The Varsity places redevelopment plan on pause

ATLANTA — Greater than a yr after entertaining pitches for its Midtown actual property portfolio, The Varsity is now not pursuing redevelopment of the positioning, in response to the corporate.

However the household behind the fast-food chain is making a transfer that would simplify the trail towards redevelopment if a good deal arises sooner or later. The house owners intend to mix a number of parcels round their iconic restaurant into two heaps, in response to purposes submitted to the Metropolis of Atlanta.

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The restaurant constructing at North Avenue and Spring Road and an adjoining parking deck would type a 2.5-acre property. One other property would encompass roughly 2 acres of floor parking to the north of Ponce de Leon Avenue.

The change will scale back the variety of tax payments acquired by the house owners, stated John Browne, chief working officer of The Varsity, in a ready assertion. It can streamline monetary operations by delineating revenues from its restaurant and parking companies, he stated.

This story is a part of a partnership between 11Alive and the Atlanta Enterprise Chronicle; learn the complete story right here.



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