| We sat down with Hines Interests' Kurt Hartman last week at the company's Dunwoody office to get a little more detail on its shift to multifamily. Hines is taking the first steps toward building Class-A garden-style and urban high-rise apartments throughout the Southeastern US and is currently negotiating to buy land in Charlotte and Florida. But Kurt tells us that, for now, Atlanta is off the radar: ?I don't think it's there yet.? The fundamentals are not enough to justify a significant new multifamily development, Kurt says. And that's despite a two- to three-year turn-around time on a ground-up project. The company hired Alan Patton, the former president of Dallas-based The Morgan Group, to head up the multifamily initiatives. Hines won't be a long-term operator of apartments but plans to sell the projects once completed. ?We really are just trying to take advantage of what the opportunities provide.? |
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