Stone Soup Kitchen closing update: Paces Properties weighs in

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Credit: Stone Soup Kitchen.
Credit: Stone Soup Kitchen.

Credit: Stone Soup Kitchen.

As reported earlier today, Stone Soup Kitchen, which opened in Grant Park in 2005, will be closing on Aug. 23, according to owner Sarah Rick.

In a press release, Rick presented her side of the closing story, including the statement that, “On June 30, 2016, Stone Soup Kitchen received a ‘you have 60 days’ eviction notice from Paces Properties.”

But now, Paces Properties, the company behind Krog Street Market in Inman Park and several new projects in the area, including the Atlanta Dairies mixed-use project in Reynoldstown, is weighing in on the closing.

Here’s the press release sent by Paces Properties this afternoon:

When Paces acquired the Woodward Avenue building in January 2016, Stone Soup Kitchen was not under a current lease. In order to accommodate exterior improvements and building system upgrades to the building, the rent structure for tenants logically needed to be escalated for financial feasibility. Paces made numerous attempts to agree to a long term lease with Stone Soup Kitchen, negotiations broke down especially when Stone Soup Kitchen revealed their intention to sell their business by year end. Paces was disappointed that an agreement could not be reached to continue to maintain the existing Stone Soup Kitchen operation, as the tenancy of Stone Soup Kitchen was one of the deciding factors for the acquisition.

Paces Properties is currently in the process of investing over $200 million in multiple properties along the Memorial Drive corridor, from Oakland Cemetery to Atlanta Dairies. As part of the efforts to improve the currently vacant and dilapidated commercial spaces, Paces is investing over $20 million in the redevelopment of Larkin on Memorial, 584-588 Woodward, The Jane and Oakland Park retail.

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