Quote:
Originally Posted by Obadno
Well a Lounge place just opened up across the street, and Crescent, Blue Hound, Hanny's, and Bitter and twisted are all a couple blocks form there. Id say an interesting tenant is very possible, in fact probable.
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Bitter & Twisted is the most comparable of those you listed - dedicated retail space within a historic property. But, Luhrs' retail was empty for 6-7 years until B&T opened, and the majority is still vacant. Valley Bar was pursued based on the allure of a basement bar/venue in the same building in which Levy had offices; Hanny's was completed during the boom/early recession days; Blue Hound is part of the Palomar (boutique hotels come with excellent, unique dining establishments); Crescent opened in an abandoned warehouse - similar properties are seeing a ton of investment downtown (MilkBar, Songbird, DeSoto, etc.). Retail within a larger project? Not so much (Luhrs, Skyline, Tapestry, Roosevelt Point).
I was mainly basing my rationale on the failure of quite a few bar/club ventures in the immediate vicinity, like Monroe's, Ghost Lounge, Copper Door, etc.
Anyway, I feel a little bit better about the project after reviewing the following leasing package for the hotel; it includes a site plan which shows the majority of the lobby being dedicated to a bar & restaurant (as part of the HGI, not leaseable space) - given that the interior of the lobby is being restored and must be pretty impressive, this could still become a destination/attraction IF they come up with a decent concept AND include signage along Central to attract the public and not just hotel guests.
http://www.phoenixcommercialadvisors...o/centmonr.htm
We'll have to wait and see how the other 3, leaseable spaces, do... they're pretty small spaces for any kind of decent-sized bar or restaurant, but maybe that's a good thing (smaller = cheaper)? While a speakeasy lounge with a dance floor would've been awesome... a small whiskey room or martini lounge would still be cool.
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