SunTrust analyst Jake Bartlett has launched coverage of a number of restaurant names. Among them is Cracker Barrel Old Country Store, which he has given a 'neutral' rating and a $164 target that is 10 percent higher than where the stock (Ticker: CBRL) opened Thursday's trading. Bartlett's enthusiasm is tempered by his belief that investors already have priced into the stock the major things the Cracker Barrel team led by CEO Sandy Cochran could do with their balance sheet or real estate holdings.
It's a big day for the Goldberg brothers' Strategic Hospitality and chef Rene De Leon: Tonight, they will formally open the doors to Le Sel, a "New French" restaurant in Midtown's Adelicia condominium building. Our colleague Nancy Floyd at Nfocus fired a few questions at De Leon about Le Sel and Nashville's restaurant sector as a whole. Here's a taste of the conversation:
What's your sense of Nashville's fine dining scene? Do you think we're reaching a saturation point?
I think the fine dining scene in Nashville is a bit more casual than other cities might consider their fine dining scene. Places like Husk or Rolf and Daughters are incredible restaurants but not necessarily fine dining. I would like to think Nashville can support other fine dining restaurants, but I haven't been here long enough to know for sure.
Here, courtesy of Josh Habiger, is a shot of the bar area...
...and the main dining room:
Close observers of stock market charts likely already have seen this, but here it is for the rest of us. Shares of Cracker Barrel Old Country Store have broken from the pack in recent weeks and are showing strong technical strength despite being somewhat overvalued by fundamental metrics. Here's a more complete breakdown from Capital Cube.
From Metro Codes comes word that Henson Construction has been granted a permit to build an Outback Steakhouse at 6840 Charlotte Pike, just west of the Nashville West shopping center. There is no dollar value yet attached to the project, which is set to also become home to other restaurants.
Analysts at Telsey Advisory Group have begun covering shares of Cracker Barrel Old Country Store with a 'market perform' rating. They see the Lebanon-based restaurant and retail company's shares (Ticker: CBRL) climbing to $165 in the coming quarters. That would be up 13 percent from about $146 today.
Buckingham Cos.' efforts to build a tall residential tower at a prime spot in The Gulch were met with opposition from residents of the nearby Terrazzo development. A number of those people have now hired noted local real estate attorney Tom White. But that, writes Adam Sichko at the Business Journal, doesn't mean a big fight is brewing. Said White to the NBJ:
"I feel very strongly that the best advice I can give is to see if we can get some common ground," White added. "We don't intend to roll over on every request Buckingham wants. But when someone can do something as a matter of right, you want to be very careful you don't come out and oppose something that might be a more creative and better solution."
Over at The Tennessean, Getahn Ward reports that global developer and property manager Lendlease is in talks to move its offices from Midtown's Palmer Plaza to the 1201 Demonbreun building rising in The Gulch. Lendlease officials are in the market for at least a floor of the building, where the typical floorplate will be 26,000 square feet.
And lastly, the North Carolina owners of Tupelo Honey Cafe have picked Oct. 19 to open their Cool Springs restaurant in Boyle's Meridian development adjacent to Interstate 65. Tupelo Honey is setting up shop in the almost-7,300-square-foot former Bosco's space and will be able to seat 172 people inside and another 50 on a patio. The kitchen will serve up scratch-made Southern food as well as soups, salads and sandwiches. Initially, its hours will be for dinner only, with lunch starting on Nov. 2. Check out more info here.
Two months after Metro officials ordered the redevelopers of a Sylvan Park building to stop work because they were not conforming to previously approved plans, the restaurant team led by Etch chef Deb Paquette is looking for another spot — and in another neighborhood — to bring to life its vision. Dana Kopp Franklin has many more details at our sister blog, Bites.
Below is a rendering of what Priam Ventures had hoped to bring to market at 46th and Utah avenues. Here's our previous coverage of the stalled project.
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