New Luxury Hotel for Midtown (?) (Atlanta: insurance, condos, hotels)

[atlantagreg30127]

Hmmmmm... someone at least has some money (or a way to get it). Someone has a 5 star hotel planned for Midtown across from the High Museum coming for 2012, along with a condo project. Not sure about the condos being a bright idea, though.

Story: $350M Hotel to be Built Across from the High - 11Alive.com | WXIA | Atlanta, GA (http://www.11alive.com/news/news_story.aspx?storyid=142691&catid=40 - broken link)

[noah]

Peachtree street continues to be transformed. I know most are very negative on development and the economy right now (which is pretty typical for this stage of a recovery if you look at prior times) but the story points out correctly that many expect the hotel market to be much different by 2012. This type of development creates energy and increased demand for the existing condos as well. There are a lot of new condos on the market now as so many hit the market at the worst time in decades but eventually they will be filled as midtown is still a wonderful location and getting better all the time.

And what a great location.

[tonygeorgia]

^^ I agree. They are building the hotel for the next 50 years not for the next 50 months. With all the new HQ's coming, movie studios, midtown mile, etc this will be perfect!!

Now if they would buy up all those emply lots in Midtown and turn those into hotels/condos/etc

[nature's message]

Love the rendering. Very resort-esque.

[Bullbear]

This is pure fantasy. Will not happen.

Location is key but timing is critical. When John Wieland is willing to part with a great property for which he paid dearly, I would be highly skeptical. When he's selling to an unknown, unproven and inexperienced developer, I would be HIGHLY skeptical.

Hedge funds do not invest for 50 years out. Their time horizonn for turning a profit is a few years - at most. Because of how they get paid, they are among the most impatient of "investors". Only insurance companies, govts and well funded endowments and pensions can truly act like really long term investors.

Over-development is why we are in this mess now. I would be shocked to see this thing ever actually break ground.

[bikefrontier]

Originally Posted by Bullbear

This is pure fantasy. Will not happen.

Location is key but timing is critical. When John Wieland is willing to part with a great property for which he paid dearly, I would be highly skeptical. When he's selling to an unknown, unproven and inexperienced developer, I would be HIGHLY skeptical.

Hedge funds do not invest for 50 years out. Their time horizonn for turning a profit is a few years - at most. Because of how they get paid, they are among the most impatient of "investors". Only insurance companies, govts and well funded endowments and pensions can truly act like really long term investors.

Over-development is why we are in this mess now. I would be shocked to see this thing ever actually break ground.

I think your points are very valid. It will be interesting to see how this plays out.

[DPAT]

[quote=tonygeorgia;13703096]

Originally Posted by netdragon

Grrrr... I like how midtown isn't completely dark from building shadows. They need to create some minimum setback rule before it becomes all shadows.[/quote]

LOL

Are you serious? Doesnt make any sense. What's next? Cutting down trees to prevent shadows?

I think what Netdragon is saying is that Midtown has a good mix of high and low rise properties. If you have a street lined with all high rises, it can become very cold and dark looking when the sun is not at its peak. I doubt that Net is trying to avoid any shadows, more like avoiding a wall of high rises that prohibits the sunlight from reaching the street. Also, trees are obviously not as tall or solid as high rises.

[jurban8]

If this is to "open" in 2012, wouldn't they have to start construction, like, tomorrow? Just a thought...

[Iconographer]

Originally Posted by jurban8

If this is to "open" in 2012, wouldn't they have to start construction, like, tomorrow? Just a thought...

Wish I had a dime for every 'announcement' I've seen over the last three years...

[Zel Ya]

Originally Posted by Bullbear

This is pure fantasy. Will not happen.

Location is key but timing is critical. When John Wieland is willing to part with a great property for which he paid dearly, I would be highly skeptical. When he's selling to an unknown, unproven and inexperienced developer, I would be HIGHLY skeptical.

Hedge funds do not invest for 50 years out. Their time horizonn for turning a profit is a few years - at most. Because of how they get paid, they are among the most impatient of "investors". Only insurance companies, govts and well funded endowments and pensions can truly act like really long term investors.

Over-development is why we are in this mess now. I would be shocked to see this thing ever actually break ground.

I think you're right on the mark here. I just don't see how the ramifications of this Great Recession can be erased in a few short years.

The Great Recession has shown no mercy for almost every demographic group.