Restoration Hardware will build a flagship store in the former ESPN Zone site at 3030 Peachtree Road.
The lease agreement underscores the shift in vision that Atlanta businessman Peter Blum has for the property, which had been a core part of Buckhead's party district image of the late 1990s and early 2000s.
It explains why he opted not to renew the lease with the Cheesecake Factory restaurant chain at 3024 Peachtree Road, which sought another longterm agreement.
“Restoration Hardware plans to build an iconic flagship store at 3030 Peachtree Road across the street from Oliver McMillan’s Buckhead Atlanta," Blum, who is managing partner of 3024 Peachtree LLP and 3030 Peachtree LLP, said in a statement. "Given the new development, we wanted the opportunity to reposition 3024 Peachtree Road for something equally grand.”
The strategy shift comes as Buckhead Atlanta — a 1.5 million-square-foot mixed-use project — starts construction, which replaces the stalled Streets of Buckhead development initiative.
“Buckhead has long been the shopping, entertainment, and dining destination for Atlanta and will continue to be,” Blum said. “There was a reason why two of the country’s best restaurant concepts in Disney’s ESPN Zone and Cheesecake selected these sites many years ago, and as the former Buckhead Village continues to evolve, we believe the 3024 Peachtree site has a unique opportunity to attract a flagship, stand-alone store alongside the new Restoration Hardware and across the street from one of the most exciting developments in the country.”
Jamie Hargather and Joseph Rogers with Wilson Hull & Neal Real Estate assisted 3030 Peachtree LLC in negotiations with Restoration Hardware and they will spearhead the marketing efforts for the adjoining 1.75-acre site at 3024 Peachtree Road.