OliverMcMillan expects to financially close in the next 60 days on the six-block, eight-acre Streets of Buckhead site and will begin its turnaround efforts on the stalled mixed-use project immediately after that, according to a press release issued by the company Feb. 22.
OliverMcMillan is making a $300 million investment in the project, which is $100 million more than Ben Carter, who started the project in 2006, estimated it would cost for him to finish his vision for a Rodeo Drive project, which has been stalled since 2009.
This was the first public confirmation by OliverMcMillan that it was trying to buy the unfinished project. The firm recently also has taken over unfinished projects in Hawaii, San Diego and San Francisco. This is the firms first venture into the Atlanta market.
“OliverMcMillan sees a tremendous opportunity with The Streets of Buckhead,” said Dean Oliver, CEO of San Diego-based OliverMcMillan, which has a 20-year track record in urban mixed-use developments and in public-private partnerships.
“The Streets of Buckhead represents a prime example of our core focus, which is transforming urban properties into highly attractive and special pedestrian-oriented mixed-use developments that complement the neighboring community,” Oliver explained.
“We look forward to finishing a world-class development with inspiring retail, great restaurants and cafes, two residential towers and boutique offices,” Oliver said. “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 his company understands it has 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.”