Shopping Centers Today

JAN 2017

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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26 S C T / J A N U A R Y 2 0 1 7 D E V E L O P M E N T D I G E S T F R O M R E N D E R I N G TO G R A N D O P E N I N G After two owners and three name changes, Atlanta's toniest neighborhood welcomes an urban shopping mecca By Ben Johnson Buckhead redux O ver the course of a decade, a bar-and-nightlife neighborhood in the heart of Buckhead Village has been transformed into a mixed-use urban village called The Shops Buckhead Atlanta. The concept goes back to 2006, with the assemblage of 38 land parcels, encompassing six city blocks over nine acres, by local developer Ben Carter Properties. The plan, initially called The Streets of Buckhead, involved development of a project that would become the "Rodeo Drive of the South" — 600,000 square feet of luxury retail space, 14 fine-dining restaurants, two four-star hotels and some condominiums and offices, at a total cost of $1.5 billion. But Carter Properties' plans got put on hold two years later when the recession hit. San Diego–based OliverMcMillan bought the property in May 2011 with financial backing from a Boston hedge fund. OliverMcMillan was set to bring in an additional $300 million of capital to complete the development, on top of the initial Carter Properties investment. "The opportunity for us and our partners was really the legacy of that real estate being in an irreplaceable location," said Jeff Zeigler, senior managing director of retail services at OliverMcMillan. Plans called for developing 290,000 square feet of retail space plus 370 high- rise apartments and 400,000 square feet of offices. The first phase, which opened in 2014, comprised 160,000 square feet of retail, 70,000 square feet of restaurants and the apartment units. The 125,000 square feet of offices drew the corporate headquarters of leisure wear purveyor Spanx. For decades Buckhead's retail market has been dominated by two of the region's largest upscale malls: Lenox Square and Phipps Plaza, just a mile away from The

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