Streets of Buckhead Slowdown

It appears as if progress on the Streets of Buckhead has slowed down. I can’t say that under this economy it’s a huge surprise, but I still have a lot of enthusiasm about the long-term prospects of the project. In the end it will re-enforce Buckhead as the preeminent, luxury shopping, dining and entertainment destination for the Southeast. Here is what the AJC said about the slowdown:

Work on the $650 million first phase of the project has all but stopped as Carter renegotiates contracts with contractors and works with retail tenants, such as jeweler Van Cleef & Arpel, on when to open. It could be as late as fall 2010, he has said.

Last week Carter also said contract renegotiations netted about $10 million in savings, mostly because raw material costs have plummeted from their peak two years ago.

George, who is in charge of building the project, said a fall 2010 opening date is still feasible. The large construction cranes on the site will remain. He added that Carter is current on all payments.

“This job’s going to happen,” said George. “I’m convinced this job will move forward. There’s no doubt in our minds.”

Related posts:

1. Streets of Buckhead Update
2. Major Changes at the Streets of Buckhead
3. Good news for Streets of Buckhead
4. Great things are happening in Buckhead
5. Buckhead and Atlanta REOs