Parking Agreement May Put Boot on Buckhead Village Development

A deal that would see the construction of a 22-story mixed use apartment and retail tower adjacent to the Buckhead Theatre is in limbo due to a former parking agreement with a third party firm, Atlanta Business Chronicle reports.

The Loudermilk Cos., who own the parking lot, want to sell the land for $10 million to The Hanover Co., who wants to build the new development. However, an agreement with Rohrig Investments and longtime Buckhead real estate power George Rohrig is complicating the sale.

Loudermilk has not received an earnest payment from Hanover due to the Rohrig agreement, and Loudermilk worries that the old parking agreement may scupper the deal entirely. Loudermilk has gone to court to force Rohrig to cancel the parking agreement and to get a clear definition of each parties’ property rights.

The first hearing in the case will be on Wednesday.

Buckhead CID leaders have approached Hanover about adding additional parking to their proposed design to give residents more opportunities to park their vehicles in the area. The CID would compensate developers for the additional parking they work into their projects.