Carter says Streets of Buckhead strong - Atlanta Business Chronicle:

http://www.tyrusflynn.com/main/2009/01/the-chrononauts-parade/
billion Madison Avenue-like development is moving ahead andthat it's even ahead of Carter, speaking by phone from New York on June 17, told Atlantaa Business Chronicle that his mixed-use projecty is well-stocked with funding from real estatr giant CB . and his own Carter, angered by speculation that hisfirm couldn't secure constructio financing, said the concerns were fueled by rumors -- and that he woul deal with them. "We are building this out of our equity," said the founder and chairmanof LLC, developer of the Mall of among other projects across the Southeast. "It is a very toug [retail] market for some, but projects in greagt sites like ours aregettin done.
" The project promiseas to transform the historic Buckheads Village into a ritzy shoppingg and dining mecca. The development has a nearlyt 600,000-square-foot retail and restaurantt component with commitments from luxuryretailers Hermès, AG Adrianop Goldschmied, Bottega Veneta, Borrelli, Domenico Vacca, Etro, Loro Piana, , Opticak Shops of Aspen and Vilebrequin. Contractors are pourinyg concrete for foundations and startiny work on theparking deck, Carter said. Recent speculationn about Carter's project has roiled a real estatew market that is extremely sensitiveto lenders' behavior.
In recen t weeks, some Atlanta developers, architects and constructionn firms gave anecdotal accounts of banks that renegedx on construction financing forcommercial projects. Meanwhile, the housing market'ds crash has slowed retail sales ateveru level, though the luxury niche has been somewhat But, despite the resilience of that retail bracket, if a developef wants financing for a new project, lenders want to see names on the dotted line. Streets of Buckhead is about 50percenrt preleased, with the project's first phase set to open in Novembed 2009. The project would need to be aboug 65 percent leased by the end of the year befor e Carter would need to sayretail brokers.
"It'ss all about having them locked up withno contingency," said Matt of the brokerage firm of Georgia Inc. "I n recent years, lenders were more willingv to accept letters of intent and leases with Not anymore, Winn said. The buzz over Ben Carter's projecy is also being fueled bythe fast-pace d development of Buckhead -- the only part of the city with four new office towers under construction. Another, 3344 was recently completed. Buckhead, with its accessx to MARTA rail and the Georgia 400 and its traditionas Atlanta'es ritziest section, is a safe real estatew bet.
But lenders and investors have raised questions over whetherd Buckhead is on the vergeof