Property News

BRAND-NEW BUCKHEAD

BY ALLISON WEISS ENTREKIN

FOR YEARS, it was a seven-block party. Buckhead’s East Village, a barand-restaurant district lining a stretch of Atlanta’s famed Peachtree Road, was the stuff of neighborhood-association nightmares. Nightclubs like Mako’s and Uranus attracted exuberant drinkers; slow-driving cruisers brought traffic to a halt; and rowdy groups of partygoers scared tourists and more than a few neighboring residents away. Some of the area’s reputable businesses began packing up and moving to other parts of town. The once bright center of Atlanta nightlife had lost much of its luster.

“The notoriety of the nightlife kept new businesses away,” says Sharon Silva, executive director of the Buckhead Business Association, which represents the business interests of the area. “Even as we and other groups pushed to clean up the bar district, it was still a ‘wait-and-see’ among business owners looking at the area.”

Well, the wait is over. Drive by the East Village today, and you’ll witness nothing but hard hats, demolition equipment and “out-of-business” signs. While city officials struggled to reign in the area’s party scene, Atlanta businessmen Robin Loudermilk and Ben Carter decided to take matters into their own hands, quietly purchasing the area’s 7.2 acres from nearly two dozen owners. When the men realized they had the same goals, Loudermilk agreed to sell Carter the central pieces of property he had acquired.

Carter’s company, Ben Carter Properties, is now replacing the East Village with Th e Streets of Buckhead, a glittering $850 million mixed-use development that will feature high-end shops and restaurants, two luxury hotels, multi-family residential units, and Class-A office space. Expected to open in fall 2009, the development sits on the site of some of the priciest real-estate transactions in city history.

“In some cases, Ben Carter had to pay horrendous prices for properties—some of the highest prices ever paid for real estate in Atlanta,” says Sam Massell, president of the Buckhead Coalition, which helps coordinate the area’s growth. “Somehow, he forged ahead, and now he has announced this wonderful plan for the area.”

Ecstatic locals have likened the future Streets of Buckhead to Rodeo Drive and Michigan Avenue, and Carter doesn’t seem to mind the comparisons. “With luxury boutiques side by side with trendy eateries and sidewalk cafes, we expect the guest experience at Th e Streets of Buckhead to not be unlike those that shoppers and visitors have in places like Chicago, New York, Beverly Hills and even at Dallas’ Highland Park Village or Boston’s Newbury Street,” Carter says.

While specific tenants have not been confirmed, the Mandarin Oriental Hotel Group, Th e Waldorf-Astoria Collection, and Kimpton Hotel and Restaurant Group are all rumored to be interested in the hotel portion of the project. In addition, some of the East Village’s best nightlife tenants may return to occupy the new space. “We’ll still have some nightlife,” Massell says. “Some of the best bars from the old district have talked about coming back, and those operators would be welcome.”

Nearby businesses have expressed overwhelming support for the development, hoping that the flood of expected tourists will spill into surrounding districts. “We all envision a walkable opportunity for people to venture out and see what else is in the area,” Silva says. “Th is will benefit all the businesses within a five-mile radius; it can only serve to off er new and additional customers to existing businesses.” It will also off er new jobs; Carter officials expect the occupational opportunities created by the project to number in the thousands.

Like all major construction projects, this one will no doubt cause headaches, and the increased traffic in the area is sure to frustrate drivers. But those who reflect on the East Village’s notorious past will likely consider Th e Streets of Buckhead well worth any growing pains it inflicts.

“The nearby neighborhoods are delighted with the reformation of the area, the city government is pleased with the impact it will have on the tax digest, and businesses are happy about the eff ect this will have on their bottom lines,” Massell says. “It’s a win-win-win, and it’s going to set a sterling example for the rest of the country on what can be done to rebuild an area.”

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