Buckhead Atlanta, the mixed-use projected being developed my OliverMcMillan, has just secured a $167 million loan to cover the entire construction of the six-block, eight-acre campus. The completed project will include more than 100,000 SF of Class A office space, 370 luxury residences, and more than 300,000 SF of high-end retail and dining amenities. Construction on the project began last year and is on track to be completed by the end of 2014. Spanx Atlanta has already announced their plans to take upwards of 84,000 SF of office space and is considering opening a flagship store in the development as well.
The $167 million loan means much more to Atlanta than simply the completion of a project. The loan may indicate that the banking sector’s confidence in the area is beginning to grow once again. Because of the number of construction and development loans that have gone sour as a result of the struggling economy, banks have been extremely hesitant in lending large quantities of money for these types of purposes.Share