Thursday, June 21, 2018

Parker Blanchard Plans Project for Prime Buckhead Parcel?

Parker Blanchard of Atlanta-based Blanchard Real Estate has acquired the Bank of America site at 340 Pharr Road in Buckhead.  The site, which measures only .43 acres, sits at the corner of Pharr Road and Grandview Avenue in the Buckhead Village.  The property has been eyed for years as a redevelopment opportunity and was offered for sale by the Atlanta-based JLL Land and Development Services Team.

A source with knowledge of the transaction indicated that there was a great deal of interest in the site and that the bidding was highly competitive.  It's unclear what, if any, immediate plans Blanchard has for the property, but the firm is actively promoting the parcel on its website and with signage on location.

The onsite Bank of America branch with drive-up teller serivce closed this past October but a Bank of America drive-thru ATM remains in operation there, at least for now. 

Fulton County property records indicate the site is valued at just over $1.2 million and that the structure on it was built in 1977.  The property was most recently owned by Charlotte, North Carolina-based Bank of America.

The site is situated at a four way intersection home to two apartment complexes - Allure, and more recently, Alexan Buckhead Village - and a Chevron gas station & convenience store.  The vacant restaurant space in Allure, previously home to Spondivits, Harry Bissett's, Saskatoon, Old Towne Tavern and Tavern 360, among other failed restaurants, is again being marketed for lease.  The approximately 3,000 square foot restaurant, which has been vacant since 360 Tavern's 2013 closure, is perhaps one of the more "cursed" restaurant spaces in Buckhead, despite its large patio and visible location. 

Adjacent to the parcel, Kim King Associates recently completed a renovation of Shops at Pharr, a 14,000 square foot neighborhood center where Savi Provisions recently opened a Jittery Joe's Coffee shop, market and restaurant, Rise & Revelry.  

Blanchard has been especially active with in-town acquisitions recently.  Blanchard Real Estate purchased the former Firestone property on Lenox Road in Buckhead for a reported $5 million.  The Firestone site, like the Bank of America property, is small, measuring less than half an acre, but Blanchard has plans for an 8,500 square foot building according to his website.  Blanchard also purchased the Sanctuary Village of Power Church on Howell Mill Road on the Westside.  The .4 acre parcel is currently home to a church building that is nearly 100 years old, but will ultimately be demolished for Blanchard's redevelopment. 

Calls to Blanchard Development seeking comment on the Pharr Road property were not immediately returned.  

What would you like to see open on this parcel?  Do you think a restaurant will ever find success in the Allure space?  What type of business is lacking in Buckhead?

Please share your thoughts below  

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