Written: October 16, 2017

Luxury Buckhead residential community breaks ground

Shovels for the long-expected luxury residential community in Peachtree Hills have finally hit dirt.

More than a decade after first being announced, a 216-unit senior living project in Peachtree Hills has broken ground, its developer says.

The entire development will cover about 20 acres in the historic south Buckhead neighborhood known for its dense tree canopy and Peachtree Creek.

Site development on the project, officially called Peachtree Hills Place, is underway. Construction on the first units could start later this fall.

It has more than $117 million in financing from SunTrust Bank, Atlantic Capital Bank, Iberia Bank and Capital Bank.

Peachtree Hills Place is geared to the high-end homebuyer. It will include 204 condos in six, four-story buildings. The condos will range from $730,000 to $1.8 million. Twelve custom-built single-family homes will start at $1.8 million.

The project was first pitched in 2005 on the cusp of the historic recession, with plans for more than 260 luxury apartments.

Asked about changes to the project’s overall plan and the more-than decade long process to get to groundbreaking, Isakson said, “We were patient.” An important step included getting feedback from the project’s first homebuyers, who suggested a few tweaks. “We worked through a myriad of things,” he said.

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Darden looks to grow Cheddar’s brand in Georgia

Darden Restaurants Inc. wants to grow one of its newly-acquired brands in Georgia.

Darden (NYSE: DRI) earlier this year acquired Cheddar’s Scratch Kitchen for $780 million.

Now, it sees growth potential in the Southeast.

Darden CEO Gene Lee said in a Sept. 26 call with analysts that the company acquired the 11 franchisee-owned Cheddar’s restaurants in Georgia, along with the development rights in Georgia and Alabama.

“This transaction, which closed on August 28, gives us the opportunity to enhance our presence in two states that we believe will have strong growth opportunities for the Cheddar’s brand,” Lee said.

Cheddar’s was founded in 1979 in Arlington, Texas. Today, it has around 165 locations in 28 states. Its restaurants see average sales volume of $4.4 million, says Darden.

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DR Horton pays $5 million for next phase of formerly stalled development

Here’s another sign the suburban Atlanta housing market is back on its feet.

DR Horton is starting the next phase of a 90-acre Gwinnett County housing development that had stalled during the Great Recession and went back to its lender.

The expansion could add another 150 homes to the Mill Creek area, a sprawling network of housing and schools between Suwanee, Buford and Braselton.

DR Horton already owned the first phase of the project, known as Lakeview at Hamilton Mill. Developing the next phase, or about 35 acres, could bring the entire project to 230 homes.

Earlier this summer, it paid $5.1 million to acquire and develop the remainder of the site at Interstate 85 and Doc Hughes Road, according to Gwinnett County property records.

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Mercedes-Benz Stadium retractable roof will not be ready for Falcons home opener

A one-of-a-kind retractable roof will not be ready to open for the Atlanta Falcons’ first home games at the new Mercedes-Benz Stadium.

Team officials made the announcement earlier this afternoon.

No date was given when the retractable roof would become fully automated, meaning it could open and close with the press of a button.

For now, it can be opened manually, but the complex, mechanized process takes about six hours. Steve Cannon, CEO of the Falcons parent AMB Group LLC, said he is confident the roof will function as planned at some point this season.

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Outer suburbs pacing metro Atlanta growth rate

With Metro Atlanta’s outer suburbs leading the way, the 10-county metro region added 78,300 residents between April of last year and this April, the Atlanta Regional Commission (ARC) reported Thursday.

The fastest growth occurred in Cherokee and Henry counties, with population increases of 15 percent and 12 percent, respectively since 2010. The city of Atlanta, which had been steadily losing population for several decades until the 2000 census, grew by 7 percent between 2010 and this year.

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$612 million Atlanta medical office deal announced

Nashville, Tenn.-based Healthcare Realty Trust Inc. (NYSE:HR) said it’s agreed to buy 15 medical office buildings in the Atlanta metro area from Meadows & Ohly, LLC for a total purchase price of $612.5 million.

The properties are located on hospital campuses or fully leased to three leading health systems in Atlanta. The properties total 1.3 million square feet and are 96.2 percent occupied.

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Buckhead finalizes first master plan in 15 years

Someday Buckhead will be easier to get to and around by car and foot as trails and new transportation improvements eliminate much of the gridlock on busy streets. People — many of them young — will live, not just work, here. Walkable avenues will be adorned with public art and the district will finally have a central public gathering point. That’s the vision of a newly released master plan called “Buckhead Redefined.”

Getting to that vision will take money, code changes, persuasion and about five to 10 years. Nothing will come to fruition overnight, but the plan’s supporters see it as the beginning of a new era for Buckhead. An Atlanta City Council vote on the plan is expected in the fall.

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More than 500 residential units planned in new Buckhead Village project

A Dallas real estate company is proposing one of the largest mixed-use projects yet for the rapidly developing Buckhead Village.

Dallas-based JLB Partners wants to rezone its three-acre site at West Paces Ferry and Paces Ferry Place, where it could develop more than 500 residential units.

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Boston Consulting Group confirms $9.2 million, 200-job Atlanta expansion

Boston Consulting Group (BCG), a global management and consulting firm, will create more than 200 jobs and invest $9.2 million in a new regional support center in Atlanta.

 As part of the expansion, the “Big Three” consulting firm will lease 40,000-square-feet — or two floors — in an undisclosed downtown Atlanta building and create more than 500 jobs over a decade. Construction is expected to begin in June 2017 and to be completed in June 2018

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