Buckhead Village ‘to see a lot of activity’ in 2015
December 18, 2014 | By Amy Wenk ([email protected])
Veteran Atlanta developer The Loudermilk Cos. is picking up the pace with its plans to redevelop roughly eight acres it owns in and around the Buckhead Village. The company now has several irons in the fire, from pursuing land sales, preparing sites for demolition, to planning new mixed-use projects that could bring more residential, office and retail space, and even a hotel, to the bustling community.
In the past two years, investment has flooded into the Village — a broad area just south of Buckhead’s tallest office towers and luxury shopping malls Phipps Plaza and Lenox Square.
“The delivery of Buckhead Atlanta really accelerated the momentum,” said Robin Loudermilk, president and CEO of The Loudermilk Cos., referring to San Diego developer Oliver McMillan’s upscale, multi-block project in the Village that this fall started welcoming its first tenants and residents.
“I think in ’15 you are going to see a lot activity in the village,” Loudermilk said. “It’s going to be an exciting 12 to 24 months, I promise you that.”
Most recently, the developer submitted demolition plans for parcels it owns at Peachtree, East Paces Ferry Road and Bolling Way, a prime corner in the village that includes Chuck’s Firearms. The buildings will be knocked down as the tenants leave, with Buckhead Bottle Bar (moving to Midtown’s Juniper Street) and the former Park Bench slated to go first. Chuck’s Firearms and the fish-hawk would come down within the year. Loudermilk said the firm is still designing what could be built back on the site. “We are kicking around a couple ideas” including new office and retail space.
Also this month, Loudermilk said the company settled a lawsuit it had filed Oct. 17 against Rohrig Investments L.P. and its owner George Rohrig, a former business partner. The complaint arose when the sale of a one-acre parking lot next to the Buckhead Theatre to Houston developer The Hanover Co. stalled due to parking dispute between Loudermilk and Rohrig.
Loudermilk said a settlement was reached with Rohrig in early December that divided about a dozen sites worth roughly $25 million in Buckhead, Midtown, Decatur and College Park.
Now, a sale can proceed, Loudermilk said. Hanover still has the site under contract. The developer just did another deal with Loudermilk, paying $15 million for nearly 4 acre Parkside at Buckhead apartments along Buckhead Avenue and Pharr Road. Hanover plans to build a 375-unit apartment project there.
Loudermilk is also in talks to sell land to Gables Residential at Maple Drive and East Paces Ferry Road for a newly proposed 327-unit residential project.
In 2015, Loudermilk envisions breaking ground on a new office project in the Village, possibly on sites it owns at 359 and 367 East Paces Ferry Road. The company also could consider a new hotel for the Village and brands such as Hilton.
Originally appearing in the Atlanta Business Chronicle
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