An old tire store in a high-profile spot on Lenox Road, across the street from Lenox Square Mall, has been sold to a retail developer.
Blanchard Real Estate intends to bring boutique retail spaces to the property, representing a dramatic shift from the Firestone car center that’s stood on the site for more than 50 years.
According to Bisnow, the site is currently zoned for office and industrial use, meaning a rezoning would be required before any redevelopment could begin.
Plans aren’t yet clear about what form the new development will take, but the president of Blanchard noted that the property would likely be all retail. That decision is a testament to the $1,000-per-square-foot numbers surrounding retail spaces bring in.
With returns like that, the sale price—a staggering $5 million for just half an acre—is still impressive.
There’s no indication of when redevelopment could begin; if the sprawling adjacent vacant lot is any precedent, things could be on hold for a while. It’s been more than two years since plans for a 25-story apartment tower were revealed, and since that time the lot has remained empty.
Is it time for a shot in the arm on the whole block?
- Atlanta Developer Buys Prominent Buckhead Retail Corner [Bisnow]
- High-Rise Apartment Project to Extend Trend to Lenox [Curbed Atlanta]