OliverMcMillan to Purchase Streets of Buckhead

Construction on the long-stalled Streets of Buckhead  is expected to resume this year after San Diego developer OliverMcMillan announced an agreement to purchase the project.

The financial closing is expected in the next 60 days on the six-block, 8-acre project in the heart of Buckhead, according to a news release from the Atlanta firm Jackson Spalding. The company will uphold the project's luxury character first envisioned by Atlanta developer Ben Carter.

 “Where some have seen formidable hurdles, OliverMcMillan sees a tremendous opportunity with The Streets of Buckhead," said OliverMcMillan CEO Dene Oliver in a statement. "We are working closely with Mayor Kasim Reed, who has pledged his support for restarting and finishing the stalled development.

"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," Oliver said. "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.”

According to the announcment, San Diego-based OliverMcMillan has a 20-year record of developing urban and mixed-use retail, entertainment, residential and office projects. The Streets of Buckhead will be the firm’s first development project in Atlanta. OliverMcMillan has more than $1 billion worth of projects under development in seven cities across the United States, including San Diego, Honolulu and Houston.

In recent years, the company had taken control of unfinished projects in San Diego, San Francisco and Honolulu, the announcement said.

OliverMcMillan will begin its efforts to revive the Streets of Buckhead immediately upon closing,  according to the announcment. The firm will work to adjust the architectural plans and re-engage the leasing efforts on the development, leading to an additional $300 million investment and completion of the stalled project.

“OliverMcMillan is currently reviewing all facets of the project design and will stay focused on bringing a first-class, pedestrian friendly community to Buckhead,” said OliverMcMillan development director Jeremy Meredith. “We are humbled and eager to work in partnership with the city of Atlanta, the Buckhead community and other local stakeholders to have the Streets of Buckhead reach its full potential.”

 Carter launched the luxury project  at Peachtree and West Paces Ferry roads but lost his funding as a result of  the recession. He was forced to give up the project to OliverMcMillan late last year.