Power Breakfast: Streets of Buckhead, office market, bioenergy, Delta, GM, Buffett, health care

It’s yet another sign that it’s tough to be in commercial real estate.

Streets of Buckhead developer Ben Carter said Wednesday he is in talks with private investors to raise $200 million to resume work on the stalled luxury retail project, AJC reporter Rachel Tobin Ramos writes.

Unable to get a traditional bank loan amid the credit crunch, Carter said he has been seeking private investment money instead — a position many developers are in.

“I think that in the next 30 days we will have selected the investor and have completed an agreement with all existing lenders,” Carter told Ramos. “The goal is to start construction shortly after that.”

John Leonard, vice president and regional manager in Atlanta for real estate investment firm Marcus & Millichap, said Carter will have to pay higher interest rates on new investment money, at a time when there’s a downward pressures on retail rents, especially in Buckhead.

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6 comments Add your comment

LIAR!!!

January 21st, 2010
8:13 am

How many times do you want to say you’re gonna do something and then fail to deliver?

Nobody believes this field-of-dreams crapola anymore? I wonder if there is really some group out there with $200MM and no sense.

I think the CBRE suckers money that financed the beautiful crane storage facility is gone.

Pedestrian

January 21st, 2010
8:25 am

Mr. Carter,
While you’re dinking around with your financing, how about giving the sidewalk back to the city?

The sidewalk along Peachtree Road is block and is a huge hazard to walkers and runners who brave the narrow curb you have hogged. Co-opting the sidewalk was initially inconsiderate and rude. Keeping it block is negligent and mean-spirited.

Carter should be held liable when a pedestrian is killed at the site. As anyone who has had to dodge a car or pedestrian at the site knows: someone will be killed or maimed.

Consider yourself publicly notified.

Tork

January 21st, 2010
9:03 am

Pedestrian. Thats about the funniest thing I have read today. I know how you feel. I used to be a pedestrian also. It’s not so easy to get around sites sometimes. The guy takes on the big dude. Good for you.

Pedestrian

January 21st, 2010
11:30 am

Thanks, Tork. I know I likely sound a little over-the-top righteous. But I am somewhat incensed that a private developer has co-oped a much needed public sidewalk while he fixes his screw-ups.

Anyone think the city will do anything about this?

Tork

January 21st, 2010
12:56 pm

Not at all pedestrian. Pedestrian rights are generally ignored by the driving public sometimes. Until you walk then its not so funny. You could say he pays a lot in taxes but collectively everyone else pays a lot more. That would generally be the assumption or the argument. Because you like to walk or jog shouldn’t be a problem. I myself always always slow down for bicyclists, walkers and joggers. Some do not like that or ignore people that are not in automobiles. Its not safe and a big insurance risk for a driver. I guess that developer for some unknown reason isn’t afraid of the insurance risk. If he even has any.

ITP Conservative

January 23rd, 2010
11:50 pm

Not sure if it is a southern thing or Atlanta, but in Atlanta the drivers definitely ignore the pedestrian. Try crossing N.Highland Avenue (anywhere in Va-Hi) in a cross-walk with a sign stating it is State Law to stop for pedestrians and drivers still run right through them as a pedestrian is attempting to cross the street.