By John Schaffner
The Loudermilk family and Buckhead-based Cannon Equities have formed a joint venture, Roxy Capital Partners LLC, to develop and market five prime properties in the Village area of Buckhead that father Charles and son Robin Loudermilk acquired over years.
The Loudermilks’ part of the joint venture, which has been in the making for two years and was formalized 12 months ago, is RC Limited — the initials representing the first names of the son and father.
“Over time, the Loudermilk family collected very nice parcels in the Village area of Buckhead,” said J. Dwight Bell III of Cannon Equities and Roxy Capital Partners.
The five properties that will be developed and marketed by Roxy Capital Partners, which total a little more than 8 acres of prime Buckhead real estate, are:
• A parking lot of a little over 1 acre adjacent to the Roxy Theatre building on Roswell Road.
• Part of a strip of shops — including Chuck’s Firearms, The Fish Hawk, a vacant store that previously was Sofas & Chairs and a small parking lot that previously housed a dry cleaners — on Peachtree Road across from Charles Loudermilk Park.
• A 3½-story green office building on a little more than 1 acres at 359 E. Paces Ferry Road, where Roxy Capital Partners and Cannon Equities have their offices.
• A cleared land site of 1½ acres at 367-371 E. Paces Ferry Road.
• A multifamily garden-style apartment complex on 3½ acres that fronts on both Pharr Road and Buckhead Avenue.
Bell said there are no immediate plans for redeveloping the strip of shops on Peachtree Road, the office building at 359 E. Paces Ferry Road or the apartment complex.
He said the cleared land site at 367-371 E. Paces Ferry Road is planned for redevelopment as a mixed-use product with a small amount of retail and office and/or residential components. He said that development would likely be four to six stories high “with a lot of character in its architecture.” He said any development by the joint venture “will be user-driven.”
The parking lot site next to the Roxy Theatre was sold a couple of years ago to the Novare Group for a planned hotel/condominium development. But as the economy turned downward, the Loudermilks purchased the site back.
Over the past year or more, Cannon Equities, the development partner in the joint venture, has been working through Neighborhood Planning Unit B and the city’s Planning Department to rezone all five of the properties to MRC-3 (mixed-use residential/commercial). Bell said they started with a mixed bag of zoning on the five properties.
He said that with the MRC-3 classification, the properties could have a total of 1.4 million square feet of developed space, but “we do not envision using all that density.”
Bell said the joint venture believes in village-scale development, which he defined as being “four to six stories maximum, lower scale, lower density but high quality.”
He explained: “The quality of the properties is very important to the partners. The future of the Village is important to Buckhead and to the city of Atlanta.”
The Loudermilk name has been synonymous with Buckhead for decades. Charles Loudermilk, who founded Aaron Rents (now Aaron’s Inc.), was one of the founders of the Buckhead Coalition and is often referred to as “Mr. Buckhead.”
Robin Loudermilk, who is president of Aaron’s Inc., was a founder of the Buckhead Alliance and was a point man in the cleanup of the bar scene in the old Buckhead Village, paving the way for The Streets of Buckhead development by Ben Carter Properties.
Robin Loudermilk emphasized that what Roxy Capital Partners does in the Village area “will not be competing with The Streets of Buckhead, but rather will be complementary.”
Bell said not all of the five Roxy Capital Partners properties are in the present SPI-9 overlay for Buckhead Village, but the partnership supports the proposed expansion of that overlay area, now before the City Council for review. He said they “embrace the connectivity” provided under the SPI-9 overlay for pedestrians on the streets, parking on the streets, and the streetscape and lighting requirements.