January 15, 2016

Ceasar Mitchell: Affordable Housing Requirements Should Be In Zoning Code

The City of Atlanta should consider requiring multifamily developers to include some affordable housing units in new projects by amending the zoning code. That's one idea Atlanta City Council president Ceasar Mitchell has for the future. You can hear more from Ceasar next week at Bisnow's Atlanta 2016 Forecast event, Tuesday, Jan. 19, at the W Midtown, starting at 7:30am.

While the city's streak for attracting jobs has been impressive this past year, Ceasar says the “constant thread” that keeps rearing in discussions has to do with affordable housing. “I think affordable housing policy is going to be critical to our future,” he says, both to attract workforce residents and businesses. He says since the recession, Atlanta has “gotten behind the eight-ball” in terms of addressing a growing disparity of rents and average salaries.

While the city does have tools to encourage affordable developments—tax abatement or direct lending—Ceasar says he'd like to see inclusionary zoning policies in the coming city zoning rewrite, which would require a certain number of affordable units for every new development.

Now that a new population—many of whom are Millennials—is moving into the city limits thanks to a booming multifamily housing market, Ceasar tells us the question will be how does the city encourage that population to mature in the city without heading back to the 'burbs once they marry and start families.

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Ceasar says that will put two issues on the front burner for city council: public safety and better schools. “Even though the city doesn't have any direct control over education, it's going to be extremely important that we partner” with the Atlanta school board.

Hear more from Ceasar and other industry stars, including Hines Interests' John Heagy (here), Transwestern's Bo Jackson and Integral Group's Christopher Martorella at our Atlanta 2016 Forecast event, Tuesday, Jan. 19, at the W Midtown, starting at 7:30am. (info and tix here).

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Brookfield Is Going For Blackstone Status With Private Equity Push Macy's Store Closings Could Impact $530M In CMBS Loans

CUZ Sells North Point Office Park

Cousins has unloaded an Alpharetta office building to help fund its development pipeline. The Atlanta real estate firm announced that it sold North Point Center East, a four-building, 542k SF office campus next to North Point Mall that's home to Merrill Lynch Wealth Management and Medassets, for $92.3M, or more than $170/SF.

We first reported the firm's plans to sell the campus—along with The Points of Waterview in Dallas, which also sold—last summer. "With these sales complete, our development pipeline is fully funded," said Cousins CEO Larry Gellerstedt in a press release.

Cousins previously disclosed its development pipeline to include NCR Corp's build-to-suit HQ in Midtown; the $45M Research Park V development in Austin; Carolina Square—a $123M mixed-use project in Chapel Hill; and the build-to-suit for Dimensional Fund Advisors in Charlotte, which will house a 235k SF East Coast regional HQ for the financial firm.

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Former Jamestown Exec Remaking Murder Kroger

Jim Irwin is looking to murder that old Ponce de Leon Kroger image with a fancy redevelopment. Jim's company, New City, which he founded after leaving Jamestown Properties and spearheading the redevelopment of Ponce City Market, is looking to redevelop the Kroger shopping center across the street that's popularly known as “Murder Kroger.”

The new project will include a 60k SF Kroger below 360k SF of Class-A loft office space with views of the Beltline and Historic Fourth Ward Park. The project, called 725 Ponce, will be co-developed in conjunction with Kroger's Atlanta division. The existing Kroger will be demolished to make way for the new prototype that will have a dedicated entrance onto the Beltline pathway.

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Walmart Spares Metro Stores In Worldwide Closures

Walmart is planning to shutter seven Georgia stores as part of a worldwide store closing effort. But none in metro Atlanta.

In a list of stores slated to close later this month by the world's largest retailer, the company confirms it plans to cease retail operations at its stores in Alma (just outside Waycross); Ellaville, near Columbus; Ashburn, near Albany; Pelham (outside of Moultrie); Donalson, which is near the Florida border; and Pearson and Lakeland, both near Valdosta.

The focus of Walmart was culling stores mainly in rural South Georgia. The company reported earlier today that it was closing 269 stores across the globe (even as it opens 300 new ones this year), focusing on those with poor financial performance or not aligned with its growth strategy.

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How New York Power Brokers Darcy And Tara Stacom Kept It In The Family

The day Cushman & Wakefield executive vice chairman Tara Stacom found out that One World Trade Center—the building her leasing team represents—was going to surpass Sears Tower as the tallest building in the Western Hemisphere, she called her father, Matt.

Click here to read the full story.


Goldman Sachs To Shell Out $5B To End MBS Investigation

Goldman Sachs (CEO Lloyd Blankfien pictured) says it will cough up $5.06B to end federal and state investigations of its underwriting and sale of mortgage-backed securities from 2005 to 2007.

Click here to read the full story.


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As experts in real estate events, Bisnow's top-tier events team can handle the logistics and pack your space with hundreds of real estate execs and industry leaders. All you have to do is sit back and bask in the publicity generated around your building.

Are you interested in joining the 73 site owners that gave their raw spaces for a Bisnow event in 2015? Email Bisnow's VP of Sales, Mike Ponticelli, and let's make 2016 (almost) never boring. Just so you know, this is a sponsorship, but its totally worth it.

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