Back in November we learned that the furniture store Room and Board had finalized the deal for this building. Some folks were a bit upset because the other alternative was the Tryst type spot, yoga space along with a comedy club. Now comes news from City Paper that they couldn’t finalize their financing.
By that point, Room & Board had offered, as a starting bid, $9.25 million to purchase the property. Then in December came devastating news from their bank, Milwaukee-based Associated Bank.
“Again we would have purchased it in December–the very end of the December–had we not been surprised by our bank,” he (Room & Board CFO Mark Miller) says.
But, realistically, all bets are off. His parting words to me:
“If you know of any properties for sale or for lease, let me know,” he says. “We need 25 or 30,000 square feet. We’d love an old building like 14th and T.”
The reader who sent me the link writes, “Let’s hope Constantine is calling his bank.” Constantine is the guy behind the initial Tryst type coffee house, yoga, and comedy spot idea.
What do you guys think – any chance the Tryst type option will reemerge? Or do you think this spot is likely to sit fallow for a while?
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Thanks to Steve for sending the latest: “Seen on Connecticut Ave getting towed for AM Rush Hour.”
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