| Living in the heart of Atlanta is exciting, expensive, | | | | maybe early 2010. Our timing ought to be pretty |
| and competitive. If you plan to rent an apartment in | | | | good to capture the pent-up demand." |
| Buckhead, it is important to understand the prices | | | | With about 50% of the project's first phase leased, |
| and space available. It is best to be informed before | | | | Carter's tenant list already boasts market exclusives |
| you move. This article discusses the many trends | | | | such as French jeweler Van Cleef & Arpels and |
| taking place now in Buckhead and should provide the | | | | Brunello Cucinelli, an Italian luxury cashmere company. |
| necessary background information you need. | | | | He even stole Hermes SA from Simon, leasing the |
| Real-estate development and the credit markets are | | | | French luxury goods maker its first Atlanta flagship |
| nearly frozen, but developer Ben Carter seems | | | | stand-alone location. |
| undaunted as he moves forward with plans to bring | | | | But while Mr. Carter's development seems to be off |
| his hometown Atlanta its own version of New York's | | | | to a good start, some observers say it could be in |
| Madison Avenue. | | | | for a bumpy ride. That's because, as the global credit |
| Mr. Carter's $1.5 billion project, The Streets of | | | | crisis continues to unfold, he faces a tough |
| Buckhead, aims to be the Southeast's most luxurious | | | | real-estate financing market, as well as a consumer |
| shopping, dining and living destination, spanning seven | | | | environment where even the wealthiest are scaling |
| city blocks and eight acres in one of Atlanta's | | | | back purchases. |
| wealthiest neighborhoods. It will also be located near | | | | The credit crunch has dealt real-estate developers |
| two of Simon Property Group's most successful | | | | around the country a potent blow, causing them to |
| upscale malls: Phipps Plaza and Lenox Square. | | | | delay, scale back or even cancel some projects. |
| "I don't think a lot of people understand what I'm | | | | CBRE/Torto Wheaton Research, a Boston-based real |
| doing because it's very rare a luxury street project | | | | estate research firm, estimated that developers |
| gets created from scratch," Mr. Carter said. "We're | | | | delivered 6.3 million square feet of retail real estate |
| making a new kind of experience." | | | | space during the third quarter -- or about |
| Mr. Carter remains confident and said the economic | | | | three-quarters of the 8.5 million square feet originally |
| downturn could actually benefit his project's first | | | | planned. |
| phase. | | | | So there you have it. A little update on what is being |
| "I've heard the economy should start to recover | | | | developed in the Buckhead area. |
| next year," Mr. Carter said. "We open in late 2009 or | | | | |