By: Ray Uttenhove
During the painful economic downturn new retail development virtually came to a “screeching halt”. Two recent announcements are encouraging indicators that the environment is improving.
Streets of Buckhead now called Buckhead Atlanta is to be developed by Oliver McMillan.
Prospect Park, still called Prospect Park, is to be developed by North American Properties.
Both projects have had wide media attention and much public interest because of their high profile locations. Both were stalled after the start of construction. Each looms over the landscape as constant reminders of challenging times. It is hard to overlook the two eyesores-one in Buckhead and the other in Alpharetta. The businesses around these two project are affected by the sobering reminder of troubling times.
Now both new developers plan to begin construction the first part of 2012. I like to think that this is start of a thawing of the freeze on new development.
As reported by Abe Schear earlier in Real Talk, the climate at the International Council of Shopping Centers in Las Vegas supported a more promising future for retail real estate. Many developers were quietly discussing potential new projects. Retailers were outlining expansion plans.
There is no doubt that there will be other new shopping centers announced in key markets where there is real demand for well conceived projects. In the meantime, I am excited that the cranes will finally be moving.
Ray Uttenhove is executive vice president of SRS Real Estate Partners.