Power Breakfast: Apartment market getting stronger, cheating scandal, Shirley Franklin, AT&T, Aaron’s

At least the apartment market is showing signs of life.

Developers have proposed two high-rise apartment complexes for Midtown, AJC writer Christopher Quinn reports.

Plans for the 23-story Sky House at the northwest corner of West Peachtree and 12th streets were laid out for the Midtown Development Review Committee, along with plans for a 22-story complex at the southwest corner of 12th Street and Cresent Avenue, Quinn writes.

Apartment construction has been coming on strong, in part, because of the real estate and foreclosure crisis, Quinn reports. The U.S. Department of Commerce’s monthly release of housing data showed that apartment construction through June is up more than 30 percent in the U.S. since the beginning of the year.

Sky House will include 320 residential units and parking for about 500 cars in a six-level parking deck, Quinn writes. Novare Group is behind the proposal, according to documents. It will include 8,400 square feet of retail space on the ground floor.

The 22-story project unnamed in the documents will also have ground-level retail, 311 apartments and parking for 461 cars, Quinn reports. Daniel Corp. of Birmingham and Selig Enterprises are behind it, according to the Birmingham Business Journal.

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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4 comments Add your comment

961 more cars!

July 22nd, 2011
8:04 am

961 more cars in about a 2-3 block area. Brilliant!

H

July 22nd, 2011
9:39 am

Thats at least 600 new people bringing commerce to Midtown. Thats people going to bars/restaurants, thats people shopping around midtown, thats people bringing money into the city. You want a 24/7 environment where commerce/business never ends. You want energy, you want excitement. You want a true real city. This is great news for midtown! We need to stop all this doom and gloom and start taking chances again, start getting to work. Banks need to start loaning out money again. Companies need to spend some of the millions of dollars of cash they are hoarding. Enough of the negativity.

961 more cars!

July 22nd, 2011
10:52 am

H…you are 100% correct except for the cars. In a good midtown setting you wouldn’t need nearly two cars per unit. More like 100-200 with many not owning a car. Why do we feel it is critical that we continue to build multi-level garages?

boom/bust

July 22nd, 2011
11:37 am

It’s looking like apartments are being overbuilt right at the top of the cycle, similar to the residential and commercial real estate overbuilding a few years ago.

When R/E recovers, and it will, a bunch of these apartment units will be converted to condos. We’ve seen this film before.