OliverMcMillan, a San Diego-based real estate firm, announced it has bought the Streets of Buckhead, the stalled luxury retail project in the heart of Buckhead’s former party district. The company has been working on buying the project for several months.
The project is the vision of Atlanta developer Ben Carter, but stalled due to the long recession. Carter had envisioned a “Rodeo Drive of the South” with expensive shops, office towers, hotels and condos. In the end, the recession dashed his hopes as financing dried up, along with tenants.
OliverMcMillan said it plans to restart the project later this year, with an estimated completion date of 2013. The new firm will bring an additional $300 million investment to complete the project, on top of the $400 million already spent on the project.
OliverMcMillan said in a statement that it will “consummate a foreclosure to finalize its acquisition process and guarantee a clean slate moving forward on June 7.”
OliverMcMillan is a 33-year-old firm recently has specialized in restarting distressed developments, with projects in places like Honolulu and San Francisco.
