The rotting husk of a building that used be HiFi Buys in the Buckhead Village could soon meet its maker. Developer OliverMcMillan has plans to build a mid-rise office tower next door to its $1 billion Buckhead Atlanta project that would replace the electronic retailer's shuttered location, the Atlanta Business Chronicle reports. Another developer, Ben Carter, paid a whopping $16.5 million for the less-than-1-acre HiFi Buys parcel in early 2007, back when Carter's grand vision for the village's redevelopment was called "Buckhead Avenues." At the time, it was one of the highest prices ever paid per square foot ($498) for Buckhead property. Ouch.
OliverMcMillian has since scooped up the 3135 Peachtree Road property, and the company thinks it would be a good place for a stack of offices, rising eight or nine stories, the newspaper reports. Leasing demand has grown strong enough that OliverMcMillian would reportedly consider building it without any tenants inked. If the project moves forward, it would join what's shaping up to be a flurry of construction activity around Buckhead Atlanta and the revitalized Charlie Loudermilk Park.
Nearby, plans include a 20-plus-story apartment tower by the Hanover Co., next to the Buckhead Theatre, and possibly another mid-rise office and retail combo on a parcel occupied by businesses like Chuck's Firearms.
· Buckhead Atlanta developer OliverMcMillan plans new office building [Atlanta Business Chronicle]
· Next to Buckhead Theatre, Tower Tiptoes Toward Existence [Curbed Atlanta]
· Ben Carter pays record price for Buckhead parcel [ABC]