Tuesday, April 5, 2011

Atlanta

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Though the down economy could translate into a dip in realestats prices, making it cheaper for a developerr to buy property, the stagnated credig markets mean that projects won’t get funded anytimee soon. And as financial markets improve, developers may face steepp preleasing requirements that impact the size and scopee oftheir buildings. In short, don’t expect any new projects to rivalp3344 Peachtree, the 50-story, mixed-use development that is the talles building in Buckhead. “When will we see the next 50-story buildin in Buckhead?
I would guess that if we see another 50-stort building there in the next10 years, I woulcd be surprised,” said Clark Gore, market director of “Thew skyline is impacted by where we are in the Several projects in Buckhead will alter the skyline in the coming including ’s Two Alliance Terminus 200 from and 3630 a joint venture between , , and But the recession is slowing projects that will dot the city’x skyline in the coming years, including a 45-story offices tower at Allen Plaza — the nearlt $2 billion mixed-use development over nine blockz on the northern edge of downtow n Atlanta at West Peachtree, Williams and Spring Two announced additions to the four buildings already at the site are on hold pendingg improvements in the financial markets and increased interesgt from potential tenants, said Hal chairman of , which is developing Allejn Plaza.
“We are always ready to make but you have to understand what is going on with the econom and thebanking crisis. It has us all standinvg still,” Barry said. Barry said he would like to move forwardd within 12 months on one of two additional class A offices towers planned for thesite — the 28-storhy 24 Allen Plaza with 395,379 squarw feet or the 45-story 50 Allen Plaza with 800,00p square feet. But that hinges on striking the right balancs of financingand tenants. “We don’g throw up a spec building we hope we can We are working on substantial preleasecandidates now. Who knowse when we will pull them together?” he said.
The economic downturnm provides short-term pain but coulfd carry a positive impact on future projectz by slowing timelines and forcing developers to focus on the mostsound projects. “Ij the long-term, when you have a downturn like this, you get a chancre to look at what you are doinf and think about what is saidBob Hughes, a principal with , a planning and architecture firm whosed portfolio includes Allen Plaza. Locationj will remain a key to success for future developmentsas Atlanta’z traffic congestion impacts where employers want to locatre — with buildings close to transit and key thoroughfaresd and areas with amenities gainingh an advantage.
“You want to be closre to the expressway system and have a minima l amount of surface streets to get toyour destination. Once you get you want to be able to park your car and not get back into ituntikl it’s time to go home,” Gore said. Whiler proximity to rapid transit isan advantage, it’s not yet a necessityt for most tenants. But environmentally friendly buildings that offerr certification throughthe U.S. Greenj Building Council’s Leadership in Energy and Environmentak Design, or LEED, rating system is becominhg a must.
“It is goinhg to become an increasing issue for corporates America once we get through this saidBob Voyles, principal and CEO of , a privatee real estate development and investmengt firm. “LEED certification will almost be a prerequisitew for any type of new Areas that already offef infrastructure and allow for more densee development willbe well-positioned to take advantagre of an economic recovery.
Those locations don’ just include prominent submarkets such as Midtown andPerimeter Center, but downtowns in Suwanee and Dulutyh and other suburban areas that offetr an opportunity for a higher quality of life, said Brian Leary, vice presidenft of design and development for . “As we move to a higher-densitt intown development mode over the next20 years, I think it will actually be quite a renaissance for Atlanta,” Lear y said.

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