ATLANTA — More than a year after entertaining pitches for its Midtown real estate portfolio, The Varsity is no longer pursuing redevelopment of the site, according to the company.
But the family behind the fast-food chain is making a move that could simplify the path toward redevelopment if a favorable deal arises in the future. The owners intend to combine several parcels around their iconic restaurant into two lots, according to applications submitted to the City of Atlanta.
The restaurant building at North Avenue and Spring Street and an adjacent parking deck would form a 2.5-acre property. Another property would consist of roughly 2 acres of surface parking to the north of Ponce de Leon Avenue.
The change will reduce the number of tax bills received by the owners, said John Browne, chief operating officer of The Varsity, in a prepared statement. It will streamline financial operations by delineating revenues from its restaurant and parking businesses, he said.
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