I had noticed for a couple of years that this Taco Bell was gone, and kind of wondered what happened. The location seems pretty good, with easy access from both Garners Ferry and Rosewood, and the chain is in no trouble, so it piqued my curiosity a bit, though never until recently at a time when I both had my camera and could stop.
In the event, my question actually was answered by a sign that explained exactly what had transpired. It still seems a little curious in that I think there is enough distance between this and the new location that the market could have supported both stores.
Obviously no name-brand restaurant is going to take up residence in a building that is clearly a former Taco Bell, but I think the site would be nice for a local restaurant. It doesn't fit into the concept of a fast-food chain like TB, but Gills Creek runs along the edge of the property, and I think you could build a very nice creekside deck there for spring and fall al-fresco dining.
UPDATE 20 December 2009: Changed the address from "Garners Ferry Road" to "4716 Devine Street".
UPDATE 9 May 2012 -- After a prolonged zoning battle with the city (or it *seemed* long anyway) this place is finally open again, as an "Adult Superstore":
(Also resized all pictures to 600 pixels wide, which I guess I wasn't doing consistently back when this was first posted).