Archive for February 23rd, 2010

AZ Central – Oakville Grocery co. to open at CityScape

by Jahna Berry – Feb. 23, 2010 12:00 AM
The Arizona Republic

A posh specialty-food store inspired by California’s wine country plans to open a second Arizona location.

Oakville Grocery Co. will open a shop in downtown Phoenix’s CityScape project, company officials announced Monday. It will replace another proposed CityScape store, AJ’s Fine Foods.

AJ’s parent company, Chandler-based Bashas’ Supermarkets Inc., sought Chapter 11 bankruptcy protection last year.

Oakville is slated to open this September in a 9,300-square-foot space near Jefferson Street and Central Avenue. In December, the company opened a shop at 15015 N. Scottsdale Road in the Scottsdale Quarter, an outdoor shopping center.

CityScape is a $900 million cluster of shops, offices and restaurants bordered by First Avenue, Second Street, Washington Street and Jefferson Street.

Oakville is selective about where it opens stores, said the firm’s regional general manager, Barbara Henderson, and it wanted to be in downtown Phoenix.

“It’s dynamic,” Henderson said. “This has similar demographics as the Bay Area,” adding that the people appreciate good wine and good food.

Henderson said both Phoenix and the Bay Area are “foodie towns.”

While some businesses in the CityScape project will open this year, other parts of the three-block development will be finished later, according to its Scottsdale developer, RED Development LLC. Construction crews are building a 250-room hotel, which will be run by Kimpton Hotels & Restaurants and that is scheduled to open next year.

Bringing more grocery stores downtown has been a high priority because they help make the area a 24/7 experience, said Phoenix Mayor Phil Gordon.

“Today’s grocery store is not just food on shelves,” said Gordon, who has made downtown development a centerpiece of his tenure as mayor. “They bring people together.”

Oakville Grocery Co. is a spinoff of the storied California shop that dates back to the 1800s.

Oakville Grocery is owned by a partnership headed by Michael Webb and that holds rights to use the Oakville name in five states. Webb was affiliated with the original store in Oakville, Calif.

His firm, Woodside Capital Partners, backed unsuccessful plans to expand the popular wine-country location into a 25-unit chain of gourmet markets and restaurants.

The concept hit financial trouble, and its three stores were purchased in 2007 by Dean & DeLuca principal Leslie Rudd.

The Arizona stores are not affiliated with the original stores in California.

www.theholmgroupaz.com

AZ Central – 1931 bank building downtown Phoenix heads towards foreclosure

by Jahna Berry – Feb. 23, 2010 03:09 PM
The Arizona Republic

A downtown Phoenix 1931 bank building that was entangled in Mortgages Ltd.’s collapse appears headed for foreclosure.

The 12-story Professional Building at 15 E. Monroe Street is scheduled to be auctioned on April 20, according to a notice of trustee sale filed at the Maricopa County Recorder’s Office. The notice is the first step in the foreclosure process.

Thirteen investors are owed $76.5 million, according to the notice. The largest share is owed to a court-appointed entity that is managing the remainder of lender Mortgages Ltd.’s assets.

Phoenix-based Mortgages Ltd., helmed by the late Scott Coles, was once considered Arizona’s largest private commercial lender. The firm ran into trouble when the real estate market crashed, the firm couldn’t raise new capital from investors and couldn’t meet some of its loan obligations.

When Mortgages Ltd. went bankrupt, developer Grace Communities was transforming the former home of Valley National Bank into an upscale 150-room boutique hotel called Hotel Monroe. Construction stopped and the partially-renovated building sits empty near Central Avenue and Monroe Street.


a

 

February 2010
M T W T F S S
« Jan   Mar »
1234567
891011121314
15161718192021
22232425262728

Follow

Get every new post delivered to your Inbox.