NewsBusiness

Actions

Mesa to buy downtown property for restaurant incubator

Mesa restaurants.jpg
Posted at 8:45 AM, May 16, 2022
and last updated 2022-05-16 11:45:12-04

MESA, AZ — The city of Mesa is considering buying a property in downtown Mesa to house a city-owned Downtown Restaurant Incubator, which will help teach local chefs and entrepreneurs how to start and manage their own restaurants.

The Mesa City Council will decide on May 16, on whether the city should buy the property at 111 W. Main Street for $1.6 million, according to documents filed with the government body.

The 0.15-acre property includes an approximately 12,000-square-foot building with a basement, according to Maricopa County records. 4232 N Brown Ave, a limited liability company linked to Dan and Krista Eaton of Paradise Valley, currently owns the property. The Eatons purchased the property in 2017 for $615,000, meaning they would turn a profit of more than 160% if the deal is approved.

The restaurant incubator will go right next to the Nile Theater in downtown Mesa. The space was last home to a religious bookstore called Catholic Books & Gifts.

Mesa will run the Downtown Restaurant Incubator in partnership with Local First Arizona. The Downtown Restaurant Incubator will provide programming that will support small, Mesa restaurant and food business development and expansion in response to the impacts of the Covid-19 pandemic, which negatively impacted the restaurant industry.

Read more of this story from the Phoenix Business Journal.