Coffee shop to close amidst redevelopment plans
The Caribou Coffee on Northside Parkway at West Paces Ferry Road is expected to close next month. The coffee shop without a drive-thru, is among the chain's best performers, and occupies a 2,250 square foot corner space in Paces Ferry Plaza.
The coffee shop is being displaced for two reasons and both have to do with the upcoming 365 by Whole Foods Market, which I revealed in August would be coming to the center in 2018. While none of the information contained in this post was officially confirmed by anyone at Regency Centers, the property's owner, well placed real estate sources, as well as city permits confirm much of the plan is in place.
The freestanding portion of the center that houses Caribou Coffee along with Glyn Weakley Interiors, Bean Head Toys and Alterations Express is reportedly being demolished to make way for the 365 by Whole Foods Market. The neighboring and abandoned Taco Bell has reportedly been purchased by Regency (as I'd predicted would happen) and will also be demolished. A vacant portion of the center adjacent to Woo Skincare & Cosmetics is also reportedly destined for demolition.
|The Coro "For Lease" has since been removed|
Caribou Coffee is reportedly expecting to close the store sometime between the week of Christmas and the first of the year. The coffee shop was undoubtedly not offered new space in the center if for no other reason than for 365's lease likely includes restrictions on coffee offerings since they are surely to offer it themselves.
Caribou Coffee closed their popular location on Roswell Road in Sandy Springs last December but remains open on Peachtree Road in Buckhead. Caribou also has new locations coming to midtown, Tucker and Toco Hills, all co-branded with Einstein Bros. Bagels as "Coffee & Bagels". While I'm sure Caribou would love to relocate to another space in the West Paces area rather than close entirely, that may be rather difficult given they would surely love to also have a drive-thru.
|One portion of the center destined for demolition|
Glyn Weakley is reportedly hoping to secure similarly sized new space either in the center or nearby while Bean Head Toys is hoping for a larger space that will likely not be found in the current center or in its later configuration. The alterations business is small so it will be easier for them to find internal or nearby space.
Baby braithwaite is joining the center and will occupy a 3,333 square foot space in a portion of what was previously The Flying Biscuit Cafe (As I reported last month, Flying Biscuit is relocating to Howell Mill Village). Baby braithwaite first opened in 2005 at Westside Provisions. In 2013, the shop moved to 102 West Paces Ferry adjacent to the St. Regis Hotel. In January, the shop plans to open in its new home as their current space, along with the rest of the center, is due to be redeveloped.
|Baby braithwaite will occupy the space immediately to the right of Woo|
Baby braithwaite sells premium baby products and will seek to capture some of the business left by Gretchen's, a similar enterprise, which closed in the nearby West Paces shopping center late last month after 64 years in business.
Sources within the center indicate that Smith Ace Hardware and Pero's Pizza are the only inline tenants that will definitely remain in the center (Freestanding restaurants Blue Ridge Grill and Houston's are both expected to remain where they are). Ace is due to relocate a few spaces to their right, at the end of the center, and should reopen early next year. Pero's is likely to remain in their same space.
It's still unclear what the configuration of the center will look like once the 365 opens but recent permits filed with the City of Atlanta give shed some light on the plan.
A "Commercial Demolition" permit filed last month for the following:
"Partial demo of existing retail building (4829SF), demo of retail/rest building (7250SF) and total demo of 2267 SF rest building TOTAL 14,346 SF"
This work is estimated to cost $237,730.
A separate "Commercial Land Development" permit was also filed last month for:
"Land disturbance for the construction of new grocery building and addition to existing retail building New Building to have 2 levels of parking and pedestrian tunnel"
This work is estimated to cost $1,577,000.
An "Impact Fees" permit indicates the new grocery store will be 29,740 square feet, in line with the 29,720 square foot store a Whole Foods representative confirmed would open in the center.
City of Atlanta property records indicate that the overall property is 4.82 acres while recent permits filed by Regency suggest the property is 6.6 acres. This difference is due at least in part to the fact that the roughly one acre Taco Bell property was not yet included in the parcel. Perhaps Regency purchased even more land, from the adjacent Chevron for instance, to create enough room for the 365 store.
Are you excited about the upcoming 365 by Whole Foods Market? Are you disappointed by the expected closure of so many stores in advance of their opening? Does the prospect of Pero's remaining in the center please you?
Please share your thoughts below.