Over-the-top, almost five years since Dynamite Heavy Breakthrough In 2017, the Midtown high-rise project, once envisioned as Atlanta’s tallest residential building, and the Skyline’s ultra-luxury statement piece remain in question as to their viability as actual construction projects, but they are completely It shows signs that it is not DOA.
of commercial observer Miami-based real estate debt fund Benmark Capital has provided developer Olympia Heights Management with a $40 million short-term bridge loan for the high-profile but long-stagnant No2 Opus in the heart of Midtown. We are reporting that we have refinanced the Place Project.
Benmark’s origination director, Joe Moser, told the magazine that the loan was to cover pre-development costs for Opus Place at 98th 14th Street, and Meridian Capital Group arranged the financing. A Benmark official visited Midtown and, seemingly impressed by the recent commercial activity, pointed to Google’s new headquarters nearby. 1105 West Peachtree And the “construction boom” is evidence that jobs are pouring into the Midtown submarket and more luxury homes are needed.
New York-based Olympia Heights, which first unveiled its vision of the mammoth three-tower Opus Place in 2014, after receiving notice from its former bridgeman that the loan would not be extended and would become a new source of funding. , came to Benmark. It had to be closed within 30 days. Benmark officials recently commercial observer They visited a Midtown property, underwrote the loan, and executed within 30 days.
Is this next injection of money a sign of a new beginning for a project that has been derisively called a “no pass” by Atlanta real estate observers, or is another example of a failed concept kicking off the proverb for the future? I don’t know yet.
Bisnow Atlanta report Two years ago, Olympia Heights signed a loan of approximately $26 million to refinance the debt of No2 Opus Place in hopes of buying more time to secure construction funds and pre-sales of condos. . That debt replaced a $22 million loan and a series of short-term loans that Olympia Heights has accumulated to realize its dream of building Atlanta’s tallest condominium tower, designed by the Perkins + Will architectural firm. It’s the latest in the deal.
The $40 million new funding isn’t a construction loan, but even if it were, it would only cover a fraction of the tower’s estimated cost. In 2016, the project manager estimated that the first tower alone would cost him $300 million to build, and would require pre-sales of a significant number of condos.
By spring 2018, brokers were trying to sell luxury homes. report More than 50 units were under contract, with prices ranging from $400,000 to $12 million, the latter an unprecedented price for Midtown.
Olympia Heights executives have avoided media attention in recent years, and the company could not be reached for comment this week. Midtown workers and residents recently wrote a letter to Atlanta’s Urbanize complaining about the property. One resident of his nearby office called the site a “disaster” this week that required government intervention.
“[The No2 Opus Place site] A garbage dump filled with water [and] Mosquitoes and weeds everywhere and no trees on the sidewalks. [developers] We were allowed to cut them all down,” he wrote to readers in an email. “Why doesn’t the city put pressure on the owners? they did dewberry [Group]?”
No2 Opus Place’s latest reduction plan called for a 53-story mixed-use tower, totaling 1.8 million square feet and including commercial and retail space. Building permits have shown no activity since 2020, and the site has been largely unused in recent years, but a ground survey or soil test discovered at the location that drew attention earlier this year has been swift. Except for
After purchasing the 4-acre site for $22 million eight years ago, Olympia Heights changed its proposal from three towers to one 730-foot residential hotel structure, and eventually to scaled-down condominiums. The groundbreaking ceremony for the project took place just before his Christmas 2017, followed by years of empty promises and a blown construction schedule.
Olympia Heights later attempted to sell part of the site. The company also file a lawsuit Last year, Perkins + Will charged us with unpaid work bills totaling about $800,000.
The No2 Opus Place website has been demolished. Individual condo listings disappeared from the market for a long time without cutting to closure. A gorgeous $3 million sales center at No2 Opus Place was realized on site, but little else was realized. So the tallest component realized in the project was a full-scale model of that sales center, a luxury simulated condo with 10-foot ceilings.
The building’s top amenities called for two pools, an IMAX screening room, a golf simulator on the 40th floor, and an onsite “lifestyle curator” to advise residents on how to best live in Atlanta.
For those new to Atlanta or the development hounds itching to stroll down memory lane, the gallery above contains spectacular images of what No2 Opus Place could have ever been. . The stagnant site is today instead.
• Midtown news, discussion (Urbanization of Atlanta)