A rendering of what Central Investments proposes to do with the former CB FOX building at 1735 Central Ave. Courtesy/LAC
A rendering of what VE Holdings proposes to do at the former Time Out Pizza building on N.M. 4 in White Rock. Courtesy/LAC
By KIRSTEN LASKEY
Los Alamos Daily Post
kirsten@ladailypost.com
In a town where vacant storefronts are a common and unwelcome sight, it came as a piece of good news during Tuesday night’s Los Alamos County Council work session that two of these empty properties are about to change.
Los Alamos residents Phil Gursky and Janet Lovato shared their plans to transform the former CB FOX building on Central Avenue and the former Time Out Pizza on N.M. 4 in White Rock into new businesses with the help of Local Economic Development Act (LEDA) funds.
Gursky kicked things off by detailing the plans for the former CB FOX building, 1735 Central Ave.
According to the staff report, Gursky is a member of the partnership, Central Investments, that is pursuing this project. The partnership is also comprised of commercial realtor Jyl De Haven, property owner Matt Miles, and Chicago based Steve Miszkowicz and Josh Silverman.
Gursky said their plan is to offer public space on the first floor, a boutique 20-room hotel on the second and offer a rooftop bar on the third floor.
Going into more detail, he explained, for the first floor, the public space would be for multiple uses: a food hall, rooms for meetings and social gatherings, a stage for live events as well as kiosks for retailers. The food hall would be open during lunch hours and there would be a kitchen, a bakery café and space for food pickup.
“This is not a cheap building to redo,” he added. “It’s a very expensive building to redo and we are going to be charging market-type rates but we designed small spaces … designed to give people who are not interested in getting a retail location a big exposure area where they will be able to sell things …”
Gursky added that “Our objective for the first floor is to really have all public space, retail, and we are looking to have a lot of opportunities.”
As for the second floor’s boutique hotel, “We’re looking to have units that will have unique experiences and this is not a low-end, this is a high-end hotel to meet the demands of lots of people who stay for the lab and they charge the lab tons of money to go and stay in Santa Fe and go back and forth,” Gursky said. “We think there’s certainly a market in Los Alamos for 20 of those kinds of units for families to stay, for reunions, weddings, performers … so we think this will be very successful and it will be very upscale …”
Looking at the entire project, he said, “We really believe this will be a transformational project for Central Avenue and really for the downtown area. It’s going to bring back reasons for people to be in the downtown from midday through the evening, seven days a week.”
Gursky emphasized that even though there will be market-rate spaces, there also will be about a dozen retail spaces that are smaller and more feasible for local retailers.
“We are going to do everything we can to have qualified, local people.”
To achieve all of this, according to the staff report, Central Investments is looking for LEDA funds totaling $6 million. Of that, $4 million will be in a grant and the remaining $2 million will be in a 10-year, zero interest loan that will be paid back to the County beginning in year four through year 10 of the agreement. In return, Central Investments reported that the economic benefit to the County is estimated to exceed $4.27 million through gross receipts taxes and lodger taxes over the 10 years of the participation agreement term. Plus, it is anticipated that the project will generate 25 new full-time jobs.
The project site plan will go to the Planning and Zoning Commission in July for approval, Gursky said.
Councilor Suzie Havemann asked about parking. Gursky said parking for the property is owned by a parking corporation, which includes everyone in all the buildings on that block. He added that the current requirement is the entire block needs around 200 spaces and there are about 315 spaces. When gathering data about the parking situation, it was discovered that even during the lunch hour, there are more than 100 parking spaces vacant.
“We don’t believe that this is going to be a difficult problem,” he said. “The parking spaces to the east are actually very effective for us because we’re much further to the east from the main front parking lot that’s at 20th and Central (which) fills up quickly as well as the west side of the back parking lot …”
Havemann said she is really excited about this project.
“I think people will be so excited to see anything happening there and I think there’s the quantitative benefits in terms of the fiscal returns, but I just think the quality of life and aesthetic benefits and just how people feel about their downtown … I think it’s tremendous,” she said.
Councilor Beverly Neal-Clinton also commended the project.
“This is visionary, ambitious and innovative,” she said. “I’m excited about it because I do think it will revitalize and be sort of a hub for which everyone else can come.”
Moving to the former Timeout Pizza building, 116 and 118 N.M. 4 in White Rock, its transformation is being handled by VE Holdings, a partnership comprised of Lovato and local resident Timoteo Martinez, according to the staff report.
Lovato explained to council that they plan to offer numerous services inside and outside of the building including a laundry mat, a frozen yogurt stand, a bar and a gaming area for all ages. There will also be space for a pop-up market where local retailers can sign up daily to take part in as well as spaces for food trucks. Vending machines for consignment items will be available, too.
“We really want to make this a hub, a meeting ground for White Rock,” she said. “White Rock is in desperate need for it.”
Lovato added this is a great, central location “it’s a perfect spot to have a gathering, a meeting point. With this, I really also want to help create a space not just for us but for other entrepreneurs. I really thought about other small business and how to grow the area …”
She added that the hope is to help stop some of the retail leakage or locals leaving Los Alamos to spend money in Santa Fe and other communities; additionally, she said by offering more amenities it would help encourage Laboratory employees to stay in town.
The details of its participation agreement with the County are still being development but according to the staff report, $868,000 is being requested in LEDA funds. This would be in the form of a 10-year, zero interest loan that would be paid back beginning in year three through year 10. In return, the economic benefit is estimated to exceed $1 million in gross receipts taxes over the 10 years of the agreement. Furthermore, 17 new full-time jobs are expected to be created.
Councilor Theresa Cull voiced her support for the project.
“I am really looking forward to this …,” she said.
During public comment, resident Lisa Shin said she was skeptical of both projects.
She pointed out that existing businesses struggle with hiring and keeping employees and these new businesses will require employees that do not seem to be here. Plus, if these businesses are viable, why not take a loan through a bank? she asked.
“Why is it public funds … I am kind of worried that the public is on the hook for possible failures …,” Shin said.
MainStreet and Creative District Executive Director Jacquelyn Connolly spoke in favor of VE Holdings’ project, pointing out that Lovato successfully participated in the MainStreet’s business accelerator program. She added the proposed project would be highly beneficial to the community.