Atlanta-based Carter helped bring Atlantic Station to life, give Sandy Springs an urban sense of place and redefine Summerhill’s future after the Atlanta Braves left Turner Field.
It’s now remaking its corporate future, selling a majority stake to a Texas holding company to expand its reach and development potential across the country.
Carter sold a controlling interest for an undisclosed sum to El Paso-based Hunt Companies Inc., the companies confirmed Friday. The shift in corporate ownership is poised to provide new financial support for the homegrown developer as it builds upon its neighborhood-building development style.
“Partnering with Hunt represents an exciting new chapter for Carter,” Scott Taylor, CEO and president of Carter, said in a news release. “Hunt’s strategic expertise, financial strength and commitment to long-term growth align perfectly with our mission to deliver extraordinary mixed-use and residential projects.”
As part of the change, longtime Carter Chairman Bob Peterson will retire after 24 years with the company. Hunt acquired its majority share by buying out Peterson, according to a report by Bisnow. Taylor will remain as president and CEO.
Credit: Ben Gray for the Atlanta Journal-Constitution
Credit: Ben Gray for the Atlanta Journal-Constitution
Hunt was founded in 1947 and oversees a variety of real estate and infrastructure arms, ranging from construction to single-family rentals to minor league baseball. Hunt recently partnered with Carter to develop two Florida projects, mixed-use development Lake Wire in Lakeland and luxury apartment community the DeSOTA in Sarasota.
“Carter brings decades of experience and an impressive track record in real estate development,” Ryan McCrory, president of Hunt, said in the release. “Our partnership with Carter aligns with our vision of creating impactful projects that build stronger communities.”
Carter’s roots in Atlanta run deep.
Founded in 1958 as Carter & Associates by noted Atlanta business leader Frank Carter, the firm has many marquee projects across the country.
The firm was tapped as the development manager for most of the Atlantic Station project, which transformed a shuttered steel mill into its own Atlanta neighborhood. Carter was also the master developer and program manager for City Springs, a mixed-use development and city hall that acts as the urban core of Sandy Springs.
Credit: City of Sandy Springs
Credit: City of Sandy Springs
Carter’s crown jewel and most recent redevelopment effort centers on the Summerhill neighborhood that withered for decades in the shadow of Turner Field.
Once the Braves moved to Cobb County, Carter developed an 83-acre plan to remake the long-neglected slice of the city. Anchored by nearby Georgia State University, the mixed-use makeover of Summerhill has resulted in a series of new buildings and townhomes, renovated shops and a Publix grocery store.
Credit: Courtesy photo
Credit: Courtesy photo
Carter has helmed impactful developments elsewhere in the country, such as the Banks in downtown Cincinnati and the Grounds in Winston-Salem, North Carolina. Taylor said the recent Florida developments done in partnership with Hunt represent the quality they plan to replicate with new corporate backing.
“We’re proving that collaboration drives impact, transforming spaces into vibrant communities where people thrive,” Taylor said.
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