Atlanta, Georgia – Sept. 21, 2012 – Atlanta’s renewed apartment development has not yet peaked because the city got a later start than other metro areas, such as Dallas, Charlotte and Washington.
That was the sentiment at Bisnow’s 3rd Annual Multifamily Summit, held at the Cobb Energy Performing Arts Centre.
Arnall Golden Gregory Partner Steven Pepper, co-chair of the firm’s Multifamily Residential Practice, moderated the panel discussion on Capital Markets and Development.
In some cities, Class A apartment projects are pretty much exhausted and lenders are considering lower quality projects “downstream.” But in Atlanta, Class A apartment projects are not tapped out, the panelists said. In the hot Midtown area alone, some 3,000 units are planned or under construction.
At the same time, developers face challenges from rising hard costs and worker shortages. Tougher immigration laws have shrunk labor pools. The Great Recession has winnowed the number of subcontractors, project consultants and materials manufacturers. Importing needed workers is raising project costs. Obtaining countertops, windows, toilets and bricks has become more difficult.
Despite all that, apartment demand is fueling numerous new projects while the home-sale market continues to lag.
Best Lawyers selected Mr. Pepper as Atlanta’s Real Estate Law Lawyer of the Year for 2012. He focuses his practice on representing multifamily developers and owners in developing and financing new apartment projects, and in acquiring, financing and disposing of existing projects, as well as structuring and closing other commercial real estate transactions.
Three dozen Arnall Golden Gregory attorneys practice in the real estate field, making the group one of the largest of its kind in the Southeast.
Practice Co-Chair Jonathan Eady attended the Bisnow event along with Arnall Golden Gregory partners Scott Fisher, David McAlister, Scott Shuman, Andrew Siegel, Philip Skinner, Grant Wilmer and associate Daniel Bradfield.
About Arnall Golden Gregory
Arnall Golden Gregory LLP is a law firm with offices in Atlanta, Miami and Washington, D.C., that serves the business needs of growing public and private companies. Its areas of focus include real estate, healthcare, corporate, litigation, international, employment, life sciences, global logistics, privacy and intellectual property law. With the help of Arnall Golden Gregory’s experienced attorneys, clients across a broad range of industries and around the globe turn legal challenges into business opportunities.