| Developers of White Provision (one of Atlanta's newest mixed-use projects, above, at 14th Street and Howell Mill Road) are in talks to extend its construction loan with its current lender, German bank LBBW, says Chris Faussemagne, a managing partner with White Provision Development Co.: "We have actually come to terms. We're safe." Despite the struggles in the economy, White Provision has done reasonably well—90% of its 50K SF of office is leased (with Knoll Furniture and the German American Chamber of Commerce as key tenants), 80% of its 110K SF in retail is leased, and 40% of its 94 condo units have sold. The German connections cannot be denied, of course, especially with Jamestown as a partner in the project. The only real struggle, Chris tells us, is with condo sales. "Did we hit all our pro forma goals? No. But are we still alive, and do we add value here? Yes," he says. White Provision also was awarded ULI's 2010 Development of Excellence award. |
PROVISION FOR THE FUTURE
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