Fresh Loaf

Decatur Metro notes yesterday’s AJC article about Nadege Adam and Jude Valles, a couple who’ve overextended themselves when it comes to home ownership. With credit now tight and the housing market in disarray, the couple now faces skyhigh payments.

Here’s what Decaturite noticed:

But the number that caught my eye in the article wasn’t their $419,000 Smyrna home that costs $100,000 less than it did a few years ago. Suburb declines are well documented at this point. Personally, I was struck by the condo at “Twelve” Atlantic Station, which was purchased for $387,000 in 2005-6 and is now worth $150,000 less.

This is the Atlantic Station that everyone (including the AJC) touted as the new wave of smart growth development. Massive, single developer cities that could do no wrong as long as they threw a bunch of residential and commercial in the same general vicinity. Atlantic Station was so awesome because it had its own zip code and organized mommy stroller walks. Yeah well, the economy may have played a part in exacerbating this problem, but a 39% decline in home values is nothing short of damning market critique of this project, which shows that all smart growth (just like everything else) isn’t created equal. You can’t cut corners, you can’t overestimate demand, and I personally believe you can’t build a town from scratch and expect it to compete with areas that have developed over time.

Well put. Be sure to check out the comments as well. (On Decatur Metro, I mean — the comments on the AJC’s article are, as usual, mostly just displays of ignorance and racism.)

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Remember Decatur Court? The mixed-use development proposed for the Wachovia building near downtown Decatur? The one that concerned nearby residents because they feared it would tower over their properties and not have enough parking to handle the new residents and workers?

Our dear friend Decaturite brings word that a consultant brought in to mediate talks between the developer and residents is giving it another look on Wednesday, Dec. 3 from 6:30-8:30 at City Hall. The development’s also shrunk a wee bit.

In an e-mail from Otis White of Civic Strategies that Decaturite posted:

We are convening a meeting about the 315 W. Ponce project on Wednesday, Dec. 3 from 6:30 to 8:30 at Decatur City Hall. The meeting will be in the City Commission Room.

Background: A group of neighbors has been in direct talks with the 315 W. Ponce developer since our Oct. 15 meeting, and these talks are continuing. The developer presented a revised plan to this group in response to issues identified at the Oct. 15 meeting. While neighbors recognized the concessions being made by the developer, they identified problems with the new proposal. In response, the developer revised the original site plan that reduced the number of units from 218 to 160 units and eliminated the need for a parking variance.

Emphasis added. To check out the rest of White’s e-mail, head over to Decatur Metro.

(Screenshot from JLB Partners)

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State Sen. Jeff Chapman, R-Brunswick, along with Democratic state Reps. Debbie Buckner of Junction City and Stephanie Stuckey-Benfield of Decatur, was one of the few voices during last year’s legislative session to criticize the Linger Longer project on Jekyll Island, a historic state park.

The op-ed below by Chapman is the first in three that the senator says will lay out the case for increased examination of the Jekyll Island Authority, the Governor-appointed state agency that oversees the park, and the idea of “selling off” state land to the private sector. In closing, he says he’s requested the state conduct an audit of the authority’s activities during the last three years.

Chapman admits it may seem strange for a senator to write a series of articles about the topic, but:

in the case of Jekyll Island State Park, there are issues involved which demand the attention of elected officials who have been given the honor to serve the public good. Transparency and accountability in government, responsible management of publicly-owned assets, and respect for the public trust are all wrapped within the Jekyll issue, as is the principle of eminent domain, not in the traditional form but in an upside down way with the taking of publicly-owned land and using it for private profit—a kind of eminent domain in reverse.

Senator, the Internetz are yours. Below and after the jump is Chapman’s full editorial:

Last year, when the Jekyll Island Authority (JIA) granted a rent reduction of some $10 million to hotel developer Trammell Crow (TC) to replace the Buccaneer Resort, there were many who saw it as a sweetheart deal. Now the authority is spreading the love.

(more…)

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Memorial Drive’s fast-moving metamorphosis from industrial eyesore to a neighborhood with amenities continued last week after the Atlanta Regional Commission stamped its seal of approval on a 10-acre development that would feature a much-needed grocery store.

The project on the corner of Memorial Drive and Pearl Street would add 71,000 square feet of retail, 12,000 square feet of office space and 350 housing units to the area. It also requires the demolition of the Atlanta Dairies building.

Atlanta-based developers Brand Properties wouldn’t return calls about the project. Judging from site plans submitted to the commission, however, the $65-million project’s layout would be similar to that of the nearby Edgewood Shopping Center on Moreland Avenue — except more compact and a bit friendlier to foot traffic. It features storefronts along the streets surrounding a parking deck and courtyards.

It’s an ambitious endeavor at a time when financing is tight and housing is a gamble. But it’s also a development that regional planners say is smart for Memorial Drive — a close-to-downtown thoroughfare that’s seen land prices escalate as more people want to live closer to the city.

“Kind of the easiest way to think of it is ‘Paris-style’ density — four stories with ground-level retail,” Dan Reuter of the commission says. “It’s similar to what you find in Chicago, San Francisco and even New York City. It provides a good concentration of people in an area that can support retail.”

For the project to proceed, the city must rezone the property. If things go according to plan, the developers estimate the project will be complete in June 2010.

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Congratulations, fellow citizen! If things go according to plan, come Friday at 10 a.m. you’ll be a co-owner of 66 acres of prime property in Northeast Atlanta.

The Atlanta City Council today approved 9-1 the issuance of $64.5 million of Beltline TAD bonds. Councilmember Felicia Moore was the lone vote against the deal.

Atlanta Beltline Inc. Finance Director Richard Lutch says the project will meet the Oct. 31 deadline set by Gwinnett County developer Wayne Mason and settle the $45 million debt Mason is owed for property near Piedmont Park.

Beltline leaders will also use $3.5 million of the bond funds to buy out the remaining stake in the property held by Barry Real Estate and Ben Rainey, its private partners in a joint venture that was created to purchase the land from Mason late last year. Beltline leaders must then must transfer the property to the Atlanta Development Authority. (The land must be owned by a public agency to meet tax-exempt bond regulations.)

After the vote, Tax Allocation District Advisory Committee Chair Eugene Bowens, Sr. said that the citizens’ group — while supportive of the deal — still feels it’s not being involved enough in how funds from the TAD bonds are used. By law, the committee is charged with ensuring those public funds are spent in a “fair and equitable manner.” Numerous times in the past — most notably when Beltline leaders decided to spend a large chunk of funds to pay off the Mason property in affluent Northeast Atlanta — the committee has said they have been kept out of the loop. He said TADAC members were only notified of today’s bond deal at a meeting last night with Beltline leaders.

This development raises many questions, such as what direction the project takes now and where it will focus its energy, how the city plans to act on property that it must rezone if it plans to sell, and how future allocations and deals will be handled. Feel free to chime in below if you have any thoughts.

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If Atlanta City Council gives them the OK, bonds set to be issued this week to pay for Beltline projects will be worth $64.5 million — a much lower amount than the $117 million initially anticipated before bond markets ground to a halt because of Wall Street’s meltdown.

Atlanta Beltline Inc. CEO Terri Montague says more bonds will be issued in mid-2009. The tax-exempt bonds will be split in half and sold to Wachovia and Suntrust with a 6.2 percent interest rate. She says the reason the offering is much smaller is because debts — most notably, the Wayne Mason property in the 22-mile project’s northeast quadrant — must be paid. Additional bonds are planned to be issued in in mid-2009. Montague says the affordable housing component will receive roughly $8.5 8.8 million.

Beltline leaders will also have to buy out Ben Rainey and Barry Real Estate, its private partners in a joint venture that purchased the 66-acre Mason property, to meet regulations established for tax-exempt bonds. Montague says the two partners agreed to settle for $3.5 million — they originally wanted $10 million.

Beltline officials appear before Atlanta City Council at 3:30 p.m. to seek its approval before proceeding with the deal. Should City Council fail to approve the bond offering, the city would lose both the property and $26 million its already paid to the Masons.

Should voters approve Amendment 2 on the General Election ballot, Montague says, the next Beltline TAD bond offering could potentially be much larger.

More updates to come.

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Sources tell CL that Atlanta City Councilmembers were given notice that a special-called meeting will be held at City Hall tomorrow at 3 p.m. Details are vague, but the event could mean developments are underway for the 22-mile loop of parks, trails, transit.

Why? Well, as we’ve been reporting, the Oct. 31 deadline for Beltline leaders to settle the debt on property purchased from Gwinnett County developer Wayne Mason is drawing near. The property — a 66-acre parcel of land and transit right-of-way located near Piedmont Park in the project’s northeast quadrant — generated controversy this summer when Beltline leaders decided to allocate nearly half the TAD bond funding to settle the debt. If it’s not repaid, the Mason property could enter foreclosure.

Because of the virtually shutdown bond market, those TAD bonds have been delayed until the project’s financial wizards could secure the best possible deal. Beltline leaders would most likely have to brief City Council on their progress.

Regardless, we’ll be there and update once we hear word.

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So you’d like there to be more public transit in Atlanta, want to see more smart-growth development, but you still don’t know exactly what the Beltline is all about. The Beltline Partnership, the 22-mile project’s fundraising arm, operates twice-a-week tours of the proposed loop of transit, trails, parks and development, so that’s one way.

Another way is to help clean the project up. Last year, volunteers cleaned up the Beltline’s southwest portion. On Nov. 8, Keep Atlanta Beautiful and other partners plan to do the same in the northeast quadrant.

Here are the details:

Last week, TruGreen LandCare, lawn and landscape professionals, donated their time and expertise to prepare the area for volunteers by accomplishing some of the heavy lifting.

On Saturday November 8, Atlanta BeltLine Inc., Ponce Park, the Historic Fourth Ward Park Conservancy, City of Atlanta, Park Pride, Trees Atlanta, Atlanta Community ToolBank and PATH are orchestrating the northeast corridor BeltLine clean-up. This is necessary to achieve the clean-up’s goal of taking a first step in creating a useable connection between Piedmont Park and Freedom Park. See images below.

Volunteers will pick up litter and remove kudzu from trees along the 1.5 mile stretch. You can register as a volunteer for the clean-up at www.keepatlantabeautiful.org.

(Photo courtesy of TruGreen LandCare)

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After two hours of contention and confusion, Atlanta’s Neighborhood Planning Unit F voted last night to approve a rezoning designation that proponents say would preserve Virginia-Highland’s charm.

Scrunched in the jampacked meeting room of a psychiatric hospital off Monroe Drive, nearly 200 residents ultimately stamped the organization’s seal of approval on a  two-year effort meant to preserve the neighborhood before developers capitalize on its antiquated zoning codes.

(more…)

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As Virginia-Highland attracts more residents, barflies, and Sunday afternoon pedestrians, it’ll also — for better or worse — catch the eye of developers who want to capitalize on that appeal. And for residents and property owners who want a voice in how their bustling neighborhood evolves, tonight’s their chance.

Members of Neighborhood Planning Unit F, whose boundaries include Virginia-Highland will vote tonight whether its members want Virginia-Highland rezoned as “Neighborhood Commercial.” The designation focuses on three busy “nodes” along North Highland Avenue where it intersects Briarcliff Place, Virginia Avenue and Amsterdam Avenue. The designation could potentially affect The Mix at 841 (above right) — an ambitious mixed-use development proposed across the street from the long strip of bars that includes Blind Willie’s and Diesel — that’s irked some residents for its size and scope.

According to the Virginia-Highland Civic Association, current zoning allows commercial buildings as high as 11 stories in some areas. If ultimately approved by the Atlanta City Council, the rezoning would limit the height of buildings to three stories and encourage such smart-growth concepts as mixed-use design and shared parking. It would prohibit “suburban-style” buildings such as the CVS Pharmacy and encourage developers to take the neighborhood’s architecture into account.  (For the association’s documents related to the rezoning proposal, click here.)

The meeting takes place at 7 p.m. tonight at the Hillside facility between Courtenay Dr and Monroe Dr. According to the NPU-F website, “access is available from 1301 Monroe Dr., opposite the CSO facility on Monroe. Parking is available at the rear of the building off Monroe Drive.” The public is welcome, but keep in mind that you have to live or own commercial property in the district if you want to vote.

UPDATE: Christa at Pecanne Log is none-too-pleased with The Mix.

(Apologies for the screenshot. The Mix website appears to be incomplete.)

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In an op-ed distributed today, Republican State Sen. Jeff Chapman of Brunswick — an ardent supporter of Jekyll Island under the Gold Dome — says even though Linger Longer has drastically scaled back its redevelopment plan for the state park, the matter is far from settled.

On October 6th, Linger Longer Communities revealed its revised plan for a Jekyll Island town center. The new plan, at first glance, suggests a town center much different than the over-sized and condo-dense beach village in Linger Longer’s original proposal, and closer to what many Georgians have been calling for over the past year. While the town center question may be decided in the public’s favor, the long-term future of Georgia’s only coastal state park, unfortunately, is far from secure.

(more…)

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Decatur Metro’s all over the latest smart-growth shenanigans in his burg.

First, there’s the news that the celebrated Otis White of Civic Strategies will sit down with nearby residents and developers of the controversial 315 W. Ponce project to help the two groups work out the kinks. (The developer recently postponed a requested commission hearing because of an uproar over parking at the proposed mixed-use development. Read the harrowing account of the most recent late-night public hearing here.) The sitdown led by White is scheduled for Wednesday, Oct. 15 at 6:30 p.m. in Decatur City Hall.

Next, one of the groups that help concerned residents rally against the 315 W. Ponce project’s scope has now focused its attention on Trinity Triangle near bustling downtown. There’s an interesting conversation going on there about the debate.

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Estimated cost to turn a once-rowdy nightlife district into the eight-acre, Rodeo Drive-styled “Streets of Buckhead” development: $1.5 billion

Cost of pair of horned-back alligator cowboy boots that will be available at Billy Martin, the Streets’ western-styled shop: $3,750

Cost of lamb’s wool coat for 3-year-old at Bonpoint, the Paris-based children’s store that will open at the Streets (converted from euros): $520

Months between the day that five-star Baccarat Hotel and Residences announced its inclusion in the Streets and the day it indicated it might withdraw: 8

Number of metro Atlantans who sought consumer debt counseling in first eight months of 2007: 27,000

Number who sought debt counseling in first eight months of 2008: 37,000

Average annual salary of metro Atlantan seeking debt counseling last year: $42,000

Average annual salary of metro Atlantan seeking debt counseling this year: $49,300

Number of past years in which average salary of Atlantan seeking debt counseling was higher than $49,300: 0

Sources: Atlanta Business Chronicle, Atlanta Journal-Constitution, BillyMartin.com, www.littlefashiongallery.com, Consumer Credit Counseling Service of Greater Atlanta.

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Beltline bonds scheduled to be priced this week have been delayed until mid-October, a spokesperson for the 22-mile loop of parks, trails and transit says. Project leaders say the bonds — estimated to be worth $117 million — are now scheduled to be issued the week of Oct. 20.

Timing is of the essence, however, as that issuance cuts close to an Oct. 31 deadline to settle outstanding debt on a vital piece of property in northeast Atlanta near Piedmont Park. The property includes transit right-of-way and was purchased late last year from Gwinnett County developer Wayne Mason and his son, Keith. The decision to allocate the majority of Beltline bond proceeds to the Masons was opposed by community groups, but ultimately determined necessary to ensure the future of the project.

Should Beltline leaders not settle the Mason debt by the deadline, the property could risk foreclosure, placing valuable intown property on the real-estate market and in turn, making it harder to secure.

The national market for municipal bonds — for years the go-to financing mechanism that’s kept cities apace — has been essentially closed since the fallout on Wall Street, leaving many projects as grand as the Beltline and as everyday as highway repairs in a lurch. Athens-Clarke