Skyline Views

BREAKING: Developer Plans Atlanta's 1st 'Airbnb Hotel'

By Tony Wilbert, CoStar News (For full story on CoStar.com, click here.)

Airbnb's expansion into the hotel business has prompted plans for Atlanta's first boutique lodging geared solely toward travelers who book short stays online.


RCC, LLC of Atlanta has filed plans to develop a nine-story, boutique hotel with 98-110 keys in Atlanta's Old Fourth Ward. The hotel would be designed specifically to attract Airbnb users. RCC's representative John Schiavone heads Catholic Construction Services, and as such, is the director of real estate for the Roman Catholic Archdiocese of Atlanta. It is unclear exactly what role the Catholic Church would play in the planned development.

For full story on CoStar.com, click here.

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.

CoStar News: WeWork Inks Deal for 50,000 Sq. Ft. at Coda

WeWork today confirmed what real estate watchers knew weeks ago - the co-working goliath will establish its first new-build spot in Atlanta at Coda in Midtown.

Click here for the scoop: http://gateway.costar.com/home/news/shared/189245

 

Visionary Who Developed Atlanta's Colony Square Died Wednesday

ATLANTA (April 9, 2015) - In the late 1960s, before mixed-use was cool and when hippies still ruled Midtown, Jim Cushman had a vision. He foresaw the need for a place where people could work, live, shop and play at 14th and Peachtree streets. He assembled a team and developed Colony Square, by far the first mixed-use development in the Southeast.

James Edward "Jim" Cushman, 84, died Wednesday in Atlanta. Born and raised in neighboring South Carolina, Cushman cut his teeth in commercial real estate by developing the original Lenox Towers in Buckhead and Paces Place, credited as the first condo in Atlanta.

For a great piece on Cushman, check out this new post from his daughter-in-law, Jackie Gingrich Cushman.

As a commercial real estate reporter, I often heard that Jim Cushman started the mixed-use movement 30 years ahead of his time. And though he's rarely mentioned with Atlanta real estate superstars such as Tom Cousins and John Portman, he should be. Imagine what Midtown would be without Colony Square. The development anchors what has become the highest-profile section of the city.

Cushman's legacy lives on through his children and friend Stuart Alston, a longtime Carter employee who joined Cassidy Turley when it bought Carter's brokerage division. Alston cites Cushman as one of his mentors for his "do it right the first time" philosophy, according to a 2002 Atlanta Business Chronicle article.

Cushman did just that with Colony Square, right in Regus photo, which stands tall amid the newer towers of Midtown proper. Here's the full obituary.

James CUSHMAN 

 

CUSHMAN, James James Edward Cushman died Wednesda Atlanta, Georgia. He was 84. From his birth, on October 11,1930, in Chester, South Carolina, to Anne Frazier Cushman and Carl Golden Cushman in Chester, South Carolina, his family and friends called him Jimmy, Atlantans called him Jim. As a term of endearment, his mother and daughter-in-law affectionately called him Gem. Smart, funny, and charming, Jim was a true visionary. He loved his family, friends, and dogs. He had a lifelong passion for horses and Angus cattle, both of which were present in great numbers on Millarden Farm, a farm the family owned in Woodbury, Georgia in the 1970's. A proud South Carolinian, Jim earned his BS degree from Clemson University, graduating top of his class. He was a life-long Clemson fan and loved everything (from socks, to ties, and coffee mugs) orange. Jim received the first-ever Algernon Sydney Sullivan Award, and the Wade Woodward, Jr. award for his service to his alma-mater. Jim served his country as a lieutenant and aide-de-camp to General William Quinn during the Korean war. Appointed as the Director of the South Carolina Dairy Commission at the age of 22, Jim was the youngest person to ever head a South Carolina state agency. Later, he served as chief of staff to then Senator Strom Thurmond. Drawn to Atlanta, the city too busy to hate under Ivan Allen's leadership, Jim Cushman moved to Atlanta to start a real estate career under mentor and close friend Ward Wight. Together they developed the original Lenox Towers and the first condominium in Atlanta, Paces Place. With Ward's blessing, Jim struck out on his own with the idea of creating a mixed use development at 14th and Peachtree Street. Some refer to him as the "Father of Midtown". Jim, with his "A team," developed the first "live, work, play" complex in the southeast, Colony Square. Under the leadership of Stuart Alston, the "A team" has faithfully gathered together every Christmas. In 1973, Jim was recognized as the Atlanta Realtor of the Year. He was also awarded the Atlanta Urban design Commission Award of Excellence, and the Georgia Land Development- Outstanding Achievement Award. While his marriage, to Elkin Goddard Alston, ended in divorce, they were an amazing team: from real estate to farming, to throwing wonderful parties for family and friends, but most especially, raising two children. The family would like to give a special thanks to his caregivers at Philips Towers, the Veterans Hospital, and Emory Hospital. Jim is survived by his son Jimmy Cushman, Jr., Jimmy's wife, Jackie, and their children Maggie and Robert Cushman, and daughter Elkin Cushman Taylor, her husband Roger, their children Jack and William and Roger's daughters Lauren and Megan. Jim's family will be welcoming family and friends at the home of Jackie and Jimmy Cushman Friday, April 10, from 6 - 8 p.m. for a celebration of his life. A memorial service will be held on Monday, April 13 at 1:00 PM at Purity Presbyterian Church, 135 Wylie St. in Chester, South Carolina with interment to follow in Evergreen Cemetery in Chester. Donations may be made in lieu of flowers if desired to Purity Presbyterian, P.O. Box 278, Chester, SC 29706. Online condolences may be made to the family at www.barronfuneralhome.com

 

Published in The Atlanta Journal-Constitution on Apr. 9, 2015

- See more at: http://www.legacy.com/obituaries/atlanta/obituary.aspx?n=james-cushman&pid=174591716&fhid=8926#sthash.XhKmSVps.dpuf

Like a Nimble Boxer, Charlotte Has Right Mix to Compete for Titles in Several Weight Classes

CHARLOTTE, N.C. (March 25, 2015) - Former Atlantan Brian Leary is doing exactly what Crescent Communities hired him to do - lead its charge into new urban commercial and mixed-use developments. 

Or, as the Charlotte Observer puts it, "Crescent Dives Head First into Urban Development." That's the headline of a story based on an interview of Brian by Observer's correspondent Ely Portillo. Click here to read the story.

Portillo asked to interview Brian, a client of The Wilbert Group, after reading this thought-leadership piece Brian wrote about why Charlotte has emerged as a favorite market for investors, developers and people and businesses seeking a new home.

Like a Nimble Boxer, Charlotte Has Right Mix to Compete for Titles in Several Weight Classes

By Brian Leary, President, Crescent Commercial/Mixed-Use

When I think of Charlotte these days, the image that often comes to mind, believe it or not, is that of legendary fighter Sugar Ray Leonard. Lean, fleet of foot and possessing a seemingly bottomless supply of energy, the North Carolina-born boxer used those attributes to scale the heights of the boxing world.

Similarly, the Queen City is emerging as a championship economic player through a potent combination of a nimble, business-friendly environment and a vibrant financial and millennial scene, and the rest of the world is taking notice.

Earlier this month, a Bloomberg News article detailed how commercial real estate developers and investors from across the globe are betting on Charlotte and a handful of other “secondary markets” across the U.S. because their long-term job markets, and thus the demand for commercial space, look so promising. Indeed, the reasons for optimism about Charlotte’s ability to maintain and expand its economic momentum are ample and include the following:

• Ongoing Appeal to the Financial Sector. Charlotte rode to economic prominence because of the banking industry and, with approximately $2.2 trillion in assets under control, remains the second-largest banking center in the U.S., behind only New York City. Looking ahead, Charlotte figures to remain a hotbed for the financial services sector. Its warm weather and low cost of doing business — only 86 percent of the national average according to a recent report — offer a appealing alternative to firms considering space in the Northeast, and its location in the Eastern time zone gives it a big leg up on the West Coast, where financial workers have to be on the job well before dawn to be ready when the markets open.

Furthermore, the top-notch talent produced by the many colleges and universities in Charlotte and the Triangle area offers an additional lure to financial firms contemplating relocations, and much of that talent is also fueling an energetic startup scene related to the financial services sector.

• High in the Sky. The second-largest hub for American Airlines, now the world’s largest airline after its merger with US Airways, Charlotte Douglas International Airport is a major boon to the city’s economic development efforts and has the lowest landing fees of any major U.S. airport. The airport offers non-stop service to more than 150 destinations, nearly 40 of which are international — tantalizing numbers for the business community. Put another way, the Queen City offers nearly unbeatable and affordable access to the rest of the globe.

• A Hearty Embrace of Transit. Although it resides in the very heart of the car-centric Southeast, Charlotte has been progressive in its adoption of commuting options in the form of light-rail and streetcar transit. The nearly 10-mile light-rail line that connects Uptown and the burgeoning South End neighborhood, the just-begun network of streetcar lines, and the expansion of the Lynx light-rail system to University Park to the north signal to companies — and to young workers that crave a location in which they are not completely reliant on cars — that Charlotte is dedicated to offering the best quality of life possible.

• Millennial Growth. According to a recent report by PricewaterhouseCoopers and the Urban Land Institute, Charlotte’s number of millennial residents (those ages 20-35) has grown by 23.4 percent over the past half decade. That’s the highest increase of the major U.S. metro areas and means the city can offer employers a large supply of the tech-savvy workers they desire.

• A Good Bargain. As noted above, the cost of doing business in Charlotte is well below the national average, and residents of the city also benefit from a relatively inexpensive cost of living and high quality of life. Similarly, real estate investors are attracted to the comparatively low prices of commercial properties in Charlotte, which offer them the prospect of greater returns than comparable assets in gateway markets such as New York or San Francisco.

Simply put, Charlotte’s affordability will continue to serve as a magnet for both businesses and residents, as well as the investors needed for a strong commercial real estate sector.

• Location, Location, Location. Charlotte itself is a beautiful city, but its appeal grows even more when you consider the easy access it offers to both the mountains and the ocean. Again, this dynamic is bound to exert a powerful influence when businesses are considering locations that will cultivate a happy workforce and young college graduates are contemplating where they would like to move.

Add these factors up, and it’s easy to conclude that the Queen City is at the beginning of a long, sustainable period of serious economic expansion. Companies will locate and grow here; construction cranes will dot the skyline; and, just as Sugar Ray was in the 1980s, Charlotte will be in championship form for a long time to come.

Brian Leary is president of Crescent Communities’ commercial and mixed-use business unit. 

With Whole Foods, Light Rail, Crescent's TOD Will Transform Uptown Charlotte

CHARLOTTE, N.C. (Feb. 11, 2015) - In its earnings announcement today, Whole Foods Market confirmed it has signed a lease for a new store in Charlotte. That location, Whole Foods' first in Uptown Charlotte, will be a key piece of a new transit-oriented development from Crescent Communities.

The development and new Whole Foods mark a milestone for Charlotte's city center.

“It is our vision that this Crescent community will redefine urban living in Charlotte,” said Ben Collins, regional vice president for Crescent. “Whole Foods Market will be Uptown’s first full-sized grocery store. Its size, combined with Whole Foods Market’s holistic approach to the shopping experience, will allow residents, commuters and visitors to enjoy Uptown in an entirely new way.”

Here's the full release from Crescent. The Wilbert Group has joined Crescent's team or PR agencies and looks forward to spreading the word about all the cool things it's doing.

  

Crescent Communities to Bring Whole Foods Market to Uptown Charlotte in Mixed-Use, Transit-Oriented Development

 

Five-acre Site Design Complements Company’s Plans for Tryon Place

to Redefine City’s Stonewall Corridor

 Crescent Communities has unveiled plans for a mixed-use, transit-oriented development (TOD) that will bring Uptown Charlotte its first Whole Foods Market. The company’s plans for the 5.4-acre site at the Lynx Light Rail’s Stonewall Station define a new model of urban living for the area and complement its Tryon Place mixed-use development to redefine the city’s Stonewall corridor.

The plans feature a 47,000 square-foot Whole Foods Market, 450-unit luxury apartment community and parking deck along with retail and up to two hotels.

“It is our vision that this Crescent community will redefine urban living in Charlotte,” said Ben Collins, regional vice president for Crescent. “Whole Foods Market will be Uptown’s first full-sized grocery store. Its size, combined with Whole Foods Market’s holistic approach to the shopping experience, will allow residents, commuters and visitors to enjoy Uptown in an entirely new way.”

Located at the southwest intersection of Stonewall and Caldwell streets, the community will be directly connected to the Stonewall Station, which serves popular Uptown destinations including the NFL Carolina Panthers’ Bank of America Stadium, Levine Center for the Arts, and the Charlotte Convention Center. With free-flowing access to Whole Foods Market, it represents one of the nation’s most accessible transit-oriented grocers and is perfectly situated for everyday Uptown living.

“We’ve enjoyed being part of the Charlotte community since 2012 and are excited about the city’s continued growth,” said Jeff Turner, executive coordinator of operations with Whole Foods Market. “We look forward to offering both convenience and a gathering place to our future neighbors and Uptown’s visitors.”

Whole Foods Market, residences and hotels also complement the plans for Crescent’s Tryon Place, just west of the site. Tryon Place, on more than three acres at the corner of Stonewall and Tryon streets, is a planned mixed-use community with Class A office, restaurants, retail and full-service hotel.

“We see a strategic opportunity for Crescent to create something transformational for Charlotte along South Tryon Street and the Stonewall corridor,” said Crescent CEO Todd Mansfield. “With a new mix of development for this part of Uptown, our plans will enhance the area’s walkability, encourage engagement, and further connect the city’s core with South End. It’s very reflective of the growth and sustainability that the community asked for in the Center City 2020 Vision Plan.”

 Crescent’s approach to development is centered on building a sense of community for residents, workers and visitors through thoughtful design and engaging social spaces. In addition to a raised, transit-level public plaza, the new project at Stonewall and Caldwell includes a resident-only outdoor amenities area. Designed atop the parking deck, the resort-style pool and outdoor living space offer uninhibited views of the skyline looking up Tryon Street. The two residential buildings include a mid-rise as well as a high-rise with fewer but larger and more luxurious units, providing a boutique feel.         

Crescent will break ground on the new community on Stonewall Street this year and is targeting 2017 for its opening date.

            Bill Moseley of Moseley Real Estate Advisors represented Whole Foods Market. Lord Aeck Sargent and Preston Partnership LLC provided site planning and design services for Crescent Communities, and Land Design is the civil engineer.

 

About Crescent Communities

Crescent Communities, LLC (www.crescentcommunities.com) is a leading real estate investment and operating firm driven to create long-term value by developing thoughtful, sustainable communities that improve people’s lives. Founded in 1963, Crescent’s original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The company finances, plans and develops properties in the Sunbelt and Mid-Atlantic markets that represent more than 50% of the U.S. population growth over the next decade. Its multi-product platform includes residential, multi-family, mixed-used, commercial and land assets, valued in total at $1.2 billion. Crescent’s robust capital deployment, seasoned leadership team, and model of sustainability enable the company to maximize opportunity in a recovering real estate market.

 

About Whole Foods Market®

Founded in 1980 in Austin, Texas, Whole Foods Market (wholefoodsmarket.com, NASDAQ: WFM), is the leading natural and organic food retailer. As America’s first national certified organic grocer, Whole Foods Market was named “America’s Healthiest Grocery Store” by Health magazine. The company's motto, “Whole Foods, Whole People, Whole Planet®” captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to the company’s more than 85,000 Team Members, Whole Foods Market has been ranked as one of the “100 Best Companies to Work For” in America by FORTUNE magazine for 17 consecutive years. In fiscal year 2013, the company had sales of $13 billion and currently has 399 stores in the U.S., Canada and the U.K.

 

 

# # #

Contacts:     

Laura King Edwards                                               Heather Tamol
704-926-1334                                                          704-926-1326
[email protected]                                     [email protected]     

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.

Where's Former Atlanta BeltLine President Brian Leary? In the @WSJ, That's Where

Anyone wondering what former BeltLine President and CEO Brian Leary is up to these days need look no further than today's Wall Street Journal.

In September, Charlotte-based Crescent Communities picked Leary as president of its commercial and mixed-use divisions, and he's already overseeing development of a $500 million mixed-use development dubbed Tryon Place.

In today's Plots & Ploys column in the WSJ, Leary tells reporter Peter Grant that Crescent is seeking an anchor tenant and hopes to get construction finance to start the project next year. Short of that, Crescent "also might move forward with all-equity financing if it can find a partner," Grant reports.

Grant's column item, under the headline "Charlotte is Chugging," focuses on office developers moving ahead with spec office towers "for the first time in years" and says it's a "sign of strength" in second-tier cities. Charlotte boosters will love the item but might quable with being termed second-tier. The Wilbert Group, the nationa's leading commercial real estate PR firm, is proud to represent Charlotte-based Lincoln Harris, which has some cool plans of its own for the Queen City.

As for Leary, it's good to see him moving and shaking again. He rejoined Jacoby Development after resigning as BeltLine president as the result of an inquiry into expense reports. We hated that he left Atlanta but are glad to see him kicking ass in Charlotte.

 

Atlanta, Southeast Commercial Real Estate Markets Ready to Roll

ATLANTA - Public relations is a leading indicator of the health of the commercial real estate industry. Developers and owners often slash PR and marketing budgets when they sense a slowdown. On the flipside, they start to ramp up spending when they foresee an upswing on the horizon.

So, based on the recent rise in inquiries we've received at The Wilbert Group and major announcements we've handled, Atlanta, the Southeast and beyond are poised for a grand real estate run.

The past three weeks have been monumentally unprecedented. Wilbert worked with North American Properties to promote and secured media coverage of the opening of NAP's landmark mixed-use project Avalon in Alpharetta. We also hosted an international client in Atlanta seeking to expand a major mixed-use project in the Caribbean. And just this week we helped Crown Holdings announce a $500 million mixed-use development it would like to develop in Roswell. Add to that a request for a proposal to rebrand and reposition one of the Southeast's top development firms, and it's been a hell of a 21-day stretch.

For Avalon's grand opening, Wilbert's Suong Nguyen secured coverage in or on every single major media outlet in the city, including the AJC, which used the term "milestone". Even the intown-focused Creative Loafing ran a column by Conor Sen that prompted an interesting blog war.

At the end of the 21-day stretch, Wilbert spread the word about a proposed ecologically driven mixed-use development proposed for the southeast quadrant of Ga. 400 and Holcolmb Bridge Road in Roswell. The AJC's headline on its front-page story said it all: "$500 Million Project Signals Metro Resurgence."

The Wilbert Group is here and ready to help real estate owners, developers, brokers and financiers join in the renaissance. 

Halloween Retail Merger Renders EDENS Major Player in Buckhead

ATLANTA (Nov. 1) - Houston-based AmREIT took the opportunity late last night to announce that the retail REIT has agreed to be aquired by EDENS in an all-cash transaction valued at $763 million (or $26.55 per share). The impact on Atlanta's retail market, which AmREIT entered in 2011, should be interesting.

In fact, the acquisition likely will position EDENS as the leading owner of upscale strip centers in Buckhead, where Simon Property Group dominates the mall scene. EDENS (not sure why they do name in all CAPS) owns Lenox Marketplace and Buckhead Market Place, anchored by the very busy Whole Foods on West Paces Ferry Road, and will add a couple more through the acquisition.

Just before the Halloween night announcement, AmREIT had been cranking up its Atlanta portfolio. Only two months ago, the REIT expanded its Atlanta presence with the acquisition of Tuxedo Festival Shopping Center in Buckhead. AmREIT execs evern hinted at the possibility of scraping Tuxedo Village and replacing it with a mixed-use development.

Closer to home, the transaction means EDENS would come to Brookwood Hills, where South Georgia native and former star college QB Nate Hybl just opened gusto! Wood Fire Grill at the "Irreplaceable Corner" of Peachtree and Brighton roads (see photo).