OliverMcMillan Completes Streets of Buckhead Purchase

OliverMcMillan says it will begin work on the Streets of Buckhead late this year after acquiring the six-block, eight-acre luxury mixed-use project.

The San Diego real estate firm on Monday announced in a news release that it had closed on purchasing the long stalled project. The company said it will "work to evolve the architectural plans and re-engage the leasing efforts on the development, leading to an additional $300 million investment to complete the project, beyond the nearly $400 million spent to date."

The company said it permanently controls the project, and that the acquisition completed Monday included the real estate and a loan secured by it. It said it will "consummate a foreclosure to finalize its acquisition process and guarantee a clean slate moving forward on June 7," according to the news release. The company said 2013 is the estimated completion date.

Local developer Ben Carter started the project at the corner of Peachtree and West Paces Ferry roads, but lost funding during the recession.  OliverMcMillan in December announced it was planning on taking over the project.