The Ardent Cos. has purchased the property across from Lenox Square on which Houston’s restaurant closed down in 2018 with plans to build a high-rise at the site, the Atlanta Business Chronicle (ABC) is reporting [paywall]. Neighboring eatery Katana Teppanyaki and Sushi closed its doors a year ago.
Located near the Lenox MARTA station, this .92 acre area will be the real estate firm’s 11th Buckhead property, adding to the 5.5 million square feet of commercial space the firm currently manages.
According to the ABC, the deal was brokered in 21 days by Scott Werbel, Ross Mehlman, and Lance Bloom for $6.25 million, nearly half of what the property had previously been marketed for. The speed of which the deal was brokered and the cost have been attributed to the coronavirus.
“Our long term plan is to redevelop the site in partnership with an experienced high-density developer,” Werbel told the ABC. “In the short time the property has been under contract, Ardent has had preliminary discussions with Atlanta developers interested in re-developing the site.”
Werbel, a principal for The Ardent Cos., did not immediately respond to What Now Atlanta’s request for comment Monday.
This story is developing.