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  #41  
Old Posted Jul 30, 2019, 8:18 PM
biggus diggus biggus diggus is offline
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It's an enormous opportunity for Mary Coyle to be at that location in Midtown. The right level of kitsch with the surrounding clientele will make for a hit.
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  #42  
Old Posted Jul 31, 2019, 4:41 PM
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I guess this counts as dining

Quote:
Tapestry on Central, a Midtown Phoenix condominium project with ground-floor retail located on the northwest corner of Central Avenue and Encanto Boulevard, recently landed an Arizona icon on its tenant roster: Mary Coyle’s Ol’ Fashioned Ice Cream.

Mary Coyle’s, one of the Valley’s oldest and most popular ice cream brands, plans to open a 1,200-square-foot location at Tapestry on Central in early fall. Their previous location on 7th Street closed in April this year when the shopping center changed ownership.

“We’re looking forward to having an iconic brand like Mary Coyle’s as a tenant at Tapestry on Central. There are very few local businesses that have such deep Arizona roots, particularly in the highly competitive food and beverage industry,” said Donny Peper, partner at Clear Commercial Advisors. “Like their loyal fan base, we are eagerly anticipating their opening this fall.”

Customers can expect more than 20 ice cream flavors and creations made in house, as well as sherbet, sorbet, ice cream sundaes and showboats, which are 5- or 7-scoop sundaes topped with sauces, whipped cream and other toppings, according to an online menu.

“We’re excited about this new location, which is across from the Heard Museum and close to Light Rail,” said Larry Healey, the current owner of Mary Coyle’s. “We expect more walk-up business and look forward to serving our loyal customers as well.”

Clear Commercial Advisors, a real estate investment firm and brokerage with a current portfolio that includes 15 Metro Phoenix properties, is handling the leasing for the retail commercial space, located at 16 W. Encanto Blvd. in Phoenix. Tapestry on Central is a three-building, seven-story, 280-residence high-rise that offers cityhomes, executive penthouses and expansive flats ranging in size from 837 square feet to more than 2,500 square feet. There is also 16,000 square feet of retail space on the ground floor, with Walgreens, Metro Realty and Mary Coyle’s occupying a portion of that space.

“Clear Commercial Advisors represents several retail properties in downtown Phoenix in addition to Tapestry on Central, including The Summit at Copper Square as well as Portland on the Park,” Peper said. “We’re carving out a niche for our firm that focuses on supporting the urban core, including Midtown Phoenix and the warehouse district.”

Tapestry on Central has approximately 9,000 square feet available for lease. Ideal uses include amenities for downtown users like food service businesses, conveniences like dry cleaning, as well as office space. For leasing information at Tapestry on Central, contact Shane Mackin at 602.638.1261 or Shane@clearcre.com.
Source: https://azbigmedia.com/real-estate/b...as-new-tenant/
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  #43  
Old Posted Aug 1, 2019, 8:14 AM
TJPHXskyscraperfan TJPHXskyscraperfan is online now
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Does anyone know when the new Lenny’s on Central and Virginia opens?
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  #44  
Old Posted Aug 1, 2019, 2:14 PM
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Does anyone know when the new Lenny’s on Central and Virginia opens?
Should be very soon. Their website says opening July (which today is the last of). When I went by a couple of weeks ago, they were pretty much ready and just cleaning up.
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  #45  
Old Posted Aug 1, 2019, 6:37 PM
Obadno Obadno is offline
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Originally Posted by RonnieFoos View Post
I guess this counts as dining



Source: https://azbigmedia.com/real-estate/b...as-new-tenant/
Im happy to see that retail actually become something. I think its never been filled lol
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  #46  
Old Posted Aug 1, 2019, 7:37 PM
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Fox Concepts sold to Cheesecake Factory . . . I'm sure this bodes well for their fare . . . I've never eaten at Cheesecake Factory without exceptional gastric distress and bloating!

https://ktar.com/story/2674864/chees...aurant-empire/
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  #47  
Old Posted Aug 1, 2019, 7:58 PM
muertecaza muertecaza is offline
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Originally Posted by KEVINphx View Post
Fox Concepts sold to Cheesecake Factory . . . I'm sure this bodes well for their fare . . . I've never eaten at Cheesecake Factory without exceptional gastric distress and bloating!

https://ktar.com/story/2674864/chees...aurant-empire/
I'll never begrudge someone cashing out to the tune of $300m, but it is a bit of a bummer. Then again, we did get the unintentional comedy of the press release:

Quote:
“With our aligned cultures and philosophies, The Cheesecake Factory is the right partner to embrace our creative spirit, enabling us to innovate concepts, while providing the infrastructure and capital to scale,” Fox said in a press release.
I really want to know more about the "culture" and "philosophy" of Chessecake Factory.
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  #48  
Old Posted Aug 2, 2019, 5:07 AM
Red Robot Red Robot is offline
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Originally Posted by muertecaza View Post
I really want to know more about the "culture" and "philosophy" of Chessecake Factory.
Maybe they’re planning to combine the menus of all Fox restaurants into one giant menu to form a Super Cheesecake Factory?

I’ll just leave this here... https://mobile.twitter.com/MaxKriege...73170791198720
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  #49  
Old Posted Aug 2, 2019, 4:57 PM
Obadno Obadno is offline
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Quote:
Originally Posted by KEVINphx View Post
Fox Concepts sold to Cheesecake Factory . . . I'm sure this bodes well for their fare . . . I've never eaten at Cheesecake Factory without exceptional gastric distress and bloating!

https://ktar.com/story/2674864/chees...aurant-empire/
It kind of sounds like just an ownership thing, Cheesecake will give sam fox more money to expand.

The shard culture = phat cash injections.
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  #50  
Old Posted Aug 2, 2019, 5:04 PM
biggus diggus biggus diggus is offline
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Guys, this is no different than any other big company buying a smaller one to operate as a wholly owned subsidiary. Don't expect Fox Restaurants to turn into Cheesecake Factory any more than Four Peaks turned into Budweiser. Catch my drift?
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  #51  
Old Posted Aug 2, 2019, 6:07 PM
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I personally love Cheescake Factory. Not sure why there seems to be animosity towards it. Just because something is a chain doesn't mean it's bad.
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  #52  
Old Posted Aug 2, 2019, 6:14 PM
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Originally Posted by biggus diggus View Post
Guys, this is no different than any other big company buying a smaller one to operate as a wholly owned subsidiary. Don't expect Fox Restaurants to turn into Cheesecake Factory any more than Four Peaks turned into Budweiser. Catch my drift?
I'm honestly not trying to start anything but Four Peak's Lima Spiked Limeade says hello lol
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  #53  
Old Posted Aug 2, 2019, 7:51 PM
Obadno Obadno is offline
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Seems everyone is asking the same questions about cheescake:

Quote:
After news broke July 31 that the Cheesecake Factory Inc. was acquiring Phoenix-based Fox Restaurant Concepts, the chatter on social media instantly became “How will this impact my favorite Sam Fox restaurant?”

So far, Cheesecake Factory executives are giving an answer most people want to hear: Nothing is going to change.

“We want to keep their concepts very much the way they are and not 'Cheesecake-ize' them in terms of what they are offering guests,” Cheesecake Factory CEO David Overton, said during a call with investors July 31. “That is our plan for the future as of now.”

Overton and the Cheesecake Factory team began working with Fox Restaurant Concepts CEO and founder Sam Fox in 2016 when the company made minority investments into two of FRC’s concepts – North Italia and Flower Child – with the intent to slowly acquire a majority share of them.

Instead, it seems that Fox impressed the team at Cheesecake so much, they just wanted to buy the whole company.

“As we’ve got to know Sam and his team, we’ve been very impressed with their concept curation, menu innovation, commitment to hospitality, eye for design and importantly, business discipline,” Cheesecake President David Gordon said. “In turn, we believe Fox Restaurant Concepts is the ideal incubation engine to develop concepts of the future.”

For now, Fox and his team in Phoenix will still be tasked with coming up with new restaurant concepts and perfecting the ones they are already operate. But at the same time, Cheesecake is going to keep a close eye on what is happening at FRC.

“Over time, as Sam continues to create, if there are concepts that we believe would be great to scale nationally, we’ll talk about those together as a team and if and when that time comes, we would think about having that fall under Cheesecake Factory umbrella and then scale nationally,” Gordon said.

Cheesecake is already doing that with Fox’s North Italia brand, which serves Italian fare and focuses on an upscale casual dining segment. North’s management teams and operations will move to Cheesecake headquarters in Calabasas Hills, California.

The one word Cheesecake executives made sure they did not use when talking about the FRC acquisition was "synergy."

"This is not about a synergy situation," Cheesecake CFO Matthew Clark said during the conference call. "We are also maintaining Sam's team in Phoenix as a stand-alone entity so that we don't disrupt that."

With that mindset, the deal seems like a huge win for Fox. Not only was the company purchased for $308 million, plus an extra $44 million over the next four years, he still gets to invent new brands with a license to be creative and backers who want to help him grow.

In a statement, Fox said the Cheesecake Factory made the most sense as a buyer because it is willing to “embrace our creative spirit, enabling us to innovate concepts, while providing the infrastructure and capital to scale.”

Setting aggressive growth targets
It also made sense for Cheesecake because FRC is a “very profitable business,” that brings in an annual revenue of $250 million and is going to grow, Clark said.

“There is potential for 20% annual unit growth for their aggregate portfolio,” Clark said. “The combined company is expected to be an experiential dining category leader, with nearly $3 billion in pro forma revenues in 2020 and anticipated 8% plus revenue growth.”

So far, the acquisition is getting mixed reviews among Wall Street analysts. Brian Vaccaro, an analyst for Raymond James wrote in a note to investors that for Cheesecake Factory, "the main concepts targeted in the acquisition are ‘on-trend,’ high-return-on-investment growth vehicles that significantly enhance the company’s long-term growth potential."

On the other side, Jon Tower from Wells Fargo kept his "market perform" rating on Cheesecake shares but lowered his target price from $47 to $46, citing the company's "spotty history of M&A for restaurants in the public markets." Still, Tower said the FRC acquisition differs from the Grand Lux Cafe or RockSugar Pan Asian Kitchen, because Cheesecake and Fox have a history together.

That sent Cheesecake shares lower on Friday, with the stock down $1.88, or 4.2 percent, to $42.36. Track the stock here.

That existing relationship is particularly important when analyzing this deal, said Sarah Strunk, a Phoenix-based mergers and acquisitions attorney and the chair of the board of directors at law firm Fennemore Craig. Having that background together will probably keep Fox in his role at FRC following the acquisition.

“Many founders do not last long in that role, but they have a relationship already,” Strunk said. “[Fox] is one of the most creative and prolific restaurateurs in the upscale-casual space. It is no surprise they’d want him to stay.”
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  #54  
Old Posted Aug 2, 2019, 10:25 PM
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Originally Posted by RonnieFoos View Post
I personally love Cheescake Factory. Not sure why there seems to be animosity towards it. Just because something is a chain doesn't mean it's bad.
Uhm. . . because we have ACTUAL decent LOCALLY owned and run restaurants now that are not serving the same frozen concoctions you can get at any location across the globe . . .

Places like Cheesecake Factory have their place and role to play . . . in the lives of senior citizens and those with no other option.

I am amazed the location at the Biltmore stays open given the myriad of more appealing choices within .25 mile lol

Maybe 10-15 years ago this was "good" dining for Phoenix but not today and I count my blessings for that.
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  #55  
Old Posted Aug 2, 2019, 11:17 PM
exit2lef exit2lef is offline
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I'm not crazy about big chains, but my real problem with the Cheesecake Factory is the huge menu with over 250 items. It takes me longer to read it than to eat whatever I've ordered. More importantly, it's unlikely any restaurant can prepare 250 items well, so I always wonder how many of them are mediocre, prepared in advance, or perhaps both.
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  #56  
Old Posted Aug 6, 2019, 10:34 PM
Sunsfan87 Sunsfan87 is online now
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Ziggys Pizza

I’m excited to try out this place

https://www.phoenixnewtimes.com/rest...buren-11336572
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  #57  
Old Posted Aug 7, 2019, 3:03 PM
DesertRay DesertRay is offline
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Originally Posted by Sunsfan87 View Post
I’m excited to try out this place

https://www.phoenixnewtimes.com/rest...buren-11336572
Slices need to be more of a thing in Phoenix. Get people out of their cars and circulating downtown (among other places). It also helps people sober up while staying out during the non-hellfire hours.
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  #58  
Old Posted Aug 7, 2019, 3:06 PM
biggus diggus biggus diggus is offline
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I like to walk to lunch when the weather is nice, if this place were open for lunch it would be on the rotation.
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  #59  
Old Posted Aug 7, 2019, 3:16 PM
exit2lef exit2lef is offline
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I'm wondering/hoping if it's evening service only during the soft opening with lunch to be added later.

There's another pizzeria called Via Della Slice Shop that going to open just a block away at 5th Avenue & Van Buren soon. Like Ziggy's and as its name implies, it's going to focus on pizza by the slice.
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  #60  
Old Posted Aug 7, 2019, 7:54 PM
LocoPhoenician LocoPhoenician is offline
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A place called Zip Bop is coming soon to Colliers Center in the old Athens Pita spot.
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