Ocean Prime on Piedmont Road in Buckhead will close later this month. Ocean Prime, a creation of Columbus,Ohio-based Cameron Mitchell Restaurants, opened in Buckhead in 2011.
The freestanding restaurant building at 3102 Piedmont Road is currently listed for sale by The Cheroff Group . The asking price? $4.93 million. The "Investment Summary" indicates the building dates from 1969 and was renovated in 1997 and 2011. Ocean Prime opened in the 9,706 square foot space in 2011, replacing longtime favorite, Sambuca, a jazz café and lounge.
The listing indicates that the restaurant was paying $320,298 in annual rent with a fifth year renewal option set to come up July 15, 2016.
An "Early Termination" clause indicates that "Tenant shall have the right to terminate this Lease on one hundred eighty (180) days notice to Landlord on the following terms." All the terms seem to indicate that it would behoove the restaurant to give at least 180 days notice to the landlord ahead of their planned closure. As I was just informed of the closure this week and with the closure currently scheduled for after dinner service on September 12th, it's unclear (to me) which terms are applicable in this situation.
I have heard for over a year that the restaurant was in trouble but got official confirmation earlier today that the restaurant was indeed closing. Online reservation platform OpenTable has plenty of tables available for the restaurant until the evening of September 12th.
The freestanding restaurant building at 3102 Piedmont Road is currently listed for sale by The Cheroff Group . The asking price? $4.93 million. The "Investment Summary" indicates the building dates from 1969 and was renovated in 1997 and 2011. Ocean Prime opened in the 9,706 square foot space in 2011, replacing longtime favorite, Sambuca, a jazz café and lounge.
The listing indicates that the restaurant was paying $320,298 in annual rent with a fifth year renewal option set to come up July 15, 2016.
An "Early Termination" clause indicates that "Tenant shall have the right to terminate this Lease on one hundred eighty (180) days notice to Landlord on the following terms." All the terms seem to indicate that it would behoove the restaurant to give at least 180 days notice to the landlord ahead of their planned closure. As I was just informed of the closure this week and with the closure currently scheduled for after dinner service on September 12th, it's unclear (to me) which terms are applicable in this situation.
I have heard for over a year that the restaurant was in trouble but got official confirmation earlier today that the restaurant was indeed closing. Online reservation platform OpenTable has plenty of tables available for the restaurant until the evening of September 12th.
I never like to see restaurants fail, but Ocean Prime was about as vanilla as you can be for a "modern steakhouse." The food was good, not amazing. The lighting was cool, not out of this world. With established favorites like Hal's, Bone's and Chop's, Ocean Prime faced an uphill battle from day one. If there is one thing Buckhead does not need, it's another "basic" steakhouse.
Ocean Prime follows in the footsteps of other out-out-state restaurants such as craft, Emeril's, AquaKnox, Don Antonio by Starita that have closed in Buckhead in the recent past.
Ocean Prime follows in the footsteps of other out-out-state restaurants such as craft, Emeril's, AquaKnox, Don Antonio by Starita that have closed in Buckhead in the recent past.
Following the closure of the Buckhead location, Ocean Prime will operate ten locations throughout the country. New locations are slated to open in New York City in October and in Boston in November. with an eleventh planned for New York City next summer.
I'm not aware of any interested parties thus far, but at nearly 10,000 square feet and almost $5 million, I'm sure the list will be short.
While Buckhead is basically without any good Chinese or Mexican restaurants, I doubt a restaurant featuring one of these cuisines would / could afford to open in the space.
What would you like to see happen to the Ocean Prime building? Should it be redeveloped? Should Sambuca reopen? Does Buckhead need just a few more apartments / condos? Maybe a Mattress Firm Superstore?
Please share your thoughts below.
What would you like to see happen to the Ocean Prime building? Should it be redeveloped? Should Sambuca reopen? Does Buckhead need just a few more apartments / condos? Maybe a Mattress Firm Superstore?
Please share your thoughts below.