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The Mint

pack-man

By pack-man
in Triangle Coffee House

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ncwebguy Burg

ncwebguy

Posted
Posted

The two alleys -- Exchange Plaza and Market Plaza -- could be *something* but time will tell. In recent years, they have been hangouts for homeless trying to get a little rest in and skateboarders who lost their mini-skatepark on the mall. The Square Rabbit and Mecca back up to Market Plaza, so it has served more for deliveries than dining.

The fountain in that picture is as clean as I ever saw it. It should have been taken out during the Fetzer "update" but that probably "cost too much". The only thing it attracted was that sax guy who played during lunch hour. Weak water pressure made it more of an oversized bath tub than actual art, and it didn't age well. Not exactly postcard picture material.

Left of the Urban Design Center is the elevators, stairwell, and bathrooms. I used to work in that building from 1997-2000. The UDC may move and there will be space created by the move, and that could be something else. I doubt the city would put that much into a building it doesn't own (Hatem does) that one it does (Exchange Plaza).

There are a lot of books in the old Wachovia building, but I don't know why... maybe to make it look less desolate for last weekend's celebration.

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tjoad Whistle-Stop

tjoad

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New Restaurant Costs Raleigh Taxpayers a Pretty Penny

Allen said the city acted like any landlord when it agreed to rent out the space on Fayetteville Street to the owners of The Mint. It made improvements for its new tenant. Unlike a typical lease agreement, however, taxpayers paid for the improvements outlined.

As part of the deal, the city invested more than $1 million to improve the old bank space inside One Exchange Plaza.

I am normally rooting for most investments in DT, but this one is hard to swallow. Is there such a need for a high-end restaurant on Fayetteville St that the city has to use taxpayer money (1 MILLION DOLLARS plus 6 months of free rent). Russell Allen doesn't consider this too risky according to the article, but this is the restaurant business, one of the riskiest businesses around.

I would like to know more about who owns the Mint and what makes them so special (couldn't find a website). Have other restaurants in DT received any financial assistance, maybe Fins?

It's true, there have always been landlords that have invested in their buildings to convert them into a restaurant or other business concept, but in this case the landlord (the city) is placing a big bet that a high-end restaurant will be successful. I hope this restaurant does do well and the city (taxpayers) does recoup its investment, but this type of use of taxpayer funds can be very risky. This can be ammunition for the Fetzers and Cobles to take back control of local govt.

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ChiefJoJo Town

ChiefJoJo

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^ The difference is the city actually owns One Exchange, so from what I understand the cost was for upfit, just as a typical landlord would do. The big aspect of this for taxpayers to evaluate is whether the city needed to pursue a "white tablecloth" restaurant in the first place. I believe there were some articles questioning that very choice earlier in this topic.

I was talking with some friends who've seen the inside and they say it's immaculate--even nicer than Fins--and the concept is to have a high-end restaurant open on Fayetteville St for the convention crowd by this summer/fall. To some extent, I can understand that concept, as the city has a big stake in making the convention center work, and I see this as a part of that strategy... although $1M is a big pill to swallow, and could be a big risk.

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Jones_ City

Jones_

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From an accounting point of view, where would profits from eventual rent go? GOvernments have hundereds of accounts...do the pay down the debt on One Exchange....stick it in the general fund...Fayetteville St maintenance funds.....a building maintenance fund....ultimately any loss just gets deducted from the profits from the resale of One Exchange which will happen after the City Hall expansion is complete...or at least that was the last plan I read.

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ncwebguy Burg

ncwebguy

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It is top tier prices, putting it in company with Fins, Second Empire, and not much else open to the public (excluding the Capitol City Club and Cardinal Club). But is there enough business to keep all of them plus Sullivans/42nd Street Oyster Bar, the Pit, Yancy's, and others going? To say nothing of new/upcoming places like Dos Tacquitos Centro, Wajari, the Nemonade restaurant, a rumored Bella Monica, etc. Time will tell.

They need to update the website -- it didn't open in December 2007. And they either don't have a lunch menu, or won't have much lunch business.

Investing in a property the city plans to eventually sell is a good idea, as it raises the buildings sale value and attractiveness to potential buyers vs. a large chunk of street level space that has been desolate for close to two decades. If it attracts more store fronts on the 100/200 block of F Street, Wilmington, Hargett and Martin, then it will pay for itself. If not, then it will be hard to justify. That being said, if the city doesn't belive in itself, F Street, etc., then no one else will. Upfitting The Mint sends a signal that Raleigh wants to take the next step up.

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