karen Rodriguez of Dorsey Alston Realtors leads the sales efforts for the exclusive, world-class property, bringing 11 years of experience in the Buckhead luxury high-rise market. Rodriguez is a Life Member of the Atlanta Board of Realtors’ Multi-Million Dollar Sales Club and has closed more than a $100 million dollars in Buckhead condo sales since 2011.

“Our new sales team introduced a proven fine-tuned sales strategy, which directly contributed to our tremendous success in the first quarter,” Rodriguez said. “Additionally, the beautiful new units from Harrison Design Associates offer stylish, modern residential interiors that have been well-received by prospective buyers. Due to interior upgrades to the finishes and appliances, The Residences now command more than $700 per square foot.”

The Residences are located in the heart of Buckhead, the city's most prestigious neighborhood, in an
iconic limestone building designed by renowned American architect Robert A.M. Stern. High above
Peachtree Road on the top 27 floors of this 42-story building, residence owners have unparalleled views of the glittering Atlanta skyline. Each floor contains a maximum of two residences, ranging from 3,000 square feet to 5,100 square feet for a full floor. Pricing for The Residences begins at $2.1 million.

Buckhead’s top architectural firm Harrison Design Associates designed the new units, which represent
the next phase in the build-out and sales process for The Residences. The Residences feature
contemporary, ultra high-end finishes and sleek, built-in fireplaces with marble surrounds. Each
Residence will also feature a 36-inch Viking gas grill as well as a gas fireplace on its 300-square-foot
outdoor terrace. The common areas include modern color palettes and sleek flooring. The Residences
are the only condo residences in Atlanta to feature Miele appliances.

The Residences are located near the city’s top restaurants and finest, high-end retail. While at home,
residents enjoy convenient access to the region’s top cultural attractions including Lenox Square, Phipps Plaza, the Georgia Aquarium and the High Museum of Art.

For more information on The Residences at Mandarin Oriental, Atlanta, visit
http://www.moresidencesatlanta.com.

Disclosure: The Wilbert Group, the leading real estate PR firm, represents the owner of The Residences at Mandarin Oriental, Atlanta.

Sale of This Atlanta Office Tower About to Set Buckhead Record

ATLANTA (May 14, 2014) - The office tower at 3630 Peachtree, also home to the Ritz-Carlton Residences, took longer than expected to lease up. But that probably won't stop owners Pope & Land and Duke Realty from reaping a record price when the office portion is sold.

And that sale might be imminent, according to Jarred "Scoop" Schenke of Bisnow Atlanta. Schenke reported today that Chicago-based investor Heitman has contracted to buy the 3630 Peachtree office space for $380 a square foot, which would smash the previous high of $346 a foot set when REIT Parkway Properties acquired the office portion of 3344 Peachtree, also home to Sovereign condominium. 

In December 2010, Skyline Views was the first to note that Parkway's acquisition would set the new price-per-square-foot record in tony Buckhead.

This does make me think that office towers with high-end condos and amenities in the same building might be the new standard-bearer in office sales in Atlanta.

We'll be watching for official confirmation of the 3630 Peachtree sale. It would be a good sign to see Heitman make such a big bet on Atlanta commercial real estate.

Game of Thrones: This Atlanta Developer Abdicated Condo Crown to Rule Apartment Market

ATLANTA (May 9, 2014) - About eight years ago, local Atlanta business writers held a coronation of sorts, naming attorney-turned developer Jim Borders the "Condo King."

The reporters did so because Borders' Novare Group pretty much singlehandely created Atlanta's afforable intown condo market with Metropolis, Spire, ViewPoint and to a lesser degree Gallery. But then the condomania created condo crash, and that gig was up.

Now, of course, the brilliant Borders has re-created himself by developing sought-after apartments in several Southeast cities, including Atlanta where he has opened two SkyHouses (SkyHouse Midtown and SkyHouse South) and has a third under construction in Buckhead (see photo of site below).

Borders is exporting the successful SkyHouse formula, in tandem with Batson-Cook Development Co., to other cities including Charlotte, North Carolina, (note use of new AP Style guidelines) and Austin, Texas.

How long before a reporter re-nicknames Borders "Apartment King"? I bet he hates the new moniker as much as he hated the outgoing one.

 

 

 

Atlanta multifamily expert who coined "Condomania" dies at 85

ATLANTA (Nov. 5, 2013) - Dale Henson, the city's top multifamily expert and the first to predict Atlanta's calamitous condo collapse, died at his home last week. Henson, 85, died of cancer, according to his obituary that ran in today Atlanta Journal-Constitution.

In 1999, Henson warned that the "condomania" sweeping Atlanta would end in economic disaster for overzealous developers.

For the past four decades, Dale Henson Associates served as the go-to consultant to apartment and condo developers wondering whether to pull the switch on a new multifamily project. Henson also proved to be a go-to guy for reporters covering commercial real estate in Atlanta during the boom of the 1990s and bust of the 2000s.

I got to know Dale in the mid-1990s while covering real estate at Atlanta Business Chronicle. His office was directly across Peachtree Street from 1801 Peachtree, a former home of the Chronicle. Dale always made himself available to discuss proposed projects such as Post Properties' plans for a development at 2626 Peachtree. That tower, Post Peachtree, was the firm's first apartment tower designed to be quickly converted to condos (and it was).

In 1999, as owners scrambled to convert every class A apartment tower to condo and developers lined up sites to develop new condos, Henson urged caution. After all, no one knew the true depth Atlanta's high-rise condo market at the time because it really never existed outside a couple well-know towers.

Here's an excerpt from the May 1999 article.

The conversions will catch the attention of condo developers such as California's John Kusmiersky, who is pre-selling Park Regency near Phipps Plaza, said Dale Henson, a national apartment consultant and president of Atlanta-based Dale Henson Associates.

"They're going to say, `Wait a minute. They're going to steal our thunder,' " he said.

The current "condomania" that's sweeping Atlanta needs to slow, Henson added.

"A little caution is in order because there's so many [condos] coming," he said. "But, well-placed ones will go, as they always do."

Rest in peace, Dale. You called it.

Here's information about services and survivors, from the AJC obituary..

Milton Dale Henson, 85, died Oct. 30 in his home from cancer. H.M. Patterson and Son, Spring Hill Chapel will be handling arrangements as well as cremation services. A private service was held Sunday, and a memorial gathering will be held Thursday, Nov. 14 from 4-6 p.m. at H.M. Patterson and Son, Spring Hill Chapel. A private grave-side burial is scheduled for later this year.

In addition to his wife, Henson is survived by his daughter, Cathy Dayle Henson of Asheville, N.C.; his sons, Alexander Loring Dale Henson of Atlanta and Kyle Scott Henson of Williamson; his daughter-in-law, Beth Morehouse Henson of Williamson; his sisters, Monza Henson Wilson of Ozark, Ala. and Lazanda Henson of Atalla, Ala.; his brother, Aaron Gerome Henson of Natchitoches, La.; and his grandson.

 

Never-Built CityPlace Still Stands Tall in Buckhead

ATLANTA (Oct. 16, 2012) - One CityPlace, part of a planned massive condo compound,  never got off the ground. But it still rises high above a fallow field at Roxboro and East Paces Ferry roads.

The Related Group of Miami still has yet to take down the large mockup of the 29-story story tower that the recession stopped. From the right angle, it appears as One CityPlace really exists.

The vacant sales office, however, tells passersby that the project never happened. (In photo at left, the building on the right is real.)

In an Oct. 5, 2009, story about the lender taking back the CityPlace property, Atlanta Business Chronicle dubbed it "the largest condo project ever planned in Buckhead." It's clearly the largest model of something never built.

In the 2009 story, the same model is seen in the photo that accompanied commercial real estate rpeorter Doug Sams' story.

That means the model remains on Roxboro more than three years after the project was scrapped. Some graffiti exists on the sides, but overall it's in great shape. I hope to see it available on eBay soon.

Watershed Moving to The Brookwood

ATLANTA (Nov. 14, 2011) - The piece of Peachtree Street that borders Brookwood Hills might have lost out on a 24-hour barber shop (darn), but it's getting a monumental place for fried chicken.

Traci Buch, who works for Liz Lapidus Public Relations, just issued a press release saying Watershed (that of the kick-ass fried chicken) will open at The Brookwood Condominium next spring. The Brookwood's original developer - Mark Riley of Urban Realty Partners - said the building's prime restaurant space would attract a great restaurant. Though it took some time, Riley ultimately was right.

"It's a new day in the neighborhood for the Atlanta family and foodie community and I am thrilled to be a part of it," said co-owner and Indigo Girl Emily Saliers. “I can't wait to bring family and friends out to the new location to taste Chef Truex’s new menu.” 

Here's the release.

ATLANTA (November 14, 2011) Watershed restaurant, an award-winning Southern-inspired eatery that pioneered the Decatur dining scene when it hung its shingle on a converted gas station 13 years ago, is re-locating to The Brookwood, a 219-unit, mixed-use condominium community located on Peachtree Street in the heart of the historic Brookwood neighborhood.

The move will empower owners Ross Jones, Indigo Girls’ Emily Saliers and Chef Joe Truex to realize their dream of growing the business with private dining, a patio and a wealth of parking. They plan to maintain the integrity of the Watershed brand, including the inspired cuisine of acclaimed Chef Truex, while updating it with a modern sensibility reflective of the new location. Diners can expect to see General Manager Jones on the floor and Chef Truex in the kitchen of this Smith Hanes-designed 175-seat jewel.

"It's a new day in the neighborhood for the Atlanta family and foodie community and I am thrilled to be a part of it," said Saliers. “I can't wait to bring family and friends out to the new location to taste Chef Truex’s new menu.” 

With the new location – set to open in Spring 2012 – comes a refined editing of the menu. Truex plans to update Watershed’s Southern-inspired cuisine with flavors from the Georgia Coast to the Louisiana Bayou and everything in between including the diverse ethnic flavors found throughout the South. The restaurant will continue to boast an expansive wine program – including the monthly wine club tastings – and bring back Fried Chicken Night with a twist.

The toque was tapped to Truex in 2010 with the departure of long-time chef Scott Peacock. A Louisiana native, Truex came to Watershed after closing his award-winning eatery, Repast. With a degree from the Culinary Institute of America his career has taken him from New Orleans to New York and Basel, Switzerland. He came to Atlanta as executive chef of the Swissôtel and later Château Élan Winery and Resort in Braselton, before opening Repast in 2005. 

An in-town estate with magnificent floor plans and striking interiors, The Brookwood rises 18 stories above street level in one of the city’s most desirable and walkable neighborhoods, just seconds from Midtown to the south and Buckhead’s Peachtree Battle to the north.  A truly unexpected retreat in the city, The Brookwood boasts stunning interiors and exceptional amenities and services.  Built green for both healthy living and energy conservation, The Brookwood is Atlanta’s only LEED certified high-rise condominium community.

 

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Atlanta Contractor Could Gain Control of Stalled Jacksonville Condo Tower

ATLANTA (May 19, 2011) - A fascinating battle is unfolding south of the (Georgia-Florida) border, and it doesn't involve Bulldogs or Gators. It's a legal fight between a well-known Atlanta contractor and a developer who built tens of thousands of apartments in the city - and once owned the Atlanta Knights hockey club. 

Choate Construction and the developer of Berkman Plaza 2, a condo tower on Jacksonville's waterfront that's been stalled since December 2007, are facing off over a lien. Choate is seeking to foreclose on the property, according to a Sunday story in the Florida Times-Union. (The photo at left comes from LoneStarMike of SkyscraperPage Forum.)

In February, Choate announed that an arbitrator ruled in the contractor's favor, and Choate - a leinholder - has filed a notice to foreclose on the property, the Times-Union reports. A court hearing in the matter is slated for August.

The condo tower, developed by David Berkman, a longtime Atlantan who now lives on Amelia Island, Fla., explained way back in 1996 why he enjoyed owning real estate. "I always wanted something to work for me seven days a week," Berkman said. "I always wanted to own real estate. I don't know why." Read more: David Berkman ices deals | Atlanta Business Chronicle 

Now Berkman will have to fight to hold on to his namesake tower. A hearing on the foreclosure has been set for August, the Times-Union reports.