Category
Commercial Property
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06.12.08Soft condo sales prompt shift to rentalsFrom the Atlanta Journal and Constitution: The subprime mortgage crisis and subsequent global credit crunch have claimed another victim: the Atlanta condo. Local real estate developers say financial backing for condo projects has all but dried up. Those able to get financing are turning to high-end rental apartments instead. "Building condos right now is next to impossible; it really is," said Stephen Franco, a partner at Franco DeFoor Properties, an Atlanta real estate development company. "It's just financing. You can't get financing for condos." High-end apartment complexes are in the works across the metro area, from trendy intown Atlanta neighborhoods to more suburban locales. ...
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06.10.08BofA scouts options for Atlanta officeFrom the Charlotte Business Journal: Could Atlanta's iconic Bank of America Plaza lose the tenant that provides its name? While it's a long way from coming to that, Bank of America Corp. is scouting the Atlanta market for at least 300,000 square feet to house its market headquarters there, according to sources familiar with the search. Charlotte-based BofA (NYSE:BAC) occupies about 182,000 square feet in the tower, along with several smaller offices in metro Atlanta that range from a few thousand square feet to nearly 30,000 square feet. The company's lease at BofA Tower expires in May 2012. In a prepared statement, a BofA ...
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05.12.08Signs of the Times: Condo DiscountsCondo developer roundup from this weekend’s AJC Homefinder: Tribute Lofts: Up to $22,222 in incentives; Central City Condos: “Foreclosed Yesterday. For You Today.” Discounts of $77,100 on two-bedroom units; Atlantic Station: Up to $50,000 off; Viewpoint: Up to $75,000 off on selected homes; Twelve Centennial Park: up to $75,000 off select “move-in-ready” residences; Aqua: Get a BMW Mini Cooper convertible; and The Reynolds: New pricing and incentives. With recent mortgage insurance program changes making it more difficult to obtain financing, and an increasing inventory of homes as more condo projects are finished, condo developers are fighting hard to lure potential purchasers in the door. In one word, they’re ...
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05.07.08Republic Bank forecloses on part of Woodstock Downtown mixed-use projectFrom the Atlanta Business Chronicle: Republic Bank has foreclosed on a portion of the retail development of Hedgewood Commercial Properties' Woodstock Downtown project. The foreclosure on Building B of the project happened May 6. Hedgewood said the bank asked the existing development, leasing and management team to stay aboard to keep the mixed-use project moving forward. More signs of trouble the metro-Atlanta real estate market.
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05.05.08Top condo projects feel weight of housing crunchFrom the Atlanta Business Chronicle: Atlanta’s biggest condo projects aren’t immune to the rash of foreclosures that has swept through the city’s residential real estate market. Several prominent condo towers from downtown to Buckhead have been affected, including Novare Group Inc.’s TWELVE Atlantic Station, Julian LeCraw and Co. Inc.’s The Paramount at Buckhead and Condominium Ventures of America Inc.’s 1280 West. and: At Atlanta’s 15 largest condo projects, the rate of foreclosure ranges from 1 percent to 5 percent. “I don’t want to be an alarmist, but the numbers we’re seeing right now are serious, especially given that oversupply on the market has been a ...
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03.19.08Live-work Units Increasingly PopularLive-work spaces, seen in such developments as Studioplex and MidCity Lofts, are growing in popularity throughout Atlanta. Mixing professional and personal lives is appealing for a number of professionals: there is only one mortgage to carry, and in a city where hour-long commutes are commonplace, the short trip to the office in a live-work unit is certainly easy.
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03.02.08Cousins to Eliminate 18Feeling pressure from the continuing real estate downturn, Atlanta-based real estate developer is cutting 18 jobs. The company, responsible for Atlanta landmarks 191 Peachtree Tower, the Bank of America Plaza and the new Terminus project in Buckhead, says most of the layoffs will affect its Atlanta operations. Two jobs will also be lost in Austin, Texas.
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02.29.08FDIC Investigating Atlanta InvestorFarbod "Fred" Zohouri, a Miami and Atlanta-based real estate investor and developer, is under investigation for alleged mortgage fraud. A small residential and commercial developer, Zohouri has actively developed projects in Atlanta for over a decade, including the retooling of the 15-story Ramada Inn property at 285 and 85.
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02.25.08Redevelopment Plans For Downtown Macy’sA group of Atlanta real estate investors is looking to purchase the bottom three floors of the vacant downtown Macy’s department store building and develop it into a retail and restaurant space. The group, which has already secured financing, plans to have the project open before the holiday 2009 season.