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Developers Unveil New Buckhead Atlanta Office Building

August 07, 2015

Atlanta Business Chronicle

Few intown Atlanta neighborhoods are hotter with investors and developers than the Buckhead Village.

San Diego developer OliverMcMillan Inc. presented plans this week for a nearly 300,000-square-foot project that would rise on the site of the former HiFi Buys, a highly coveted but tiny piece of land — it's less than 1 acre — in the Buckhead Village. The land once sold for $16.5 million.

OliverMcMillan now plans 233,303 square feet of office space, with the rest of the project devoted to retail along Peachtree Road.

OliverMcMillan, and its architect Gensler, presented the project to the Buckhead Development Review Committee this week. The developer has been talking to tenants about the building for months.

The Buckhead Village, a mix of new high-rise apartments and upscale boutiques and aging low-rise brick buildings, is one of intown Atlanta’s busiest neighborhoods for new development. OliverMcMillan's Buckhead Atlanta has been the biggest catalyst for investment in the Village since the recovery started, particularly along Peachtreee and the east side of the Village along Pharr and East Paces Ferry roads.

Four years ago, OliverMcMillan took over what was once called Streets of Buckhead, a high-end mixed-use project that stalled under its original developer Ben Carter when he lost his ability to fund construction amid the recession.

Carter had assembled nearly three dozen parcels for the project that he envisioned as the Rodeo Drive of the South, and he paid more than $16 million an acre for some of the land.

OliverMcMillan renamed the project Buckhead Atlanta and scaled back some of the development. It landed tenants such as Spanx Inc., which put its headquarters there, and restaurants including Shake Shack.

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