By Collin Kelley
Editor

California property development firm OliverMcMillan has reached an agreement to acquire The Streets of Buckhead project and plans to re-start construction this year. Financial closing is expected in the next 60 days on the six-block, eight-acre mixed-use project that is supposed to be Atlanta’s answer to Rodeo Drive.

The Streets of Buckhead has been on hold since 2009 due to a lack of financing and the global economic downturn. Original developer Ben Carter had tried to refinance the project with no luck, as residents wondered if the giant hole in the ground that was once Buckhead Village would ever come to fruition. The grand opening for Streets of Buckhead was originally set for last fall.

“The Streets of Buckhead represents a prime example of our core focus, which is transforming urban properties into highly attractive and special pedestrian-oriented mixed-used developments that complement the neighboring community,” said Dene Oliver, CEO of OliverMcMillan. “We are working closely with Mayor Kasim Reed, who has pledged his support for restarting and finishing the stalled development.”

Oliver said the project will still have retail, restaurants and cafes, two residential towers and boutique offices. What remains uncertain is whether the high-profile tenants originally announced for the project are still on board, including Hermes, Oscar de la Renta, Van Cleef & Arpels and Brioni.