Locally based Derek Lawford Pubs plans to open The Spotted Dog in the white-bricked, three-story structure, one of the city's oldest properties housing a former firehouse. The 10-year lease has an estimated aggregate value of $1.8 million, or about $20 per sf.
Inman president Jeff Notrica bought the building in January from Firemasters LLC for $2.75 million, or about $305.55 per sf--an astronomical price for a 96-year-old structure. But Notrica was buying location primarily, confident the investment would turn out to be a no-brainer.
"The Midtown restaurant and retail market is incredible," he tells GlobeSt.com. "The fire station's proximity to Georgia Tech's village-scale conference center and hotel, as well as the campus proper combined, with access to MARTA, I-75 and I-85, make it very accessible and highly visible."
"The area is saturated with new residential, so we're confident that a restaurant concept will be a success," he adds.
He says Inman has a track record of successful restaurant undertakings in Iris in East Atlanta and Front Page News in Little Five Points. The developer focuses on East Atlanta, Little Five Points, Virginia Highland and Midtown.
"We strive to transform under-utilized and architecturally distinct buildings in emerging areas and adapt them to new uses," Notrica says. The company has a portfolio of 100 properties throughout the metro area.
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