A private investor snatched up the building that houses the Atlanta Eagle and its neighbor with plans to redevelop the parcels, but the new owners also inked a new lease with the longstanding gay bar.
When news of the sale was first reported Thursday, supporters of the bar – the focus of a botched raid by Atlanta police in 2009 – worried that the sale means the bar will move or close. The Eagle faced similar rumors in 2010. Twice, actually. The bar signed a five-year lease shortly after the raid in 2009; the lease with the building's new owner is for three years.
But Eagle co-owner Robby Kelley (photo) waved off concerns about the bar on Thursday.
The parcels, though, will one day be redeveloped, the previous owner of the buildings told the AJC.
The buildings, at 300 and 306 Ponce De Leon, were sold for an undisclosed amount by 300 Ponce De Leon LLC, according to Larry Culbertson of the C Group. The buyer was not identified.
Culbertson told The Atlanta Journal-Constitution the buyer plans to hold on to the property for future development, though details were not provided. The purchaser also has renewed a lease with the Eagle, a popular gay bar that has occupied the location since 1985.
A sales price, and the new owner, was not disclosed. But Curbed noted that the two parcels last sold in 2009 for $700,000.