Hastings Site Pict

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[catlist name=hastings excerpt=yes]

 Original Story


The former Hastings site and the adjacent Kaufman Tire property are owned by a single private real estate investor.  For approximately 15 years Hastings had leased and occupied the 2.34 acre  property at 3920 Peacthree Road, and when their lease expired in September, 2011, they vacated the property.  The owner engaged two real estate brokers to market the property, listing and advertising the property for lease as two separate retail pad sites.  Upon erection of the Realtor’s sign, several BPCA board members called the primary agent to discuss the background of Brookhaven LCI study and the Overlay Ordinance and explain the difficulty of developing the property with free standing suburban buildings.  BPCA representatives encouraged the agent to have prospect read the Overlay Ordinance, ask questions and have our assistance in developing Overlay compliant plans

On 12/29/11, BPCA representatives met with the two real estate agents, a lawyer representing a preferred developer for Chase Bank, and representatives from Chase Bank & Chick-fil-A, the two proposed users for the site.

The site plan presented depicted a 5,100 SF Chick-fil-A restaurant and a 4,098 SF Chase bank branch developed independently on separate sites, and both with drive through service featuring multiple drive through lanes.  The broker explained that the owner was offering the property as a ground lease for a 30 year term.  Since both Chase and Chick-fil-A were constructing their own buildings and sites, the property was divided into two separate parcels.  A further complication was the existence of a drive & parking easement for the Kaufman Tire property across the front portion of the site which prevented any new structure being built to the front property line.  The broker indicated that the owner was not willing to consider anything other than a ground lease, with a 30 year maximum term.