Tuesday, November 23, 2021

[EXCLUSIVE] Big Bank Buys Out Buckhead Burger Business

Buckhead's Steak 'n Shake will likely soon close to make way for something far more exciting: Chase Bank.  The 3,517 square foot restaurant, located at 3380 Northside Parkway, is slated to be demolished and replaced by a new, 3,289 square foot Chase Bank, according to permits filed with the City of Atlanta.  Chase will spend about $1.5 million to build the new branch.  Fulton County tax records indicate that the Columbus, Ohio-based bank paid $4.2 million for the just over half acre site at the end of 2020.  

Recent FDIC rankings indicate that Chase captures a little less than 5 percent of the Atlanta market with nearly $11 billion in deposits.  Chase entered the Atlanta market in 2009 with its acquisition of WaMu (Washington Mutual) from the FDIC where it had earlier been placed into receivership by the United States Office of Thrift Supervision (OTS).  Today Chase has more than 100 branches in Georgia, the majority of which are in metro Atlanta.  

For its part, Steak 'n Shake has struggled in recent years and in 2020 closed more than 80 locations nationwide, according to QSR Magazine.  That said, the chain still operates several locations in metro Atlanta including one on Cobb Parkway near Truist Park, on North Druid Hills Road at Toco Hills, and on Ernest W. Barrett Parkway in Kennesaw, among others.  The chain previously closed a location on Roswell Road in Sandy Springs (which was recently demolished) and another on West Broad Street in Athens, which is becoming a Take 5 Oil Change.  

Chase already operates several branches in Buckhead including at the corner of Howell Mill and Collier Roads (where it replaced a onetime Blockbuster), Piedmont and Sidney Marcus (where it replaced a Pizza Hut), The Peach Shopping Center, and most recently the Icon Buckhead, where it relocated from an endcap location in the "Disco Kroger" shopping center. 

The bank also in 2020 opened a new branch along Piedmont Avenue where it replaced the popular Cowtipper's restaurant, and has another in the works along Ponce de Leon Avenue near Ponce City Market, where it's replacing a former Eckerd drug store.  

Demolition permits for the Steak 'n Shake in Buckhead were issued last August with construction permits issued this past October.  It's unclear when things will start taking shape and when the burger joint will close, but with the kind of money Chase has already invested in the property, there's a good chance things start looking a lot different sooner rather than later.  

Are you surprised to see Steak 'n Shake sell out in Buckhead?  What is your favorite quick-serve burger joint?  Is there a bank you're simply dying to see open in Atlanta!? 

Please share your thoughts below.  

6 comments:

Anonymous said...

LOL Chase Bank is based in Columbus, OH. Yeah right. Where do you get this stuff? It's headquarters are in NYC.

Anonymous said...

Uhhh, he may be right

https://www.bloomberg.com/profile/company/8147Z:US

Anonymous said...

That’s so unfortunate. I’ve lived <.5mi from that place for most of my life. Service and quality have gone downhill, even for Steak N Shake as of late. I guess at least it’s not another Starbucks to block traffic in the AM…. We share could use a third one w/in .1 mi of each other.

Willy said...

Not surprised at all. The current ownership group has a terrible reputation in the industry and has destroyed what was once a great brand.

Pure greed and ego from the Chairman/CEO.

Waldrep said...

Who goes to their bank anymore? It seems the trend is banking online instead of in person. I'd also rather have something more useful in my neighborhood, like a restaurant.

Unknown said...

such a shame. back when W. Paces Ferry Hospital was there this was our go-to at all hours when a family members were hospitalized. SnS in general has fallen off a cliff the last 5-10 years. the one in Stonecrest near my office was having health inspection reports in the 40s. even worse, upon re-inspection they'd still only score low 70s.

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