The bad news is that The Streets of Buckhead will not open in November 2009 as planned. The VERY good news is that The Streets of Buckhead will still open but will be delayed until March 2010. This will be the biggest luxury project in Atlanta’s history, a $1.5 billion dollar high-end luxury project.
According to the AJC On Friday, Carter said he’ll use the construction slowdown to renegotiate contracts and potentially reap millions of dollars of savings.
“Rather than just continuing on, we’re going to sit down with our [subcontractors] and sharpen up our pencils and see where the market is today versus 2007 when we originally priced it,” said Carter on a phone interview from Jacksonville.
Balfour Beatty Construction, the general contractor, will meet with six or seven subcontractors next week to try and negotiate lower costs, said Jeff George, vice president of Balfour Beatty’s Atlanta commercial group.
Extending the deadline gives Ben Carter Properties several weeks to try to adjust prices, George said.
With material cheaper than it used to be, renegotiating costs is “a trend across the country,” George said. “The ‘07 prices aren’t in line with what the 2010 rents will be.”