The former Houston’s restaurant across from Lenox Square, one of the most prized development sites in ritzy Buckhead, has sold to a developer that intends to turn the property into a dense, high-rise project. The Ardent Companies bought the .92-acre property at Lenox and East Paces Ferry for $6.25 million. The site, which also stands across from the Lenox MARTA station, had been marketed in recent years for at least twice as much and generated interest for a new Ritz-Carlton residences and hotel, according to market sources.

Ardent identified the site and completed the acquisition in just 21 days. The Covid-19 pandemic played a role in the sales price and how quickly the deal came together, according to people familiar with the transaction. The former Houston’s restaurant closed more than two years ago. Zoning allows for a high-density project with uses including office, retail, restaurant, apartments and hotel.

Scott Werbel, Managing Director of Acquisitions for Ardent, said, “Our long term plan is to redevelop the site in partnership with an experienced high-density developer. In the short time the property has been under contract, Ardent has had preliminary discussions with Atlanta developers interested in re-developing the site.”

Ross Mehlman, a director at Ardent, assisted Werbel on the acquisition. Lance Bloom, Vice President with Colliers International, also brokered the sale. Ardent continues to expand its Buckhead portfolio. The former Houston’s is the 11th property the real estate company has acquired in the Buckhead area, including Piedmont Center. Founded in 2012, Ardent has $1.8 billion in assets under management across its entire portfolio with offices in Atlanta, Charlotte and New York.

Douglas Sams
Commercial Real Estate Editor
Atlanta Business Chronicle