Prestige Associates, a local group of investors, bought the property, which has sat vacant on the corner of West Franklin and Mallette streets, last summer.
The group, which built 23-Michael Jordan's Restaurant, located at 200 W. Franklin St. in 1999, plans to tear down the abandoned Hardee's building and construct an office complex sometime soon.
But in the meantime, Prestige Associates will lease the property to Panera Bread.
Robert Humphreys, executive director of the Downtown Commission, said the commission is excited about this new investment.
"We are real happy about this new opportunity," Humphreys said.
This property has been a problem since the closing of the Hardee's Restaurant in March 1999, Humphreys said.
"We have fretted over this building for some time now," he said. "The building has sat empty for so very long."
According to the Panera Bread Web site, the chain started when Ken Rosenthal opened the St. Louis Bread Cafe in 1987. The company then formed the St. Louis Bread Company and, in 1995, introduced a brand new identity, Panera Bread, the Web site states.
Panera Bread reached more than $350 million in systemwide sales in 2000.
