Buckead Atlanta's recent progress allows for even more excitement and expansion of the mixed-use development.
Buckhead Atlanta's project developer, OliverMcMillan, recently secured $167 million in construction loans that will be able to cover the full construction of the six-block, 8- acre redevelopment of a former bar district at Peachtree and East Paces Ferry roads.
PNC Bank, N.A., CIT Finance LLC, Compass Bank, Regions Bank, and SunTrust Banks Inc. are among the five lenders providing the loan. Holiday Fenoglio Fowler LP arranged the financing for the project.
Although finalizing the loan was incredibly significant, Spanx, the $1 billion underwear company based in Atlanta, also announced its relocation plans, which are intended for November 2014. The headquarters, along with a flagship store, will relocate from the 3344 Peachtree Tower to Buckhead Atlanta where they have the option to expand anywhere from 84,000 up to 110,000 square feet.
Both the loan and Spanx relocation announcement allows the pace of construction at Buckhead Atlanta to start increasing, with shops on target to begin opening by the middle of next year. Construction restarted on the project last August after OliverMcMillan took over in 2011 and boosted progress with $300 million from its own equity partner.
With OliverMcMillan securing construction financing for Buckhead Atlanta, it could signal confidence in a broader recovery of the region's hard-hit banking and commercial real estate sectors. This boost anticipates a large step towards the progress of the project after economic issues earlier last year caused stalling in funding.
The availability of more financing would make developers happy, but it would also be a good thing for Atlanta’s construction and design firms. In the first three months of this year, construction picked up across the South.
Progress and construction of Buckhead Atlanta should be visible in upcoming months, as we anticipate the arrival of this incredible new addition to our city.
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