Development: Here We Go Again was a lively event that highlighted four Atlanta developments which are in various stages of development. The event had a positive vibe with views of Centennial Olympic Park in the background from atop the Ventanas gathering space.
The panelists included Steve Baile with Daniel Corporation, Ben Brunt with Noble Investment Group, Eric Weatherholtz with Healey Weatherholtz Properties, and Bob Voyles with Seven Oaks Company. Amanda Rhein with Invest Atlanta was the moderator for the event and started the discussion with an introduction for each panelist, with each person having an opportunity to speak for a few minutes about their project. Steve Baile gave an entertaining overview of the 77 12th Street residential tower, which is currently under construction and already experiencing strong interest for pre-leasing. Ben Brunt shared some details about the extent of the renovation that is planned for the new Hyatt Atlanta Midtown on 10th Street, noting the challenges of taking a poor performing asset and rebranding to reposition the project to meet the needs of an underserved niche product. Eric Weatherholtz discussed the challenges of beginning the Shops Around Lenox project several years ago in a difficult market and how their team has successfully created a unique retail experience. Bob Voyles highlighted the vision of creating a new Class-A office space in the heart of downtown and shared the challenges of getting a new office building out of the ground in the current real estate climate.
Several common themes emerged during the discussion with the panelists. Firstly, development opportunities exist inAtlanta’s current real estate market; however, understanding the fundamentals of current market realities is critical to a successful project. In addition, the redevelopment of assets in Atlanta’s core neighborhoods is fueling the rebound in the market. Finally, the future of Atlanta’s real estate market is taking shape through the development of projects like the Times Square South, one of the most ambitious project types launched in recent years.
~ By William Norris, Associate, Marx|Okubo
ULI Atlanta YLG 