Skyline Views

Life Time Co-Working Coming to Phipps Plaza

By Tony Wilbert, CoStar News. Click here for full story.

Simon Property Group is gearing up for its ambitious $200 million expansion of Phipps Plaza in Buckhead after fine-tuning some of its previously announced plans.

The Indianapolis-based retail REIT this week filed applications for permits to raze the existing Belk store and replace its existing parking deck and fire station. Simon also filed for a permit to begin land disturbance work at the site at Peachtree and Lenox roads.

Simon announced plans for the expansion, which would include a Nobu Hotel, office tower and a Life Time fitness location, in November. Since the announcement, Simon has shared - with the Buckhead Development Review Committee - an updated scope and new renderings from The Beck Group.

Midtown Office Rents Poised to Overtake Buckhead's

By Tony Wilbert, [email protected] (Click here for full story.)

Greenstone Properties planned 14th & Spring development in Midtown.

Having jumped 6.4 percent in the past year, Midtown's gross asking rates grew at a faster clip than in any other Atlanta submarket, according to CoStar research.

The average Midtown asking rent of $33.24 per square foot per year trails only Upper Buckhead, and by a mere 52 cents a foot.

  (Click here for full story.)

 

Former Jamestown Colleagues Form Third & Urban, an Atlanta-based Development Firm

SAVANNAH, Ga. (July 17, 2014) - Having helped Jamestown make Atlanta's Ponce City Market and Savannah's One West Victory mixed-use projects early successes, Pierce Lancaster and Hank Farmer have formed a new development firm of their own.

Third & Urban LLC already is busy working with Ben Carter, whose $75 million restoration of Savannah's historic Broughton Street is well under way. Lancaster and Farmer also are scouting other cities in the Southeast for additional projects.

Here's the press release The Wilbert Group just issued about Thid & Urban's formation and partnership with Ben Carter Enterprises.

Former Jamestown Colleagues Announce New Adaptive Reuse and Urban Infill Development Firm, Third & Urban

Atlanta Company’s First Project is Partnership with Ben Carter Enterprises in Savannah

 

ATLANTA (July 16, 2014) – Hank Farmer and Pierce Lancaster, former Jamestown colleagues who built their careers working on high-profile urban infill and adaptive-reuse projects, have formed Third & Urban. The new firm will focus on the development of similar projects in the Southeast, eyeing markets from Virginia to Louisiana that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban will also serve as a consultant to other developers.

Third & Urban already is consulting on a major urban redevelopment project: Ben Carter Enterprises’ $75 million redevelopment of Broughton Street, the once-thriving business hub of Savannah, Georgia’s downtown Historic District. A portion of Third & Urban’s scope is the programming of spaces above the street-level retail, which will bring additional energy to the new district Carter is looking to create. Likely uses include a mix of open and loft offices, micro offices, residential, hotel and more. Together, Carter and Third & Urban are working to return Broughton Street to its former glory.

“We see the trend of moving back to urban centers as one that is here to stay,” Farmer said. “Supporting local economies while restoring historic and underutilized buildings is a way to create vibrant places while contributing to the fabric of cities.”

The experience of Farmer and Lancaster lends itself nicely to assist Ben Carter in realizing his vision for Broughton Street.

“Ben and his team have an exciting project underway in Savannah that aligns well with our goals and vision for urban environments,” Lancaster added. “We are excited to work with them on what will be a game-changing project for the City of Savannah. It is a great opportunity.”

“As valued members of the Jamestown team, Pierce and Hank had the great opportunity to learn from a best-in-class real estate and investment company that has been a real leader in urban redevelopment,” Carter said. “As demographics and social trends continue to value and embrace urban spaces for living, working and playing, Third & Urban’s unique experience and expertise will stand out.”

Lancaster, who spent six years at Jamestown most recently as a Vice President, oversaw a range of mixed-use, retail and residential projects from New York to Miami. Farmer, who was a Development Manager at Jamestown, played a vital role in the firm’s landmark Ponce City Market redevelopment in Atlanta and also spearheaded its One West Victory mixed-use development in Savannah.

“Pierce and Hank were key team members on several high-profile deals while at Jamestown,” said Matt M. Bronfman, CEO at Jamestown. “We wish them the best of luck and are confident that they will be successful in their new endeavor.” 

About Third & Urban:

Atlanta-based Third & Urban is a new real estate development and advisory firm focused on urban infill and adaptive reuse projects in the Southeastern United States. The firm seeks development opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban also is advising Ben Carter Enterprises on the latter’s Broughton Street redevelopment in downtown Savannah, Georgia, a $75 million project that will create one of the Southeast’s premier urban retail destinations.

Hank Farmer and Pierce Lancaster, both previously with Jamestown, an Atlanta-based private equity firm focused on commercial real estate, are the co-founders of Third & Urban.

Lancaster served as a Vice President at Jamestown, where he managed a range of value-add and opportunistic projects across various product types. Farmer was a Development Manager at the firm and played a vital role in the creation of Ponce City Market, the largest adaptive reuse project in Atlanta history, and One West Victory, a mixed-use development in Savannah.

For more information, contact Farmer at [email protected] or Lancaster at [email protected].

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.

 

 

 

Hyatt Picks Dewey Beach for First Hotel in Delaware

DEWEY BEACH, Del. (Sept. 5, 2012) - Hyatt Hotels Corp. finally has discovered Delaware and is planning its first hotel in Dewey Beach (a way of life).

A Hyatt Place hotel will anchor the redevelopment of Dewey Beach's Ruddertowne property, located on the bayside of this party beach. Dewey Beach, officially incoporated in 1981, will be remembered as the last major beach on Delmarva where you could drink beer legally - on the beach.

The Ruddertowne redevelopment finally is moving forward after a couple years of legal battles. Dewey Beach Enterprises won its fight, and fencing was erected to cordon off the site last month, according to idewey.com.

Ruddertowne, named after the adjacent famous Rusty Rudder restaurant, is best known for the Lighthouse Restaurant. It's home to the World Famous Taco Toss happy hour, where I spent several Friday afternoons in the late 1980s and early 1990s. The rendering here shows a lighthouse.

Let's hope that means Taco Toss will continue, even after Chicago-based Hyatt establishes its first beachhead in The Small Wonder/First State/Blue Hen State.

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.

 

 

 

 

Midwest Developer Plans Outlet Mall North of Atlanta

ATLANTA (March 24, 2011) - Four years after Cousins Properties filed plans to develop The Avenue Ridgewalk in Woodstock, a Midwest retail firm has filed plans to build a 435,000-square-foot factory outlet center on the site.

Horizon Group Properties of Michigan plans to open the outlet center on Woodstock Parkway near I-575 in May 2013, according to a filing made public by the state of Georgia. In addition to the retail center, the project would contain six outparcels.

Horizon has changed the name of the project from The Avenue Ridgewalk to The Outlet Shoppes at Atlanta. Horizon's website says "the site is highly visible from Interstate I-575" and has daily traffic counts that exceed 94,000 vehicles.

The center would mark Horizon Group's entry into the Southeast. The Cherokee Ledger News broke the story about The Outlet Shoppes yesterday. Bill Butler, CEO of Riverwalk Holdings, LLC, told the Ledger News a major announcement about the development would be made within a couple months.

The Great Recession slammed retail development in Atlanta, especially its suburbs. So it's nice to see plans for something new. Maybe the recession really is over.

 

Time is Right to Plan Next Wave of Office Towers

ATLANTA (Oct. 7, 2010) - Even as the country's office vacancy rate flirts with record levels, now is the time to start planning for the next wave of office construction. That's the point of view from tenant rep Ken Ashley, who hangs his shingle in Cushman & Wakefield's Atlanta office.

For the record, I agree with Ken, as you'll see when you read his post. 

He lays out a pretty solid argument for starting the process now using five points. The first point is that it takes awhile to entitle and build office towers. Even the cookie-cutter four-story, 100,000 square feet office building in Suburb X can take 18 months. Towers take even longer, and two years out, the office market better be better (or we're all in trouble).

His second reason to start the process now is that while demand is a critical component, so too is money. Capital is out there chasing deals, and some of it will be dedicated to building - not just buying - product.

For Ashley's other three reasons, check out his post on The Commercial Tenant Resource.

Portman Continues to Market SunTrust Plaza III

ATLANTA (Aug. 3, 2010) - You've got to love John Portman's style. Even in this current commercial real estate market, the architect/developer continues to push plans for a 1 million-square-foot office tower adjacent to SunTrust Plaza Garden Offices (below left) and SunTrust Plaza.

Portman, 85, who created downtown Atlanta's skyline with Peachtree Center, the Westin Peachtree Plaza, Marriott Marquis and Hyatt Regency, has been planning SunTrust Plaza Phase III for more than a decade. "We're trying to make that Phase III building happen," Portman Management exec Brian Hogg told me in June 2000 for an Atlanta Journal-Constitution story.

Plans for Phase III, on a tract a Portman affiliate owns with SunTrust Banks, were moved to the back-burner after Sept. 11, and they have remained there. But that hasn't stopped Portman from subtly marketing the office tower. The copy "A Proposed SunTrust Plaza Phase III" is prominently positioned on the website for SunTrust Plaza. 

I found it this week after clicking on an advertisement for SunTrust Plaza in an edition of Bisnow Atlanta. The SunTrust Plaza site is filled with all kinds of good-but-outdated information about Phase III.

I won't be surprised of Portman's SunTrust Plaza Phase III is one of the first new office towers out of the ground when the current malaise ends and the market turns.

(In this photo, John Portman is shown at Atlanta's Blue Ridge Grill this spring with Ben Johnson, author of Sam Zell biography Money Talks, Bullsh*t Walks. No word on whether Johnson is angling to write Portman's biography. Maybe Maria Saporta will do it.)