SAN DIEGO, May 4, 2011 (GLOBE NEWSWIRE) -- OliverMcMillan, a San Diego-based real estate firm that develops urban and mixed-use retail, entertainment and residential projects, announced today acquisition of The Streets of Buckhead, a six-block, eight-acre luxury mixed-use project located in the heart of Atlanta's upscale Buckhead neighborhood.
Prior to OliverMcMillan's involvement, the project was one of the highest profile developments in the country halted by the economic downturn and financing drought. Today's closing announcement brings the new development team one step closer to beginning construction this year with an estimated completion date of 2013.
OliverMcMillan plans to begin construction on the stalled project in late 2011. The firm will work to evolve the architectural plans and re-engage the leasing efforts on the development, leading to an additional $300 million investment to complete the project, beyond the nearly $400 million spent to date.
With the closing today, OliverMcMillan owns and permanently controls the project. It's acquisition today was of both the real estate and a loan secured by the real estate. The company will consummate a foreclosure to finalize its acquisition process and guarantee a clean slate moving forward on June 7.
"We have been humbled by the warm reception and support we have received from Mayor Kasim Reed and city of Atlanta and Buckhead stakeholders," said Morgan Dene Oliver, chief executive officer of OliverMcMillan. "It is an honor to partner with the local community on the completion of The Streets of Buckhead, and we are extremely pleased to bring this world-class development to life."
In 2009, construction of The Streets of Buckhead stopped due to a lack of financing. OliverMcMillan announced plans to acquire the project in February 2011. Located at the intersection of Peachtree and West Paces Ferry Road, The Streets of Buckhead is just minutes from some of the highest income neighborhoods in the South. Four major highways provide unparalleled access. The project will feature high-end retail destinations, restaurants and cafes, residential towers, and boutique offices.
"We are thrilled to welcome OliverMcMillan to the city of Atlanta. The continuation of The Streets of Buckhead project is significant and will put thousands of people back to work. My administration is committed to being a strong partner with the OliverMcMillan team as we bring this world-class project to Atlanta," said Mayor Kasim Reed.
Over the last two years, OliverMcMillan has built a reputation for successfully restarting stalled and distressed development projects that resulted from the recession, with approximately $1.5 billion in projects presently underway.
In late 2009, OliverMcMillan acquired a 487-unit, 48-story project in Honolulu named Pacifica, which at the time was 40 percent complete. OliverMcMillan restarted construction on the $300 million mixed-use tower and then renewed a sales program in February 2010. Today the condominium project is approximately 90 percent sold, topped out, and moving towards an October 2011 completion. The success with Pacifica has led OliverMcMillan to another new Honolulu project, a $300 million, 50-story condo tower with retail and luxury auto dealerships at the base in the Ala Moana area of Honolulu.
OliverMcMillan is undertaking a similar process on another stalled urban project in the San Francisco Bay area, where in September 2010, the company acquired a nearly completed luxury midrise condominium project. Rebranding the project 88 Hillside, OliverMcMillan is revitalizing and upgrading the stalled property, enhancing the experience in the existing community, and providing in-town luxury living at price points that will cater to local buyers.
OliverMcMillan is also resuming development on mixed-use projects in Houston, Texas, with the $350 million River Oaks District project, in Ontario, Calif., with the 50-acre Historic Guasti District property, and in Coralville, Iowa, with the 180-acre Iowa River City project. In 2013, the company will begin a mixed-use urban development in downtown San Diego which includes 250 residential units.
The Streets of Buckhead marks the 19th public-private partnership development for OliverMcMillan over the course of its 33-year career. The company's experience with municipalities, raising more than $200 million in public/municipal contributions from its partnerships, has made the company a popular choice for restarting stalled projects in cities across the country.
For more information about the Streets of Buckhead project, or contact Jeremy Meredith, Development Director, at (619) 321-1111, jmeredith@olivermcmillan.com.
Contact: Karen Hutchens
619.985.7800
Karen@HutchensPR.com
About OliverMcMillan
OliverMcMillan is a 33-year-old private firm that develops unique, high quality mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies. While demonstrating sensitivity to the community's unique needs, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations. Because of its expertise, strong architectural vision, experience working with communities and public agencies, and significant financial and analytical strength, OliverMcMillan creates projects that form a catalyst for economic revitalization, financial return, growth and place making. Looking at the big picture, OliverMcMillan makes long-term commitments to its developments and acquisitions by developing tomorrow's vision today, in a manner that will serve the community well into the future.
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