ATLANTA — After months of delays because of the recession and rising costs, construction is to resume in July on Streets of Buckhead, a $1.5 billion luxury development in Atlanta’s toniest neighborhood.
Developer Ben Carter, who halted the project in March, said 20 retailers, including Oscar de la Renta, Van Cleef & Arpels, Brioni and Etro have signed leases. Streets of Buckhead, planned for a seven-block area, is to feature 600,000 square feet of retail space, along with 350 rental apartments.
Hermès, another committed retailer, recently left its location at the nearby Lenox Square Mall and is now in a Carter-owned temporary space until phase one of the project, featuring 375,000-square-feet of retail and all the rental units, is completed in fall 2010, Carter said. The initial target date was fall 2009. A hotel component has been shelved until 2012 and plans for office space were eliminated.
“The project has been significantly delayed but we have faith that it will be completed.…It’s not like we’re shutting down and will be left homeless in the streets,” said Robert Chavez, chief executive officer of Hermès USA.
Bottega Veneta, AG Adriano Goldschmied and Vilebrequin signed letters of intent for Streets of Buckhead but “have decided to wait on executing leases until the economy improves,” said a spokesman for Ben Carter Properties.
“Retail projects are obviously being challenged by the retailers’ sales results…across the retail spectrum there aren’t a lot of folks who are anxious to expand,” Carter said. “Our retailers are in 100 percent agreement that 2010 is a better time to open. The economy has a better chance of recovering in 2010 than it does in 2009.”
Carter said he’s using the lull in construction to renegotiate building costs, with the savings making up “for the downtime in construction.”
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion