In an interview Nov. 10 with Loudermilk Cos. CEO Robin Loudermilk, he told BuckheadView it is just a matter of what falls into place first as to when construction begins on the various projects the company has on the books. And, yes, those properties are not all that are in play for development soon in the Buckhead Village by Loudermilk Cos.
For instance, once the office building is completed at 359 East Paces Ferry, State Bank will move its headquarters into that building and the present State Bank site becomes available for redevelopment. “That might make a great site for a boutique hotel,” Loudermilk said.
Another major block of East Village land is planning to redevelop soon is the triangle formed by Peachtree and East Paces Ferry roads and Bolling Way—all except for the Mitchell Gold furniture store.
At this time last year, the Loudermilk Cos filed with the city for a demolition permit for all of the buildings facing Peachtree and East Paces Ferry roads in the triangle and most of that—except for Mitchell Gold, Fish Hawk and Chuck’s Firearms stores have been demolished.
Loudermilk told BuckheadView the company goes back and forth as to whether to make the multi-story, mixed-use redevelopment for that site a luxury residential building—either condos or apartments—with ground level retail or an office building with ground-level retail. That primarily is what is holding up redevelopment of the site, he added.
Loudermilk said that an argument for residential on that site is the lack of space to provide a parking deck. Whichever way the company plans to go, he explained, entrance to the parking would be off of Bolling Way. Everything else is too congested.
Of course, Loudermilk said Bolling Way also is a problem block there because it is the route everyone takes from Paces Ferry Road to get to Peachtree Road and northbound Roswell Road.
And, then there is the situation that OliverMcMillan is planning to develop the previously announced The Office Buckhead Atlanta across Bolling Way from Loudermilk’s property, stretching from Peachtree to East Paces Ferry Road.
The Loudermilk family has long been considered the largest single landholders in Buckhead Village area and much of this property has been in the family for years, just waiting for the right time for redevelopment.
The Loudermilk Cos. have also been directly involved with the land where two major apartment development projects presently underway by the Hanover Company: one a massive redevelopment of an old apartment project on property bordered by Pharr Road, Old Decatur Road and Buckhead Avenue, across the street from the State Bank headquarter, and the second on the former parking lot next to the Buckhead Theatre on Roswell Road.
The company owned both properties before selling them to Hanover. Loudermilk Cos. will buy back from Hanover the ground-level retail space and the retail and theater parking spaces at the news development and operate those spaces.
The company also owns the PNC bank site at the corner of Pharr Road and North Fulton Avenue, the Harry Norman Realtors on Pharr Road and the former Pearson’s liquor store site at West Paces Ferry Road and Early Street, which the company has totally redeveloped as a successful retail strip center, just to name a few properties.
But the big question now is which of the properties in the mega-block on East Paces Ferry will be the first to go to construction in 2016. Loudermilk told BuckheadView it all depends on a few details being worked out and certain elements falling into place.