Published on February 15th, 2018 |0
The Shops Buckhead Atlanta development firm OliverMcMillan is acquired
Brookfield Residential develops master-planned projects and sells land to third-party homebuilders. It is a subsidiary and flagship residential arm of Canadian private equity firm Brookfield Asset Management.
OliverMcMillan CEO Dean Oliver told the Atlanta Business Chronicle that, for now, discussions with Brookfield do not include the Buckhead mixed-use project, which has been largely built-out and covers multiple blocks at Peachtree Road, Buckhead Avenue and Pharr Road.
That creates uncertainty about the project’s remaining development strategy and timetable. OliverMcMillan had proposed an office building along Peachtree Road and has worked with Colliers International-Atlanta to pitch the space to prospective tenants. Another site could also be developed at Buckhead and Grandview avenues.
The Baupost Group LLC has been a major capital partner for the redevelopment since construction began in the wake of the recession. But, OliverMcMillan has been the face of the development strategy, the ABC reported.
OliverMcMillan has several large mixed-use projects in its development portfolio underway across the country—including two in the South: Nashville’s Fifth + Broadway and Houston’s River Oaks District—which likely could be of interest to Brookfield.
In a statement regarding a possible deal with Brookfield, Oliver told the ABC, “With the ever-changing nature of real estate today – especially as it pertains to mixed use – forward-thinking companies are exploring all opportunities to create unique lifestyle environments.”
OliverMcMillan is a that was known for big projects in San Diego’s Gaslamp Quarter and East Village when it came onto the Atlanta real estate scene seven years ago, following the recession and the collapse of the uber luxury retail market.
With an injection of $300 million in new equity from Baupost Group, 40-year-old boutique real estate company OliverMcMillan restarted and renamed Streets of Buckhead and delivered the first phase. The project’s apartment towers were sold for about $140 million nearly two years ago. The project has opened 20 shops and restaurants in the past 16 months.