Atlanta BeltLine’s Westside Trail: Open for Business?

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 1 0 2120

My partner and I recently looked at a property on the newly-opened Westside Trail of the Atlanta BeltLine. This got me thinking about one of blogs I wrote last year, “The Atlanta BeltLine: Will the Westside Trail Match the Eastside Trail’s Success?”. In that blog, I suggested the expectation that the Westside Trail’s success would equal the Eastside Trail’s success was unrealistic. With the Westside Trail now open for six months, it’s a good time to consider what’s happening in the area and whether it’s a good place to invest. Westside Trail: A Description On its website, the Atlanta BeltLine describes itself as “a transportation and redevelopment initiative.” The Westside Trail, a $43 million project, is the largest section of the BeltLine yet—it runs from University Avenue between Oakland City and West End MARTA rail stations up to Washington Park, near the Ashby MARTA rail station. The Atlanta BeltLine sees

Should Atlanta Lure Amazon HQ2?

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 0 0 1621

A recent Atlanta Business Chronicle article, “Atlanta Activists: We don’t want Amazon ‘HQ2’ here, touts “a growing sentiment that the resulting income inequality, unaffordable housing and traffic congestion is not worth even the 50,000 jobs” that landing Amazon HQ2 would bring to Atlanta. Stan’s Response While I’m not as opposed to Amazon choosing Atlanta for its HQ2 as these folks appear to be, I do question why our City, which is experiencing a booming film industry and new corporate move-ins and expansions on a regular basis, offer what looks like a “distressed sale” giveaway. If we have so much to offer, and I believe we have a lot, why set this precedent? In my recent blog, Amazon HQ2 and The Gulch: A Symbiotic Relationship?, I address many of the pros and cons of swallowing the Amazon Whale.

CRE Responds to House Bill 851 Effects on Affordable Housing Development

House Bill 851 Threatens Georgia Affordable Housing Development

By Steve Rothschild in Tax Credits

6 years ago

6 years ago 0 0 1635

This blog post was co-authored by Steve Rothschild and Chris Martiner, CayCap Advisors. State tax credits provided under Georgia’s Department of Community Affairs Housing Tax Credit Program are proven tools that are critically important in the creation of high-quality affordable housing for the citizens of Georgia. The state tax credits incentivize local businesses and individuals to give back to their communities in a socially responsible manner, as the investments are used as a capital source, along with other state, local and federal funds, to finance and develop affordable rental communities. The continuance of the tax credit program is critically important to all areas of the state – rural and major metro areas. Atlanta, for instance, is experiencing rapid growth in population. This has led to a tighter market and increased rental rates. Further, gentrification in many neighborhoods has effectively displaced many long-term residents, forcing them into uncertain and unaffordable circumstances.

Smart Real Estate Investing in 2018

By Stan Sonenshine in Real Estate Investing

6 years ago

6 years ago 0 0 1827

It’s a new year, and we’re moving full steam ahead. It’s a great time to check in with current real estate trends and events shaping this year’s market and then decide how you will respond to them to meet your 2018 investment objectives. Current Real Estate Market Trends Money Chasing Deals: It will come as no surprise that demand for real estate still far exceeds supply. This results in peak prices, which equals lower yields, and makes it increasingly more difficult to “win” deals. Risk/Potential: With the market peaking, there is more downside risk and less upside potential. Hesitation: Current owners are hesitant to sell because opportunities to reinvest their money at acceptable returns just do not exist. Low Prices: Prices per square foot on existing properties seem low compared to replacement costs. Core Investment: Institutional investors now consider real estate a core investment, thus eliminating the need for a

Stan Sonenshine Discusses Amazon HQ2

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 0 0 5266

Stan Sonenshine was featured in Bisnow’s recent article, “Atlanta’s Odds Are Strong, But ‘Conservative Culture’ Could Hamper Amazon HQ2 Chances.” In the article, Stan questions whether Atlanta’s conservative culture could be a drawback and whether landing HQ2 may be disruptive to a city already experiencing healthy growth. You can learn more about Stan’s thoughts on HQ2 in his recent blog “Amazon HQ2 and The Gulch: A Symbiotic Relationship?”

Amazon HQ2 and The Gulch: A Symbiotic Relationship?

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 2 1 181806

Atlanta was originally called Terminus because the rail lines converged here. Eventually, the interaction of trains and cars became problematic, and streets were built over the railroad tracks. Existing shops were abandoned, and new shops were built on the new streets. Then, the Omni, Phillips Arena and the Georgia Dome were built, creating a big, empty space that you can look into. That area is The Gulch, a 120-acre site, currently made up of parking lots and rail lines. The Gulch: Past and Future Visions For years, the vision was to turn The Gulch into a multi-modal station and then build mixed-use around the station, but that plan has never come to fruition, mostly because of the number of entities that would have to be involved—county, city, state and federal agencies; MARTA; and Norfolk Southern to name a few. However, according to a recent Atlanta Business Chronicle article, “The Gulch…is

The Not-So-Obvious Connection Between Stadiums and Community

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 0 1 2150

I admit it. I am a skeptic when it comes to the community-building aspect of sports stadiums—and I am not alone. This issue is particularly relevant in Atlanta with the recent openings of the Mercedes-Benz Stadium and SunTrust Park and the soon-to-be completed renovation of Philips Arena, all done with public financial assistance. In this blog, I focus on the Mercedes-Benz Stadium because it is the most expensive and prominent. Here’s my question: How can a huge building, that looks like either the Lunar Lander or an alien landing zone (think big hole in the roof) and that is used less than 100 days per year, help revitalize a struggling community? Wasn’t this supposed to happen before with Turner Field and the Georgia Dome? Don’t get me wrong. I support public-private partnerships and these revitalization efforts, but in general, I do not see the connection. With that said, I do think the

The Show Will Go On In Georgia

By Steve Rothschild in Tax Credits

6 years ago

6 years ago 0 0 1954

We’ve all heard the adage “if it bleeds, it leads” in news today, and Georgia’s burgeoning film industry is no different. We’ve also heard lately about Netflix’s return to LA and now Captain Marvel has chosen not to film in Georgia – a move that wounds some who take pride in its presence here. As ominous as it sounds, the truth is that Georgia maintains one of the most competitive film tax credit programs in the country, and as long as it continues to do so, Georgia’s film industry will continue to flourish. With Georgia’s robust film industry comes an array of job and economy-stimulating needs that drive the economy, beyond just the revenue from film production. Remember, the actors, actresses, producers and other staff all have to eat, sleep, shop and be entertained in the cities in which they’re working. And while that doesn’t hit the “bottom line” for

Development: Unpredictability in the Process

By Stan Sonenshine in Real Estate Development

6 years ago

6 years ago 0 0 1669

Development: Unpredictability in the Process My last blog, “The Importance of Timing on Real Estate Investment,” focused on the unpredictability in investment, on what can happen over time once you own a property. In development, there is the added unpredictability during the process. For a broker selling a property or an investor buying a property, the complete process can be done in 90 days or less. But that is not the same with development, not even close. Process Derailment Developers have many considerations—they need time for inspections, site tests, neighborhood forums, entitlement or zoning processes, permitting, and soil boring tests, to name a few. While some of these can be controlled, others cannot. For example, everything could be moving forward smoothly and one ruffled neighborhood group at a zoning hearing or one difficult inspector could stop the project dead or at least create a significant delay, with the developer having

Using Historic Tax Credits to Increase Profit

By Steve Rothschild in Tax Credits

6 years ago

6 years ago 0 0 1945

In every community across the country, enterprising developers are scooping up historic structures as investment properties. These old mills, factories and turn-of-the-century buildings exude character – and have a lot of potential for modern day uses. Whether it’s a new retail center, residential property, office space, hospitality property or government complex, existing, historic structures are popular options for development projects. Historic restoration projects repurpose aging and unusable buildings and structures for today’s uses, often creating new urban centers out of dilapidated and unsafe eyesores. They capitalize on a community’s nostalgia for the original structure, which typically boasts inimitable personality features and context within the neighborhood. These intangible assets increase community buy-in for a historic renovation project, which promises to preserve the integrity of a structure while making it usably modern or functional for the current population. An excellent example of this is Ponce City Market (PCM). Originally the Sears Building

Atlanta BeltLine’s Westside Trail: Open for Business?

Should Atlanta Lure Amazon HQ2?

House Bill 851 Threatens Georgia Affordable Housing Development

Smart Real Estate Investing in 2018

Stan Sonenshine Discusses Amazon HQ2

Amazon HQ2 and The Gulch: A Symbiotic Relationship?

The Not-So-Obvious Connection Between Stadiums and Community

The Show Will Go On In Georgia

Development: Unpredictability in the Process

Using Historic Tax Credits to Increase Profit

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