The long-vacant Cheesecake Factory restaurant in the heart of Buckhead Village is finally gone.
Crews demolished the two-story building at 3024 Peachtree Road late last month. A concrete slab, a water fountain, and a parking lot remain on the nearly one-acre site along Buckhead’s signature corridor.
In an Aug. 8 email, owner Peter Blum said he had no plans for the high-profile property.
“Sorry, I do not,” he said when asked about future plans for the property.
“I am not planning to sell it,” he said.
In a follow-up email on Aug. 9 in response to questions about possible redevelopment of the site, Blum expanded his statement.
“I do not have any plans to sell or develop it,” he said. “It has been more than 30 years since I negotiated the lease with [The Cheesecake Factory] and am unable to answer your questions.”
The restaurant building was constructed in 1993 and vacated by the Cheesecake Factory in 2014 when it relocated to Lenox Square. At that time, Blum envisioned redeveloping the old Cheesecake Factory property with an upscale “iconic” store, he told the Atlanta Journal-Constitution.
In 2017, Blum sold his property next door at 3030 Peachtree Road, for more than $33 million. The site is home to the RH Atlanta showroom (formerly Restoration Hardware). But his hopes for redeveloping the vacant restaurant property never materialized.
In 2020, Blum went back and forth with a Buckhead Development Review Committee about demolishing the vacant restaurant. The committee recommended the building be razed. A demolition permit was issued July 14.
Commercial real estate is still recovering from the COVID-19 pandemic, but there is still no denying the appeal of Buckhead real estate.
In 2019, Jamestown, developer of Ponce City Market, purchased Buckhead Village (formerly The Shops Buckhead Atlanta) and is revitalizing the shopping and dining district. Last year, a developer announced plans for a 20-story apartment building behind RH Atlanta showroom.
“We don’t know what the plans are for that site, but it is a valuable piece of property for sure,” said Garth Peters, director of citizen and government affairs for the Buckhead Coalition.
Fulton County property records lists the fair market value of 3024 Peachtree Road at $3.9 million.
Jonathan Koes, research manager for Colliers Atlanta, said Blum and his investors “would be able to really maximize the value of the land if they can land a notable tenant.”
“The RH Atlanta showroom sold for $33.25 million back in 2017, for perspective,” Koes said. “Land values in Buckhead/Lenox have commanded about a 30-35% premium over the Atlanta average.”
Clarification: This story has been updated with expanded quotes from Peter Blum about his plans for the property.