More Mixed-Use Development for Buckhead Village

A development group has bought a 3 acre parcel of land near the St. Regis Hotel, showing that more and more developers are buying into the Buckhead Village.

JLB Partners did not officially discuss details of the deal with Atlanta Business Chronicle, but the publication estimates the company paid around $30 million for the land officially called 99 West Paces.

Developers will likely look to transform the lot into a mixed-use development anchored by a residential tower with street-level retail due to the property’s location on West Paces Ferry. Planners will spend the next year designing a structure and won’t break ground until late 2016 at the earliest, the Chronicle says.

The latest development news combined with OliverMcMillan’s powerhouse Buckhead Atlanta retail development have made the Buckhead Village an attractive prospect for developers and retailers alike, further cementing the area’s reputation as an economic engine for the city.

A study completed last year by the Bleakely Advisory Group reports that the Peachtree Road Corridor is home to three fifths of the city’s jobs, 70 percent of the city’s tech jobs, and generates $87 billion for the city’s economy. According to the study, the corridor directly supports more than 240,000 jobs and almost 340,000 jobs in other locales.

Despite the wide economic footprint of the corridor, its physical space is much smaller, not even taking up 3.5 square miles.