Highrise views, new developments and their effect
Over the past few weeks in Midtown the potential for a new luxury highrise rental tower between 5th and 6th on Peachtree has been the talk. Since the curbed.com article came out, many have been asking about the potential for this new glass building. I would find myself fielding calls (early on a Saturday no less) from other Intown Condo Agents on the potential for this to be built. As I have told my clients, yes I was under the assumption that it was zoned for 14 stories, and that the only place we have seen this blogged was in curbed.com. One of my clients just closed on a 31st floor Viewpoint place in November. He also texted me when he saw the potential news. I told him like I told everyone else, that just about any construction in Midtown is a net positive.
As I tour some of the $340-420k South facing two bedrooms at Viewpoint today, we now see Sky House South has entered the foreground. Having seen this new building in its finished form from both high floors and low floors, I must say the roof top pool, although significantly smaller then Viewpoint’s is nice view from above. Now if you are not clearing that building and are in say the floors in the teens, has it blocked your view? You bet? Did you bitch and moan when you heard it was going under construction? No doubt. That said, now that it is up and right in front of your view, is it really THAT BAD? I don’t think so.
I have a very holistic view when it comes to highrise markets. Having lived in or spent time in places like New York, Singapore, Chicago, Toronto, or Hong Kong will do that to someone. You know what makes a highrise market? It is not cities like Tampa, Austin, Dallas, or Nashville that only have a token couple of Highrises where the select few live. Rather, it is imperative for distinctly condensed boundaries to set forth the outlines for growth of an urban space. Midtown has this unique appeal. With the freeway on two sides, Piedmont Park to the East, and the crackheaded wasteland we call Downtown to the South the natural outlines are in place.
In a not so distant future, say roughly twenty to thirty years, there will not be an empty parking lot left in Midtown. Each block lot and its relative utility will be used to maximize its relative worth to the dense population of educated professionals and students within Midtown. Now, with a time continuum of say one or two years, sure it come seem crushing to someone to lose much of their view. That said, I would expel such thought, as I feel more highrises in Midtown give rise to making Midtown more of THE DESTINATION within the city. Much like two gas station’s versus one, there is a reason why Midtown will be the go to place for developments going forward. It has all the elements needed to produce sustained growth and desirability.
Sure for now everything being built are new luxury rental buildings, but once banks begin making loans to developers to fund condo construction the spigot will be wide open. Until that day, with every new rental building in Midtown being constructed, it furthers the interest in the newest, latest and greatest Midtown Highrises like 1010 Midtown, Viewpoint, Luxe, Spire, 955 Juniper and Aqua. If you build it they will come. Similarly if you buy it, watch what will go up around you. Do not be spooked from your perch over a new construction in your direct vicinity. Guess what it was bound to happen. In New York, or Chicago, or Hong Kong, just about every block is built up. To expand to the next level of true condo market, this has to happen, and it is happening. Prices are rising, not falling, people who can see the big picture are doubling down, not scaling back. Do not get lost in the shuffle or within the blog of the day. When seeking Atlanta condo deals, I surely don’t.
