Through the years
Development of the Streets of Buckhead, now Buckhead Atlanta
In 2006, Atlanta developer Ben Carter started buying up real estate in the Buckhead Village for record-setting prices. He was encouraged by Buckhead boosters who were tired of the violent crime in the area that had become Atlanta’s party central. Eventually the economy put the brakes on Carter’s dreams. A new firm from San Diego, OliverMcMillan, bought the development and is creating its own plan.
2006: Ben Carter, developer of the Mall of Georgia, spends tens of millions of dollars buying up property in the Buckhead Village, sometimes for nearly double the going rate.
2007: Carter breaks ground on the $1.5 billion Streets of Buckhead project. He says it will have upscale shops, hotels, restaurants, offices and residences set to open in 2009.
2008: Despite a deepening recession, Carter announces new leases with stores that are the epitome of luxury: Van Cleef & Arpels, Bottega Veneta, Hermes and Oscar de la Renta, among others.
2009: Construction is halted on the project that was supposed to have been finished by then. Carter says he is seeking $200 million in new financing to finish the now scaled-down project and wants price concessions from contractors.
2010: Investors who have already sunk $320 million into the Streets of Buckhead decide to bring in a new developer, San Diego's OliverMcMillan.
2011: Four months ago, OliverMcMillan takes ownership of the project. Thursday, the firm released new renderings with construction to resume early in 2012 and an opening date of fall 2013. Construction cranes still sit idle on the site but will go into action this year to help clean up the site.
-- Rachel Tobin
About the Author
