TRADEMARK PROPERTY CO. AND ZAPOLSKI REAL ESTATE FORM JOINT VENTURE TO REVITALIZE DOWNTOWN NAPA CENTER
$25 million redevelopment project now under construction
FORT WORTH, Texas, and NAPA, Calif. (Dec. 5, 2013) – Trademark Property Co. and Zapolski Real Estate LLC (ZRE) today announced a joint venture to lead the $25 million redevelopment now underway on Napa Center, a 153,000 square foot retail and hospitality district in the heart of downtown Napa, California.
Slated for a grand opening in fall 2015, the new development will give rise to a vibrant, pedestrian oriented urban environment featuring more than 40 retailers and restaurants, including fashion and specialty shops, best-in-class food and beverage venues and ARCHERsm Napa, the previously announced, four-star luxury hotel to be developed and operated by LodgeWorks Partners, L.P., scheduled to open late 2015. The company’s inaugural property, the ARCHER Hotel New York, is scheduled to open first quarter 2014 in Midtown Manhattan.
“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 ZRE. “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.”
“We are delighted to join forces with ZRE on this redevelopment project in its community that we are confident will transform the surging downtown Napa area,” said Tommy Miller, managing director and chief investment officer for Trademark. “Most comparable U.S. tourist markets have large fashion and specialty shopping venues, with Napa being a notable exception. 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.”
The redevelopment project comprises the former Napa Town Center, originally constructed in 1989 and purchased by ZRE in 2012, and a neighboring property known as the “Dunne Building,” also fronting First Street, acquired by ZRE in 2011.
“We are proud to become a key part of this central Napa project,” said Terry Montesi, CEO and founder of Trademark. “Our 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, is proof of our team’s ability to create vibrant retail and mixed-use environments that change their communities. We are excited to have an opportunity to partner with the ZRE team to revitalize the core of downtown Napa into a vibrant mix of new retail and dining experiences that will take Napa to its next level.”
Today’s announcement follows the news last month of the ZRE and Trademark acquisition of the “Gordon Building,” another historic First Street property of more than 20,000 square feet. Located adjacent to Napa Center, the Gordon Building will be developed by the combined team.