Veteran real estate attorney Abe Schear, of Arnall Golden Gregory, opined to the AJC that The Varsity’s acreage is “the last great parcel in that part of Midtown,” with huge visibility. Ownership is “sending out informal feelers for a potential redevelopment of land” around the restaurant, per the ABC. The Varsity’s ownership has retained commercial real estate firm Cushman & Wakefield to explore its options, though it’s managed to bounce back strong from pandemic challenges and isn’t being pressured to sell, according to a statement provided to the AJC. Roughly 4 acres-positioned next to the Connector, in the booming Spring Street corridor, with both a MARTA transit station and Georgia Tech a block away-are in question. The Gordy family plans to keep operating the famous, flagship restaurant where it stands but is exploring ways to cash in on so much property in a section of town where buildable sites are becoming increasingly scarce, as the Atlanta Business Chroniclefirst reported. That much hasn’t escaped the family that owns the Midtown landmark, which has been dishing chili dogs and frosted oranges with a side of “What’ll ya have?” since 1928. Midtown’s recent development explosion has made the nearly century-old Varsity restaurant and its adjacent parking lots seem like more and more of an anomaly at the primetime corner where Spring Street meets North Avenue.
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