is probably two weeks away from announcing a new name for The Streets of Buckhead project it recently purchased and other big changes in the original plans are on the way, according to the Atlanta Business Chronicle.
The San Diego-based developer purchased the nearly 9-acre project at Peachtree Street and East Paces Ferry Road on May 2 for an undisclosed amount. It was originally to developed by Ben Carter Properties as the “Rodeo Drive of the South” at a cost of about $1.5 billion.
But, OliverMcMillan apparently will change much of the original plan, according to a Business Chronicle (ABC) article this week. The new owners had previously indicated they were not seeking a Rodeo Drive-type development and that the level of restaurants and retail might be somewhat different than those previously announced years ago by Ben Carter.
|Dean Oliver, chairman|
It is not clear what retailers OliverMcMillan will attempt to lure to the development, but the company has relationships with luxury goods giants, including LVMH Moet Hennessy Louis Vuitton, which controls more than 50 of the world’s most prestigious brands, the ABC article points out.
Preliminary plans call for 300,000 square feet of retail and restaurants, 40,000 square feet of boutique offices and two 20-story luxury apartment buildings, according to the article. OliverMcMillan no longer wants two hotels on the site, but those had somewhat disappeared over time in Carter’s plans as well.
According to the ABC article, OliverMcMillan wants the new design to feature “Buckhead’s first urban grid system” which is found in Midtown and promotes walkability. The company also wants more street level stores and cafes on the site, according to Development Director Jeremy Meredith, an Atlanta native who is quoted in the article.
When the new owners begin construction—which they say will be later this year—one of the first components might be apartments, according to the Business Chronicle, “since the multi-family sector has one of the fastest to recover.”
“Something we have focused on in the beginning is how residents can enjoy an urban village,” Meredith told the ABC. “We don’t want this project to stand alone. We want it to be part of Buckhead.”
As BuckheadView has previously announced, the Baupost Group LLC, a Boston hedge fund led by Seth Klarman, will inject $300 million of new equity to help OliverMcMillan restart the former Streets of Buckhead.