17 Aug Developer Duo Adds More To Westside
New restaurant, first-to-market boutique bring more amenities to urban mix.
One of the largest landowners in the area, the developer of Westside Ironworks is bringing more tenants to West Midtown. Frank Buonanotte, founder and chairman emeritus, The Shopping Center Group, and Jeff Stein, founder and principal, Stein Investment Group, add value to their growing real estate assets and the surrounding neighborhood with two new tenants. Chick-fil-A, a beloved Atlanta fast dining icon, and Villa Savannah, a popular Savannah boutique, join the ever-growing amenity line-upin this magnet neighborhood that attracts foodies, fashionistas and local millennial residents. Both tenants plan to open this year.
“West Midtown has become a unique collection of stores – a combination of one-of-a-kind or those with very limited Atlanta presence, such as Villa Savannah, and tried-and-true Atlanta classics, such as Chick-fil-A,” explains Buonanotte. “Because of this interesting blend of uses, you find a mingling of patrons not only from affluent neighborhoods such as Buckhead, Midtown and beyond, but also from around the corner including college students and young professionals.”
Along Northside Drive south of 14th Street at the intersection of Ethel Street, demolition of an office building is complete and construction is underway to make way for Chick-fil-A. The largest quick-service chicken restaurant chain plans a 4500-square foot store with its standard dining facilities along with double drive-thru access from both Ethel Street and Northside Drive. The store opening is scheduled for early December. The Stein/Buonanotte investment team acquired the property in October 2014 and also own the site of The Cookout adjacent to Chick-fil-A.
“Chick-fil-A has been looking for a site to serve-up its ever-popular Chick-fil-A® Chicken Sandwich for quite some time,” explains Stein. “The synergy established with the neighboring fast dining restaurants, including The Cookout, makes this block of Northside the ideal location. Similarly, Villa Savannah perfectly aligns with our other tenants at Westside Ironworks, like Barcelona and Dixon Rye. We really sought-out unique retailers and restaurants that complement the West Midtown neighborhood.
“And Villa Savannah really expands the kind of mix we wanted for Westside Ironworks and brings our occupancy to 92% even before construction is complete,” continues Stein. Villa Savannah brings its popular fashion and furnishing boutique from Savannah to Atlanta with a first-to-market,2700-square foot storefront. The retailer offers one-of-a-kind fashion, home décor, jewelry and gifts, sourced from Los Angeles, that are characterized as modern with a twist of tradition – both edgy and refined. The store is expected to open October 1.
“There is only one 1500-square foot space remaining at Westside Ironworks – with several tenants actively interested,” states Buonanotte. First-to-market, Dixon Rye plans to open early September followed by Tom+Chee, O-Ku and Villa Savannah early October. Barcelona expects to open late 2015.
About Development Team
Principals Frank Buonanotte and Jeff Stein wield decades of commercial real estate experience. Buonanotte is the founder and chairman emeritus of The Shopping Center Group, the largest, privately held retail real estate advisory firm in the Southeast. Stein spent six years with Harbor Group International actively participating in the acquisition of more than $500 million in multi-family and commercial real estate properties. Subsequently, Stein was a founding principal of Fortress Capital Investors of Norfolk, Va., which acquired in excess of $200 million of real estate over a four-year period. In 2010, Stein founded Stein Investment Group, which has invested in and is actively acquiring prime real estate throughout metro Atlanta and the Southeast.