OliverMcMillan Rebrands 8-Acre Buckhead Development

San Diego, California, UNITED STATES

'Buckhead Atlanta' Replaces 'The Streets of Buckhead' to Emphasize Community

LAS VEGAS, May 23, 2011 (GLOBE NEWSWIRE) -- OliverMcMillan, a San Diego-based real estate firm that develops urban and mixed-use retail, entertainment and residential projects, unveiled today new renderings, a new architectural model and a new name for Buckhead Atlanta, a six-block, eight-acre luxury mixed-use urban village located in the heart of Atlanta's upscale Buckhead neighborhood. The announcement was made at the International Council of Shopping Centers' annual RECon show in Las Vegas.

Formerly known as The Streets of Buckhead, the project was one of the highest profile developments in the country halted by the economic downturn and financing drought. The new name signifies a departure from the concept of a single destination development and a move toward a mixed-use community that will fit seamlessly within the existing Buckhead Village. Buckhead Atlanta will provide a foundation that encourages the natural evolution of the surrounding community.

"Buckhead Atlanta will be woven into the fabric of this world-class community," said Morgan Dene Oliver, chief executive officer of OliverMcMillan. "Anyone who visits Buckhead Atlanta will know they are someplace special and they will want to return often."

Buckhead Atlanta will become an urban village, with a scale that matches the existing neighborhood and include points of interest that encourage walking. The development plan has been scaled back to a more walkable, human scale, with one- to two-story buildings on the southern edge of the property, scaling up to the already planned, 20-story apartment towers.

OliverMcMillan plans to begin construction on the project in late 2011. The firm will continue work to evolve the architectural plans. Leasing efforts on the development officially begin today at the ICSC convention.

OliverMcMillan owns and permanently controls the project and will invest an additional $300 million to complete the project, beyond the nearly $400 million spent to date.

Over the last two years, OliverMcMillan has built a reputation for successfully restarting stalled and distressed development projects that resulted from the recession, with approximately $1.5 billion in projects presently underway.

Buckhead Atlanta marks the 19th public-private partnership development for OliverMcMillan over the course of its 33-year career. The company's experience with municipalities, raising more than $200 million in public/municipal contributions from its partnerships, has made the company a popular choice for restarting stalled projects in cities across the country.

For more information about the Streets of Buckhead project, http://www.olivermcmillan.com/buckhead-atlanta or contact Jeremy Meredith, Development Director, at (619) 321-1111, jmeredith@olivermcmillan.com.

Contact: Karen Hutchens

About OliverMcMillan

OliverMcMillan is a 33-year-old private firm that develops unique, high quality mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies.  While demonstrating sensitivity to the community's unique needs, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations.  Because of its expertise, strong architectural vision, experience working with communities and public agencies, and significant financial and analytical strength, OliverMcMillan creates projects that form a catalyst for economic revitalization, financial return, growth and place making.  Looking at the big picture, OliverMcMillan makes long-term commitments to its developments and acquisitions by developing tomorrow's vision today, in a manner that will serve the community well into the future.

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[Image] Buckhead Atlanta