Buckhead Atlanta

Buckhead Atlanta logo since May 2011
Streets of Buckhead logo until May 2011

Buckhead Atlanta, until May 2011 called Streets of Buckhead,[1] is a 9-acre (3.6 ha) planned mixed-use development in the Buckhead district in Atlanta, Georgia. The project is a redevelopment of part of the Buckhead Village neighborhood bounded by Peachtree Rd., E. Paces Ferry Rd., Pharr Rd., and N. Fulton Drive. It is located just 1.3 miles (2.1 km) from two of the region's most prominent and upscale malls, Lenox Square and Phipps Plaza.

In May 2011, San Diego-based OliverMcMillan Inc. purchased the land from Ben Carter Properties and began developing the project.[2] The project was renamed that same month.

In September 2011, McMillan announced a further delay in the project, and that construction would not begin until the end of the first quarter of 2012. McMillan intended to invest $300 million to complete the project in which Ben Carter had already invested $400 million. The total planned development was then targeted at 370 apartments, 300,000 square feet (28,000 m2) of retail space and 90,000 square feet (8,400 m2) of "boutique" office space.[3]

In early 2013 construction began after a hiatus of three years.[4] As of July 2014 the project was nearing completion.[5]

History

In 1838, Henry Irby purchased 202.5 acres (81.9 ha) surrounding what is now Buckhead Village from Daniel Johnson for $650. Irby subsequently established a general store and tavern at the northwest corner of the Peachtree–Roswell–Paces Ferry intersection.[6]

To reverse a downturn in the Village during the 1980s, minimum parking spot requirements for bars were lifted, which quickly led to it becoming the most dense concentration of bars and clubs in the city,[7] such as BAR, World Bar, Lulu's Bait Shack, Mako's, Tongue & Groove, Chaos and John Harvard's Brew House. By 1996 Buckhead Village nightlife was like "Mardi Gras, complete with nightly arrests, puking in the streets and [drunk] college girls".[8]

By the late 1990s the clientele was changing, street cruising and "hanging" was common, and crime was increasing, sometimes violent. To ameliorate the situation, the Atlanta City Council passed an ordinance to close bars at 2:30 a.m. rather than 4 a.m., and liquor licenses were made more difficult to obtain or renew. Most of the bars and nightclubs closed between 2000 and 2007.

In 2006–07, Ben Carter bought parcels in the area in order to develop the Streets of Buckhead. Demolition of existing structures began in August 2007.

Original plans by developer Ben Carter Properties, LLC[9] called for a $1.5 billion[10] upscale mixed-use development. The Streets of Buckhead was dubbed "Atlanta's new upscale shopping", as it was to feature 600,000 square feet (56,000 m2) of exclusive shopping, 14 fine dining restaurants, two four-star hotels, 350 multi-million-dollar condominia and class-A office space.[11][12] It aimed to be the most exclusive shopping area in the Southern United States.

Originally scheduled for a grand opening of November 2009, by April 2009, work slowdowns pushed the projected opening back to Fall 2011.[13]

On May 2, 2011, San Diego-based OliverMcMillan Inc. purchased the land from Ben Carter Properties. Baupost Group LLC, a Boston hedge fund, is to provide $300 million of new equity.

OliverMcMillan plans to change much of the original plans: they are "not seeking a Rodeo Drive-type development" and "the level of restaurants and retail might be somewhat different". It is to be an "urban village" woven into the Buckhead Community.

The preliminary revised plans called for 300,000 square feet (28,000 m2) of retail and restaurants, 40,000 square feet (3,700 m2) of boutique offices and two 20-story luxury apartment buildings. Plans no longer include the two hotels. Rather than upscale restaurants, the development might target local chefs. A street grid system and street-level cafés and stores are to promote walkability. The first phase might consist of apartments.[2]

The first retailers and restaurants are scheduled to open September 18th, 2014 with nearly a dozen more planning to open before the end of the year. [14]

See also

References

  1. ↑ "Streets of Buckhead now ‘Buckhead Atlanta’", Atlanta Business Chronicle, May 23, 2011
  2. ↑ 2.0 2.1 "OliverMcMillan plans big changes in Streets of Buckhead development—even a name change", Buckhead View, May 6, 2011
  3. ↑ Rachel Tobin, "Streets of Buckhead ‘restart' delayed to next year", Atlanta Journal-Constitution, September 29, 2011
  4. ↑ Patch, February 2013
  5. ↑ "Buckhead Atlanta nears completion", Women's Wear Daily, July 14, 2014
  6. ↑ Garrett, Franklin M. (1969). Atlanta and environs; a chronicle of its people and events. University of Georgia Press. p. 160.
  7. ↑ Buckhead Village BAR BRAWL: Critics try to pressure landlords of busy clubs
  8. ↑ Scott Henry, "Buckhead Rising", Creative Loafing, 2006-05-31
  9. ↑ http://www.bencarterproperties.com/properties_development.html
  10. ↑ http://www.11alive.com/news/article_news.aspx?storyid=101164
  11. ↑ http://www.streetsofbuckhead.com
  12. ↑ http://www.ajc.com/search/content/business/stories/2008/09/24/retail_streets_buckhead.html
  13. ↑ http://www.ajc.com/business/content/business/stories/2009/04/02/streets_buckhead_project.html
  14. ↑ http://www.tonetoatl.com/2014/08/breaking-news-first-buckhead-atlanta.html

External links