The International House of Pancakes will be the next to join "restaurant row" on North Academy Boulevard.

A locally based private investment group bought the former Shoney’s location at 8065 N. Academy Blvd. for a little more than $1 million and leased it to International House of Pancakes. The breakfast franchiser is currently considering who the franchise owner will be.

Michael Roslin, managing partner for the investment group and manager of IHOP’s Chelton Road and Platte Avenue location, said the new restaurant is scheduled to open in September. It will be the third location in Colorado Springs and will employ 40 to 50 people.

"It’s a dynamic area," Roslin said of the new restaurant’s location. "The city is growing north, northeast."

Roslin said the 5,043-square-foot restaurant will be renovated but he declined to say how much will be spent on remodeling.

IHOP employs 2,440 people nationwide, which does not include people employed by various franchises. It reported operating revenue of $164.3 million in its 1995 annual report. The public company can be found on the NASDAQ as IHOP.

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The northern Shoney’s location closed on June 9. Officials could not be reached for comment. Three Shoney’s remain in Colorado, one on South Circle Drive in Colorado Springs, one in Pueblo, and one in Aurora.