Atlanta Restaurant Real Estate
This Week on The Street (A more or less regular compilation of news, factoids and observations.
March 28, 2016
by Harold V. Shumacher
As many of you know, I’ve been in Atlanta a long time, 46 years this fall, and consider myself a bit of an amateur historian. Over the past few months I’ve thought about several What If’s that could have changed the tone and texture of Atlanta. There are likely several other instances and would welcome any thoughts or additions from you.
#1. If Bank of America had built its headquarters at the Muse’s building, as was originally planned in the 1980’s. Would the abandonment of downtown Atlanta by law firms, banks and other financial services have occurred. Would the Midtown boom have taken place.
#2. If the City of Atlanta would have leased the Atlanta Municipal Market to Robert Blazer, the founder of the Dekalb Farmer’s Market, that was proposed about the same time. Under a single owner would the market have grown much more quickly and become a true “destination.”
#3. If the Olympics had not occurred, or the decision was made to keep all the warehouses standing in what we now know as Centennial Olympic Park have become a chic retail/dining residential area like what has occurred in so many other cities around the country.
#4. The Buckhead coalition, with a lot of leadership from Robin Loudermilk, had not stepped in and changed the entertainment district reputation of Buckhead would the hotel, residential and office boom currently underway there have occurred.
#5. If Cobb and Gwinnett had voted on joining MARTA in the early 1970’s would metro Atlanta now have one of the strongest mass transit systems in the country.
#6. If Tom Murphy, the ultimate good ol’ boy politician, hadn’t seen the wisdom of the World Congress Center would Atlanta be a major convention center.
#7. If Delta had chosen another Southern city as it’s hub.
Too Many Folks in the Pool
Earlier this month I attended the Carolina Idea Exchange (also known as the Charlotte ICSC.) Some 3000 people were in attendance and there was certainly an air of optimism but yet something seemed awry. As another industry veteran-okay an old fart that’s been around for a while- noted whenever conventions become crowded it’s a sign of too much activity and people thinking our business is “easy.” We expect an equally large and enthusiastic at this year’s RECON in Las Vegas in Mid-May. As long as financing remains available and retailers have a desire to grow there will be development. Key question is where are we at in the cycle after anywhere from five to seven years of expansion and growth depending on where a particular market is at in the cycle.
In the Atlanta area, we believe things will remain at full throttle through the beginning to middle of 2017, at which time many of the projects currently underway will have opened and there should be a level of activity established. If things remain active than it’s not unreasonable to think there will be another wave of development. Whatever happens it’ll be interesting.
Recent Transactions for The Shumacher Group Inc. include
2.6 acres Cobb Parkway-Golden Corral
2 plus acres Turner Hill Rd./Stonecrest-Bojangle’s
Pete’s Paleo-Old Fourth Ward
Former Shoney’s- Norcross
Sales of Existing Businesses
Simon’s Steak House College Park
Park Cafe – Duluth
For a more comprehensive summary please visit our website Shumacher.com for a complete summary of all our listings, company overview and specific contact information.