Atlanta Relocation Archives

Norfolk Southern To Add 250 Jobs to Midtown Atlanta

September 17, 2015 by Thom Abbott

Real Estate Biz Now is reporting that Norfolk Southern is seeking some $75 million in revenue bonds from the City of Atlanta’s economic development arm, Invest Atlanta, to renovate it’s Midtown offices at Promenade.

Norfolk Southern To Add 250 Jobs to Midtown Atlanta

Documents filed with Invest Atlanta state that Norfolk Southern will relocate some 250 employees from Virginia to Atlanta, and want to do a full renovation of their office space, including everything from plumbing, roofing, energy and architectural upgrades.

The new jobs at the 38-story Midtown tower will have an average wage of $86,000 per year.

MyMidtownMojo.com welcomes these new Atlanta residents! We are ready to help you find the perfect Midtown Atlanta condo, or single family home to call home here in the ATL!

Could GE Headquarters Join NCR Corp in Midtown Atlanta?

August 25, 2015 by Thom Abbott

Seriously, you have to love the buzz that Midtown Atlanta is getting these days! All these plans and proposals (some definite, like NCR and some still out there like GE) make for exciting times in the real estate market! Buyer and Sellers….Beware!

Could GE Join NCR Corp in a new Midtown Atlanta Headquarters?

The Atlanta Business Chronicle reported today that even though GE has not yet set their little footies in Atlanta, there are some key players (a.k.a. incredible sites) that want to be ready to show them the town…Midtown Atlanta that is!

GE is drawing interest from multiple cities (Dallas being one of them) but the City of Atlanta and Georgia has already met with GE. The potential relocation comes on the heels of a recently passed tax package in Connecticut that did not sit to well with GE. CEO Jeffery Immelt formed an exploratory committee, seeking a more “pro-business environment.” And we know that Governor Deal and Mayor Kasim Reed are all about the business in Georgia and Atlanta!

The ABC article included a rendition of how the GE headquarters could look as part of Atlantic Station. Here is that idea…

Ok….this is awesome news. Now, will some architect PL-E-E-E-E-E-ZE step up to the plate and design something that will truly WOW the 300,000 cars on the Downtown Connector Daily!!!! I mean….ANOTHER square block building? The article states:

GE leadership sees a move from Connecticut as possibly the best opportunity to remake the company, turn away from appliances, and put a greater emphasis on software development, industrial technology, or manufacturing, Atlanta Business Chronicle has reported.

Well then…if you want to remake your company, start with a truly landmark office tower that says, “Oh heck yeah…we are HERE!” And of course this is yet another location that is prime to tap the talent pool that IS Georgia Tech!

To give you your bearings on where this could possibily happen…the photo below I took when the Cirque Du Soleil was set up…so the proposed GE tower would be about where the white tents are.

So, you can SEE why that is a killer location for an architectural masterpiece!

Let’s keep our fingers crossed that Midtown Atlanta scores another great corporate relocation….and that Midtown Atlanta might score something impressive for it’s skyline!

Modera Midtown Breaks Ground

August 13, 2015 by Thom Abbott

Indeed, another Midtown Atlanta apartment tower is headed upwards on the skyline!

Modera Midtown Breaks Ground

In all of my years of selling Midtown Atlanta real estate, this is going to be a VERY interesting combination on this block! A luxury apartment building (we say luxury based on projected rents) sharing a block with a 100% student housing high rise!

Modera Midtown is being built by Mill Creek Residential, the same group that is currently building the Modera name at Cheshire Bridge and Piedmont Roads. (That building will feature a Sprouts Farmer’s Market.) The Modera Midtown will rise some 29 stories, overlooking the Downtown Connector, and the soon-to-rise NCR corporate headquarters.

But having not seen the Eastern-facing part of the building, one has to wonder how these two buildings will work side-by-side. I’ve heard there is to be a HUGE video screen on the pool deck of University House. And will there be apartments facing directly at University House?

I took the rendering of the building and added a couple notes….the red line indicates the location of University House.

The yellow highlights indicate all the buildings, that if they really DID exist in Midtown Atlanta, would be pretty amazing!

We will keep an eye on this one….other than overlooking the Downtown Connector (which can make for interesting viewing) this would be one really cool condominium tower! Wishful thinking?

Modera Midtown August 13, 2015 — Can You Imagine the Midtown Skyline with all these buildings?

Post Midtown Millennium Breaks Ground on 11th Street

July 18, 2015 by Thom Abbott

There truly is no end in sight for the apartment construction bonanza in Midtown Atlanta. Dirt is moving on seemingly every corner…and there is hardly a condo building in sight!

Post Midtown Millennium Breaks Ground on 11th Street

The forever vacant lot on 11th Street, between the Residence Inn and the Federal Reserve Entrance will be home to a 23-story, 356 unit apartment building called Post Midtown Millennium. The building and location is unique in that it is being built over the top of the MARTA line. There is no direct connection to the station, but it will be just a short one-block walk to the Midtown MARTA station.

One can presume it will have the usual amenities such as a fitness center and pool area (I’m guessing on the top of the lower-portion of the building as seen here on the left.) The roof of the building does not appear to have anything on it, but time will tell of course.

This will certainly busy up 11th Street with activity as 60 11th Street, the sister to 77 12th is also under construction less than a block away! Cranes, cranes, cranes you do see!

I’m asked by many if they think any of these new buildings will convert to condominiums before they open? That really depends on the financing the developer obtained and if it allows for a conversion, or if the building has to first open as apartments for 2-5 years, and then convert.

Let’s just hope they don’t all (or several of them) convert at once…or then we will go for NO new condo inventory to TO MUCH!

Parkmobile to move headquarters to Midtown Atlanta

May 25, 2015 by Thom Abbott

Parkmobile LLC will relocate its corporate headquarters from the Cumberland/Galleria area to Midtown Atlanta’s 1100 Spring Street in October. you might recognize this building tucked between Williams Street/The Downtown Connector and Spring Street. ( I did have to Google Map the address to know exactly which building this was!) It’s primary tenant (and I believe owner of the building) is Selig Enterprises. And you know them for developing such Midtown buildings as Plaza Midtown, 77 12th Street Apartments(and the sister building 60 11th Street–currently under construction) and 1010 Midtown.

Parkmobile to move headquarters to Midtown Atlanta

Parkmobile, LLC is the leading provider for on-demand and prepaid mobile payments for on- and off-street parking. Their services are used in more than 600 locations in the U.S. by millions of registered users. Parkmobile’s investors include Fontinalis Partners, Parkmobile Group, Bluefield Investments, BCD Group, BMW Group, SP+ Corporation and Urban Mobility. Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on Next-Generation Mobility. With annual global revenues of $24 billion, including $9.2 billion partner sales, BCD Group is an international market leader in corporate and online travel, off-airport parking and the mobile parking industry.

“Atlanta is now our ‘flagship’ location and the goal is to make it a model for mobility technology around the world,”Cherie Fuzzell, CEO of Parkmobile, said in a statement.

How Is The Atlanta Real Estate Market?

May 6, 2015 by Thom Abbott

Ah yes.

When you are a real estate broker, if it’s not the first question you are asked in any conversation, it will certainly be the second one….

How Is The Atlanta Real Estate Market?

I think I could safely say “It’s on FIRE!” and be pretty accurate. But take a look at some numbers that recently appeared in an article in the Atlanta Business Chronicle to give that statement further fuel.

In March, 2015:

Average Sale Price: $245,000*
Average Days on Market: 52*
Months of Inventory: 3.1*

A stable market is about 6 months of inventory…with this kind of Inventory, this is truly a SELLER’s market! Just ask any BUYER that tries to make an offer on a Midtown Atlanta condo…if they even get their offer in!

So let’s go back in time….to 2010…

February 2010 Average Sale Price: $180,000*
February 2010 Average Days on Market: 88*
February 2010 Months of Inventory: 18.7*

Yeah…just LOOK at that inventory….if you were a Buyer then…you had some homes and condos to look at for sure! But it did not stop there, by August, 2011, the average Sales Price in Metro Atlanta was a mere $135,000!!!

Here is another sign of the Atlanta Real Estate market rebound. I just sold a Midtown Atlanta condo to parents of a student at Georgia Tech. The Seller paid $78,000 in 2012 and we just paid $133,000! That’s a nice $55,000 profit in less than three years!!!

But the challenge we now face, especially in the Midtown Atlanta condo market is a lack of new construction. All those cranes you see dotting the skyline are for apartment buildings…RENTALS!!! The only new condo construction in Midtown, is currently starting in the mid to upper $700,000 range. Those are not prices for every condo buyer!

I’ve got several buyers right now in the waiting mode, and watching inventory daily for them! Looking for that right one to hit the market!

How Is The Atlanta Real Estate Market? Yeah…it’s on fire alright!

*Based on stats for residential attached properties in Atlanta North, Sandy Springs, West Cobb and Dekalb West in all price ranges as reported by FMLS on April 3, 2015, for the period of Feb. 1, 2007-Feb. 28, 2015.

Norfolk Southern To Add 250 Jobs to Midtown Atlanta

Could GE Join NCR Corp in a new Midtown Atlanta Headquarters?

Modera Midtown Breaks Ground

Post Midtown Millennium Breaks Ground on 11th Street

Parkmobile to move headquarters to Midtown Atlanta

How Is The Atlanta Real Estate Market?

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