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ATLANTA-After 14 years of unsuccessful redevelopment attempts, a strip of bars and nightclubs along Peachtree Street in the center of Buckhead Village may soon emerge as one of the area’s newest commercial hubs. The area is nine miles north of Downtown.

Atlanta developer Ben Carter has filed preliminary plans with the city for Buckhead Avenues, a planned mixed-use development that would include 800,000 sf of retail, office, residential and restaurant space on seven acres. Carter, son of Frank Carter, a pioneering commercial real estate developer in Atlanta, couldn’t be reached by GlobeSt.com’s publication deadline to learn the estimated development cost of the project.

However, area brokerage and construction sources familiar with the Buckhead market tell GlobeSt.com class A projects are now in the $200-per-sf construction range. They estimate the Carter project will come in at about $160 million or more. The project is expected to be completed by 2009 although a ground-breaking date hasn’t been set.

Carter joins fellow Atlanta developers Jim Borders of the Novare Group, Robin Loudermilk and Selig Enterprises who also have assembled land in Buckhead Village for separate mixed-use ventures. Novare Group paid $40 million, or $4.44 million per acre ($101 per sf), for nine acres in the Village last month, as GlobeSt.com reported. In January, Novare, Pope & Land Enterprises and Duke Realty Corp. paid an estimated $16 million, or $4 million per acre ($91.83 per sf), at the northwest corner of Peachtree and Peachtree Dunwoody roads, as GlobeSt.com also reported.

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