A prime slice of land in Buckhead Village has been snagged for redevelopment, continuing the frenzied pace of change in the neighborhood. The 3-acre tract of land — across the street from the St. Regis and next to Whole Foods — went up for sale back in August. The Atlanta Business Chronicle reports that JLB Partners purchased the property, which is currently zoned for up to 15 stories of mixed-use development. Whatever comes will be a radical departure from the low-rise retail and parking lot that consume the site now.
JLB Partners will likely be seeking to go big with the development — according to the ABC, the firm spent around $30 million, exceeding the estimate of $25 million from back in August. Currently, JLB is working on an apartment project in Midtown, and one option for the Buckhead site would include a large residential project surrounded by street-level retail. Other options could include a hotel or even an office building. JLB reportedly hopes to start work in the next year.
· JLB Partners buys Buckhead Village site, plans mixed-use development [Atlanta Business Chronicle]