Atlanta Homes, Buckhead Homes and Real Estate » Streets of Buckhead

Major Changes at the Streets of Buckhead

admin — Sun, 02 Jan 2011 04:21:59 +0000

According to the AJC, it looks like a new developer has taken control of the Streets of Buckhead.

OliverMcMillan, a San Diego firm known for mixed-used developments, is being brought in by financial backers to replace well-known Atlanta developer Ben Carter, who started the project in 2006 but was unable to keep it going amid the real estate bust.

I’ve blogged about the Streets of Buckhead many times before. It’s a key development project in the heart of Buckhead. Ben Carter broke all kinds of pricing records when he bought out the Buckhead Village as one big tear-down. All of the buildings were leveled, the pilings pounded and then the real estate market fell apart. Of course there is a temptation to be critical of Carter, but hindsight is 20/20. At the time the project was announced, it was universally hailed as a bold advancement for the Buckhead community. This project was to be the Rodeo Drive of the South. I was very excited about it.

I still think it will be another great attraction for Buckhead and will be a selling point for the neighborhoods that are within walking distance. Perhaps the project will be downscaled a little, I honestly don’t know what the investors have in mind.

Streets of Buckhead Update

admin — Thu, 21 Jan 2010 04:22:27 +0000

There is a lot of curiosity about the Streets of Buckhead project. Each time I write an article about it, the web traffic to this website spikes.

The AJC gave an update on the Streets of Buckhead today. In short, the project needs $200 million to resume construction.

Streets of Buckhead developer Ben Carter said Wednesday he is in talks with private investors to raise $200 million to resume work on the stalled luxury retail project.

Unable to get a traditional bank loan amid the credit crunch, Carter said he has been seeking private investment money instead — a position many developers are in.

It’s a shame this project has become caught up in the commercial real estate crunch; ultimately the Streets of Buckhead will be good for our community.

Good news for Streets of Buckhead

Administrator — Thu, 04 Jun 2009 03:31:57 +0000

I reported a couple of months ago that construction at the Streets of Buckhead had ground to a halt. Well we should see the cranes swinging through the Buckhead skyline starting again in July. Ben Carter, the developer of the project, apparently stopped the construction to renegotiate contracts for labor and materials during this down economy. He said he was successful in getting at least $10 million in concessions.

There are plenty of super, high-end stores and restaurants committed to the project. Check out this post for plans on this Buckhead area development. I’m very excited about the Streets of Buckhead and believe it will secure Buckhead’s reputation as the South’s premium shopping, entertainment and dining destination.

Streets of Buckhead Slowdown

Administrator — Thu, 02 Apr 2009 18:57:27 +0000

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.”