[EXCLUSIVE] The Colonnade Listed For Sale as "Keep or Convert" Opportunity

The Colonnade, one of Atlanta's longest running, continuously operating restaurants, has been listed for sale with would-be buyers invited to "keep or convert."  Established in 1927 in a white-columned house at the corner of Lindbergh Drive and Piedmont Road, the casual southern eatery thrived there until 1962 when it moved to its current home about a mile and a half away.  

At 1879 Cheshire Bridge Road The Colonnade has thrived and in the aftermath of the pandemic survived, for the past seven plus decades.  In recent years, the restaurant had to make some tough choices as its core clientele continued to age and food costs continued to increase.  

For the first 87 years of its existence, The Colonnade was a cash (or check) only business.  That changed in December 2014 when for the first time, a sign at the checkout counter announced, "We are now accepting plastic."   The Diners Club card, invented in 1950, is known as the first modern-day credit card.  The Colonnade's transition to plastic may have taken a half century, but a flurry of less popular moves came about due to the pandemic.  

After briefly closing during the early peak months of the pandemic, The Colonnade reopened in July 2020 but eliminated some menu items, curtailed operating hours, eliminated the popular "Early Bird Menu," and raised prices.   

The demise of the "Early Bird Menu" was undoubtedly one of the more disappointing developments for Colonnade regulars, but it was likely a necessary evil to keep the doors open. The restaurant's removal of Saturday lunch service (a popular early bird mealtime) and all service on Monday and Tuesday pushed all patrons to lunch service on Sunday, with both lunch and dinner offered.  

This fact is highlighted in the sales listing with broker Steve Josovitz of The Shumacher Group saying "Open only 24 hours a week.  Adding additional shifts will dramatically increase business."   

More recently The Colonnade's business has been hampered by two Cheshire Bridge road closures in 2021 and 2023 that severely limited access to the restaurant.  We also noted this factor in the recent closure of The Original Pancake House where we urged readers to support restaurants still in business, like The Colonnade, which several strangely interpreted as The Colonnade has closed.

The restaurant and its classic [dated to some] interior has made it a popular filming location with movies Identity Thief (2013), A Walk in the Woods (2015) and The Mule (2018), among others, all having shot in or outside of The Colonnade.  

The Colonnade is currently owned by Jodi Stallings and her husband David, whose path to ownership is best told by them:

"In 1979, Paul Jones, responded to a for-sale ad for the restaurant. Jack Clark, who owned it at the time, was very particular and wanted to make sure The Colonnade went on to someone who would preserve it. He had Paul take him back to small-town Michigan, where his family originated, so he could meet everyone. Then they came back to Atlanta, and the deal was done. Paul Jones bought the restaurant when he was 29. The Colonnade is truly a family affair. Paul’s daughter Jodi grew up in the restaurant from age nine and she and husband David are now the owners and run all day-to-day operations."

The couple initiated a GoFundMe campaign in March 2020 to help their staff financially survive the pandemic.  The campaign raised more than $100,000, helping the staff weather the storm brought on by the pandemic. 

ToNeTo Atlanta visited The Colonnade on a weeknight in July and was delighted to see the dining room full and several familiar faces tending to tables.  The Colonnade was a favorite of our longtime friend, fan, and mentor Sherrod "Pete" Patterson.  Patterson, wife Angie, and a "gang" of other regulars were fixtures at the restaurant for years and we were lucky enough to be part of the group at times.  As ToNeTo Atlanta readers will recall, we lost Pete all too soon in August 2021.  

Fulton County tax records indicate that in 2001, Cheshire Bridge LLC, an affiliate of Selig Enterprises, paid $2.7 million for the roughly 4.4 acre parcel that includes not only The Colonnade but also the Cheshire Motor Inn, as well.  Selig also owns other parcels to the left and right of The Colonnade parcel which together total more than seven acres.  There is no mention of remaining lease term or renewal options in the sales listing and Selig has in years past floated the idea of a redevelopment but sources with knowledge of the developer's plans indicate there is nothing imminent and that Selig "values" The Colonnade and what it means to the community.  

One possible would-be buyer for The Colonnade is Harold Martin Jr. and Nashville-based Fresh Hospitality. The restaurant-focused group has nearly two dozen brands in its portfolio and has in recent years acquired controlling interests in several well-known Atlanta legacy restaurants.    

These purchases include Taco Mac (2019), Mary Mac's Tea Room (2020) and The Vortex (2023).

Cinnamon ice cream at The Colonnade 

The sales listing for The Colonnade refers to Jodi & David as "Absentee Out Owners" but suggests the restaurant is "fully staffed" with a GM  in place.  

The nearly 100 year-old restaurant is also referred to in the sales listing as "World Famous," "Iconic" & "Historic."

Property records indicate that the freestanding restaurant is about 8,700 square feet with the sales listing suggesting it has seating for almost 300, a private events space, full bar and lounge, with the added plus of having "tons of free dedicated parking."  

The monthly "all-in" rent is approximately $18,500 with 2023 Gross Sales reaching $2,187,512 and the same year's Net Profit totaling $367,276.   

The Colonnade is priced at $975,000.

What is your favorite long-standing Atlanta area restaurant?  What is your favorite menu item at The Colonnade?  Who do you think should buy The Colonnade?

Please share your thoughts below