In recent weeks, Buckhead business leaders Charles Loudermilk and son Robin have made two major real estate transactions, selling one retail strip along Pharr Road and repurchasing from the Novare Group a 1.1-acre parcel adjacent to the Roxy theater.
Novare had planned to build a 250-unit high-rise condo tower with 32,000 square feet of specialty retail shops and a 10,000 square-foot restaurant according to a filing in March of 2007. However, Novare has apparently decided not to start any new condo projects in Buckhead in 2008 and possibly in 2009 as well.
Novare President Jim Borders has recently said that developers face a tough market for capital and construction costs until the current supply of homes is absorbed.
Robin Loudermilk, president and COO of Aaron Rents and head of the Buckhead Alliance, repurchased the site from Novare for $8 million.
The Loudermilks plan to develop a 15- to 18-story, 270-room hotel on the site, which is currently a parking lot at the southwest corner of Irby and Roswell Road.
Borders, who offered the site back to the Loudermilks, said the father and son who were instrumental in changing the face of the former Buckhead Village , will be able to use the site in conjunction with the Roxy renovation.
Novare’s only present Buckhead project under development is 3630 Peachtree, a mixed-use joint venture project with Duke Realty Corp., Post Properties Inc. and Pope & Land Enterprises Inc. A second residential tower on that site was cancelled last summer.
On March 26, the two Loudermilks, Aaron Rents founder Charles Loudermilk and son Robin, sold a 2.15-acre commercial site on Pharr Road, between North Fulton Drive and Grandview Avenue, for a reported price of $14.7 million.
The purchaser of the property, which contains 10 buildings, was Dion Meltzer, who plans to lease space to longtime Buckhead businesses that are being displaced by the development of the Streets of Buckhead project and other developments. Some of the buildings are now empty and some are partially rented.