Phoenix Pharmacy Rebirth Delayed; BobWhite to See Change in Management

Two of the most iconic buildings on Foster, both with equal potential to transform the central core of the corridor, have seen their hopes at a rebirth tempered a bit.

IMG_0842One building—the Phoenix Pharmacy—just saw talks broken off between its owner and Mercy Corps.  After months of negotiating, the two parties were unable to agree to terms on a deal that would have led to Mercy Corps and ROSE CDC acquiring the building for some community benefit.  That’s one less bidder for a property that has had trouble finding suitors willing to pay for the building AND needed renovations.  They were also the most serious bidder to come along in recent history.

Now, days after the thud of that deal was announced, another building is finding similar trouble maintaining its rebirth.

IMG_1029The Bob White Theatre will be without a tenant after recent events have resulted in its lease being terminated with Pulsar Productions.  While it’s a bummer to see doors shut again, it isn’t necessarily bad news.  For one, the space can still be rented out to host events.  Secondly, an opportunity now arises for another group to manage/lease the space.  And with so many complaints about the current venue’s format, maybe that’s a good thing.

And there’s more hope.  The owners have to pay property taxes.  And the potential of these spaces is too much for them to sit underused—or vacant— forever.  Now it’s just a question of the owners’ motivation to make something happen.  With a new streetscape plan (presumably) in the works, and so many positive changes surrounding these spaces, hopefully it’s just a matter of time.

 

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10 Responses to Phoenix Pharmacy Rebirth Delayed; BobWhite to See Change in Management

  1. KG says:

    What are the recent events alluded to here?

  2. rebeccalavelle says:

    The owner of the Phoenix building is the same guy who owns Bucks Stoves and about two blocks of empty storefronts. Enough already!!! He claims to care about the neighborhood but keeps it empty. He’s probably waiting for the big neighborhood rejuvenation so he can sell the buildings at a high price. Doesn’t he realize he is part of the problem?

    My guess is that all of his buildings stay empty for another couple years, besides the occasional junk sale. I really hope I’m wrong.

  3. Miles says:

    The Bobwhite has been rented by Nick Hass (who has been renting the warehouse space in the back for several months now). There will continue to be events in the space, but no longer the EDM scene (at least not as the main genre). We have a show on saturday 4/19, I will be running sound. Come on down and say hi!

  4. Miles says:

    The issue with the Bobwhite and Phoenix buildings is not that the owners are holding out for prices to go up necessarily. The issue is that these buildings are not up to code. A lot of money is required to get the buildings up to code. This either drives the price of sale down to the point that it is not worth selling for the owner, or makes the investment to go from the current state to usable prohibitively expensive. At the very least, once the investment is made, the space becomes very expensive to rent. No one thinks that they can get that much rent out of the space before Foster gets built up a little more. And they’re (in my opinion) correct about this. Of course, this is all my own belief, I haven’t done a ton of research into this issue.

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