Is this a sign of things to come or just another project
that cannot get its act together? Either way it sucks because this
much-anticipated mixed-use project in midtown has lost a major tenant who was
going to occupy the ground floor of a six-story building. Pappas Investment has
not made any comments as to why Whole Foods has pulled out of the project, but
a spokeswoman for Whole Foods has said that a series of milestone were not
reached that were written into the lease so Whole Foods choosing to step out of
the lease. Phase one of the project began last week with foundation work beginning
for a six story-parking garage on Capitol Ave. Phase two of the project was to included
Whole Foods and 97 apartment above the grocery store beginning construction in
late 2017.
SacBee article
SacBee article
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3 comments:
Sounds like a business decision. Any business downtown is destined to fail eventually. Will the new arena save downtown or a giant finical burden as bond payments to pay off the loan balloon bigger and bigger.
Sounds more like an inexperienced developer that bit more off than it could chew. The project simply missed deadlines, greatly. This will never get built as long as the current developer owns it, IMO.
Too bad, as I remember really wanting another grocery option in midtown other than Safeway and the Co-Op. Plus, the extra housing would've injected some really sustainable 24/7 life into a corridor that already has nice - but not great - foot traffic. Some businesses in that area still struggle, and I think extra residents would help sustain things.
On to the next...
Whole Foods is a business. Of course it was a business decision.
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