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January 6, 2011 
 
 
PRIME MIDTOWN CORNER BOUGHT

In 2011, we're planning big events on Healthcare, Retail, and State of the Market. Interested in joining/sponsoring? Send us an e-mail.

 
A Florida land investor has picked up a key Midtown corner. This corner, in particular:
 
14th west peachtree streets avanti state bank trust resource real estate
Avanti Properties Group, based in Orlando, purchased the southeast corner of 14th and West Peachtree, a 1.5-acre swath of land with a smattering of commercial buildings, including the popular Einstein Bagels just across from One Atlantic Center. It's one of the last key undeveloped corners along Atlanta's own lawyer row—across the street, Alston & Bird renewed and consolidated its offices and King & Spalding is just down the street—and could eventually see upwards of 700K SF of mixed-use development, says Avanti VP Andrew Dubill. Andrew tells us the current economic weakness in Atlanta makes this a good time to acquire good properties: “We believe demand will ultimately return for these sites.” John Haynes and Scott McGregor with Resource Real Estate in Atlanta brokered the deal for the seller State Bank & Trust, which sold it for more than $4.7M. Keep reading Bisnow next week for more news from Avanti.

Bisnow
GULCH GAMES
 
Georgia Department Transportation One Georgia Center multi-modal gulch project meeting
Yesterday, we dropped by a meeting to find out who's in the running to be the master developer for the downtown site popularly known as “The Gulch.” The Georgia DOT meeting was to unveil its plan to find, evaluate, and eventually enter into a partnership with private developers to build what officials call a multi-modal “campus” that will serve a host of transit lines, from MARTA rail and bus to an eventual streetcar network, and even the much hoped for regional high-speed commuter rail lines.
hines porta nuova milan italy
We spoke with Hines' Kurt Hartman, who tells us GDOT's plan for this property seems much like what the firm is doing in Milan, Italy, with a more than 2M SF mixed-use transit hub called Porta Nuova (pictured above). Hines will submit for the project, Kurt says.
 
The meeting GDOT HQ at One Georgia Center in Midtown was the first step toward transforming 110 acres around the Richard B. Russell Federal Building downtown—including The Gulch parcels (property map above). GDOT's Selena Helms, who's heading up the committee that will choose a master developer, says initial proposals from prospects are due Jan. 10, with finalists notified by Jan. 21. The committee—made up of members from the City of Atlanta, Central Atlanta Progress, Georgia Regional Transportation Agency, MARTA, GDOT and the Atlanta Regional Commission—will decide on the private development partner by June 20.
Central Atlanta Progress A.J. Robinson One Georgia Center Department Transportation
“Just getting to this particular day is a real milestone,” says CAP's A.J. Robinson. “This is a big, impactful project that will affect many, many people in the state and region for generations.”
erik steavens department transportation one georgia center
GDOT's Erik Steavens says the expanded scope of the property allows for a “campus” feel to the project and gives more development opportunities for a developer, instead of just a single structure: “You got several critical ideas, some that are current, some that are future. We need you to dream and think about 50 years from now.”

Bisnow
CARTER'S $100M STUDENT HOUSING
 
university louisiana student housing lafayette carter atlanta
Bisnow was sent a rendering for a new $100M student housing project set for the University of Louisiana at Lafayette—a massive 2,000-bed facility and the largest ever UL project. Now under construction, it's being handled by a few Atlanta companies: Carter is the program manager, Niles Bolton is architect, and Juneau Construction is GC. The project got the go-ahead after the university system secured bond financing. Currently, LaFayette only has housing for 11% of the student body. The project includes a 1,000-vehicle parking deck and is slated for August 2012 completion. If the recession didn't make you want to return to school, quality housing like this should do the trick.
 
Are you plannning on pursuing the Gulch project? Let us know at Jarred@Bisnow.com
 
 
 
 
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