Followup with Edens and Avant on City Vista retail
Earlier this month I highlighted the news that commercial real estate firm Edens and Avant (E&A) purchased all the retail at City Vista. Reviewing their portfolio of work did not inspire confidence as all their completed projects were suburban strip malls.
Development Associate Brady Pate reached out to me to discuss E&A’s plans to round out the remaining City Vista space with tenants. Pate lives in the community, regularly shops at the Safeway and uses his Results Gym membership. He is also expected to join the MVT CID Board of directors this June.
E&A plans to keep with the restaurant row vision along K Street. The retail frontage along K, with it’s large windows, 22 foot ceilings and plaza sidewalks is suited well for restaurants. Due to the shallower than ideal depth (65 ft) and numerous concrete columns that inhabit the space the probable outcome is several establishments with wide frontage rather than a series of narrow businesses. Pate suggested 2 to 3 restaurants of sizes ranging from 2500 to 4000 s.f. could fill the available space on K Street.
While well capitalized tenants are sought out there is a pool of local restaurants interested in expanding to the Triangle much the way current City Vista anchors Busboys & Poets and Fifth Street Hardware have done. Negotiations are underway with several prospects. A lease could be signed this spring with an opening targeted in Q4. By the summer of 2010 several new tenants could arrive creating the truly engaging streetscape along K street we all hope to see. The available space on Fifth Street will continue to focus on service oriented retail.
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