A picture of the James Joyce Irish Pub from the CBRE marketing brochure.

This story has been updated. 

Two real estate investors are purchasing the former James Joyce Irish Pub in Avondale Estates with plans to eventually reopen it as a restaurant.

Thomas Shafer, executive vice president with CBRE, told Decaturish that Tyler Edgarton of Raulet Property Partners will soon close on the property, which has been vacant since 2012. Edgarton said he is partnering with Steve Schwartz of Corporate Property Advisors to buy former pub and find a new tenant.

Back in April, Shafer reported that the property was under contract and expected to close within 90 days. Edgarton said there were plans to turn the location into a Dunkin’ Donuts before his involvement. The investor had multiple sites under contract but dropped all of them, Edgarton said.

Edgarton, who is also part of Mailing Avenue StageWorks, said he has notified the state Film Office that the James Joyce building is available as a filming location. He said his plan is to attract a restaurant to move into the property “as fast as possible,” but said there’s no specific restaurant in mind.

He said he and Schwartz, “Love the story of Avondale Estates.”

“It seems like it’s been on the cusp of a wave that’s been going on for the last year with the (opening of the) Bishop and (other property purchases) closing,” he said. In addition to the opening of Pallookaville Fine Foods, a gourmet corn dog restaurant, Sunbrimmer Records, The Bishop restaurant, Icing Cake Design and Mama Bath + Body within the last year, a major developer is also eyeing property in the city.

Euramex Management recently bought the “erector set” property at College Avenue in Maple Street and has the 13-acre Fenner Dunlop property under contract with plans to create a mixed-use development there.

There are also plans in the works to turn the former Towne Cinema building into a music venue.

“All of the momentum is in a positive direction,” Edgarton said.