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OliverMcMillan to buy Streets of Buckhead | Community Spirit

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OliverMcMillan to buy Streets of Buckhead
OliverMcMillan to buy Streets of Buckhead

ATLANTA – (Atlanta Business Chronicle) The stalled “Streets of Buckhead” project may soon have a new owner.

San Diego-based OliverMcMillan Inc. confirmed Tuesday it inked a deal to buy the project in Atlanta and plans to begin construction this year. Atlanta Business Chronicle reported the firm's interest on Feb, 4.

Financial terms were not disclosed.

It will be the firm’s first development project in Atlanta.

Financial closing is expected in the next 60 days on the six-block, 8-acre luxury mixed-use project at the intersection of Peachtree and West Paces Ferry Roads in the posh Buckhead neighborhood.

Originally developed by Ben Carter Properties LLC, the project was once scheduled to open by November 2009 as one the country’s new shopping meccas, replete with a full slate of luxury retailers, 14 fine dining restaurants, two Four Star hotels, 350 multimillion-dollar condominiums and class A office space. But the Great Recession, the collapse of the luxury retail market, and weak economic recovery brought to a halt the ambitious project.

Dene Oliver, CEO of OliverMcMillan:

“We look forward to finishing a world-class development with inspiring retail, great restaurants and cafés, two residential towers, and boutique offices. We will be adding our own unique touches to create a luxury shopping district in Buckhead that will be the envy of the South. All of us understand it has been painful for everyone to have this development in the middle of Buckhead stalled for the last two years, and we will do all we can, with the help of the local community, to restart, finish, and open this local gem.”

The project also represents a redevelopment of the former “Buckhead Village” -— a popular hot spot for Atlanta and a critical piece of the Buckhead market’s appeal.

Read more: OliverMcMillan to buy Streets of Buckhead | Atlanta Business Chronicle