Provides ‘critical mass of upscale shopping and dining’
NAPA — Zapolski Real Estate, LLC, on Thursday said it entered into another joint venture with Trademark Property Co. for significant rework of downtown Napa commercial space, this time to help fund the $25 million renovation and redevelopment project underway at the former Napa Town Center and surrounding buildings.
Set to fully open in fall 2015, the project, now called Napa Center, is set to create a shopping and lodging district with 153,000 square feet of space for 40 stores and restaurants plus a planned Archer Napa four-star luxury hotel.
Zapolski, which has offices in Durham, N.C., and Napa, in November announced a joint venture with Fort Worth, Texas-based Trademark to buy and rehabilitate the 20,000-square-foot Gordon Building on First Street. Earlier this year, Zapolski inked a deal with LodgeWorks Partners, LP, to develop and run the hotel.
The estimated project cost is $140 million — $70 million for the retail and as much for the hotel.
“We are very pleased to partner with Trademark, one of the country’s most recognized retail and mixed-use developers with an award-winning track record of creating and operating dynamic shopping and hospitality experiences,” said Todd Zapolski, founder and managing member of Zapolski Real Estate. “Like LodgeWorks, our hotel development partner, Trademark is a leasing and development partner that understands our project’s significance as a key driver in the evolving resurgence of downtown Napa. We now have in place a powerful team to achieve our shared vision of an active downtown urban center for Napa residents and visitors seeking to shop, dine and celebrate unique wine country experiences.”
Napa is a notable among major U.S. tourist destinations for its lack of a large venue for fashion and specialty stores, according to Tommy Miller, managing director and chief investment officer for Trademark.
“Our project will deliver the critical mass of upscale shopping and dining that the Napa Valley very much wants and will capture a significant portion of resident retail sales currently leaving the market, as well as unmet tourist demand,” he said in a statement.
Napa Center is now set to be composed of the hotel, the shopping center, which was originally built in 1989 and purchased last year, the 9,300-square-foot Dunne Building, purchased in 2011, and the newly acquired Gordon Building.
Trademark’s current retail and mixed-use portfolio including La Palmera in Corpus Christi, Texas, Market Street – The Woodlands in the Houston area, and Watters Creek in Allen, Texas. Started in 1992, the company has invested in or developed more than 10 million square feet of such projects, valued at more than $1.25 billion.
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