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Wednesday, February 23, 2011

Streets of Buckhead Retail Property Changes Developers

streets-of-buckhead-retail-mixed-use-property
Atlanta, Georgia - This afternoon our Net Lease Properties information is on a massive development that had stalled. This distinctive retail net leased property and mixed-use development is in Buckhead, the upscale suburb of Atlanta. The commercial real estate developer, OliverMcMillan has acquired The Streets of Buckhead. OliverMcMillan has plans for this to restart construction on this stalled mixed-use commercial real estate project. This retail net leased property development consists of six-blocks, and on eight-acres for development of a luxury mixed-use project. This Commercial Real Estate transaction is scheduled to close soon.

The commercial real estate development firm, OliverMcMillan, is from San Diego, California. The Commercial Real Estate Developer OliverMcMillan was brought in December to finish this project that will cost approximately $1.5 billion. This project "The Streets of Buckhead" was anticipated to be the Atlanta's answer to "Rodeo Drive”. The economic problems had brought a halt to this highly anticipated luxury retail commercial real estate development.

This commercial real estate development firm, OliverMcMillan, is well known for mixed-used developments. Apparently, financial backers on this project suggested OliverMcMillan to take over for the well-known Atlanta developer Ben Carter. Atlanta developer Ben Carter had a fantastic plan for "The Streets of Buckhead" and he started this retail, mixed-used development in 2006.

The financial backers believe the San Diego firm OliverMcMillan will bring in an influx of investment property financing. Atlanta developer Ben Carter and his team had put in hard work but the economy and financial crisis were too difficult to overcome.

The Streets of Buckhead is situated in the heart of Buckhead, which is already an area with outstanding triple net lease properties, and retail shopping centers. The Streets of Buckhead is not OliverMcMillan’s first rodeo. OliverMcMillan has developed plenty of mixed-use commercial real estate projects. OliverMcMillan has been developing commercial real estate for about 20-years. The CEO of OliverMcMillan, Dene Oliver, believes that "The Streets of Buckhead" is a prime example of transforming urban properties into extremely attractive retail and mixed-use property developments. OliverMcMillan plans for this project to be a special pedestrian-oriented mixed-used development which will coincide with the historic jewel community of Buckhead.

OliverMcMillan is approaching The Streets of Buckhead project as an opportunity to really shine. OliverMcMillan has been reported as promising to make this a Class A development in Buckhead, with high-end retail net leased space, and excellent restaurants and cafés. The Streets of Buckhead design plan will be tweaked to welcome people who want to live in of of two residential apartment / Condominium towers. To finish out the mixed-use property development, OliverMcMillan will boutique offices that can be net leased. This luxury shopping district in Buckhead (Atlanta) will be designed to be the envy of the South. Palm Beach's Worth Avenue may want to take note of the plans from the OliverMcMillan commercial real estate development firm.

OliverMcMillan has a reputation for success and creating award-winning commercial real estate developments. The OliverMcMillan firm purchased a 489-unit, 48-story project, in the later part of 2009. That project is situated in Honolulu, and is called Pacifica. When OliverMcMillan firm took over that project it was approximately 43% complete. OliverMcMillan restarted construction on that $300 million mixed-use property and then renewed a sales program in February of 2010. That Honolulu condominium project is currently about 84% sold, already topped out, and moving on to be completed in the Fall of 2011. The OliverMcMillan firm is currently working on more troubled commercial real estate developments in California. Those troubled commercial developments are located in San Francisco and San Diego.

The Streets of Buckhead will become an exclusive, luxury retail and mixed-use redevelopment. This retail development is being constructed in place of Atlanta's former Buckhead Village. This luxury retail development sits in the middle of Atlanta's affluent Buckhead community.

Here's what can be found within The Streets of Buckhead:
*Nearly 600,000 square feet of retail and restaurant space dedicated to internationally celebrated, iconic brands, including such sought-after names as Hermes, Oscar de la Renta, Brioni, jeweler Van Cleef & Arpels, Brunello Cucinelli and many more.
*Many of the world's finest restaurants such as Japonais, Delicatessen, Le Bilboquet, Chef Art Smith and many more.
*"Art on the Streets," an arts program that will display extraordinary works of contemporary artwork and sculpture in prominent locations throughout The Streets of Buckhead. This program started with artwork produced by Frank Stella, "K.3" (2007)
*Within a few miles and easily accessible from four major highways I-75, I-85, I-285 and the Georgia 400

Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.

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