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Sassafrass/Gonzales Restaurant (formerly Lin's Chinese Restaurant) redevelopment...

mzweig

By mzweig
in Northwest Arkansas

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mzweig Hamlet

mzweig

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A little bird told me that Mitchell Massey is close to owning the block including these two empty restaurants. I dunno what kind of project he has in mind to replace these two dogs but ANYTHING will be a huge improvement. Plus, he has good taste and doesn't do anything bad!

If anyone has any insight here, let us know.

M

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strmchsr77 Burg

strmchsr77

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A little bird told me that Mitchell Massey is close to owning the block including these two empty restaurants. I dunno what kind of project he has in mind to replace these two dogs but ANYTHING will be a huge improvement. Plus, he has good taste and doesn't do anything bad!

If anyone has any insight here, let us know.

M

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Mith242 Gigalopolis

Mith242

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It is completely unrelated as far as I can tell. I don't even know the details of what may or maynot be worked out here. This is still in the very very early stages. I really hope that it works out, I know Mark lives in this area and I am sure he is really wanting something to change soon. Although Growth Group does own most of this area of town now, if you can believe it. They are also the ones that are doing the old EJ Ball building downtown. That could be their new office I think.
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mzweig Hamlet

mzweig

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It is completely unrelated as far as I can tell. I don't even know the details of what may or maynot be worked out here. This is still in the very very early stages. I really hope that it works out, I know Mark lives in this area and I am sure he is really wanting something to change soon. Although Growth Group does own most of this area of town now, if you can believe it. They are also the ones that are doing the old EJ Ball building downtown. That could be their new office I think.
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mzweig Hamlet

mzweig

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Ah, the truth has finally come out. It turns out Mr. Mitchell Massey certainly does NOT have unlimited resources! He owes myself over $10K for a real estate investment, as he owes at least a dozen other investors the same amount. And the Arkansas Business magazine reports that the IRS just took out a $625K lien against him. That ship is sinking fast! Watch out!
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strmchsr77 Burg

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I've read the articles (the tax lien was in the papers a couple weeks ago) and heard from others about Massey's recent plight. Too bad. I thought he had some vision. I guess he succumbed to "developer's disease"--a bad case of over-optimism and over-extension of one's personal and financial resources.

M

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mzweig Hamlet

mzweig

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Thanks for the info. I know that if things work out the old Mexican restaurant next door will not be a restaurant when it gets redone and opens back up. It is still going through the city process so I can't say what it will be quite yet because it may not get done. Should be another month or so before I know what might happen there. At least there is something going on with it and hopefully it won't be an eyesore for much longer.
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strmchsr77 Burg

strmchsr77

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Thanks for asking. I did well on it! Made a respectable profit--nothing to be ashamed of. The buyer paid cash and closed 25 days after the deal was struck. Nice folks, too. My house on Willow has 11 interested buyers. We had two sets of people who wanted to make offers on Friday but we told them no because it's not yet done. The numbers being bandied about are quite high although my costs are very high on this one. I predict it will sell faster than Lafayette because it is smaller and will be even nicer.

The market is bad but not in the Washington-Willow area. We are making offers every week and it is hard to buy. The red house at 300-something Washington sold on June 28 and went back on the market only to sell again in a couple days for about $40 or 50K more than it did two months ago. Amazing! A house on Johnson just went up--950 square feet for $180K--needs work, too, and I know people who want to buy it at that price.

I hope whatever goes in the Gonzales spot is good. I liked it as a restaurant. I just don't want another used car lot, liquor store, or thrift shop/pawn shop/check cashing joint. I am excited to have a restaurant back in the Sassafras location. I see they have already applied for their liquor license which is great.

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mzweig Hamlet

mzweig

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Glad to hear that Mark. I am amazed at all the activity in the historic district. If things work out on the old restaurant, it won't be a used carlot or anything that would bring down the neighborhood at all. At least as it looks right now, it won't...
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acx_guy Unincorporated Area

acx_guy

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I have no clue on the Sassafras location. I will ask around if I get the oppertunity. We are just handling the Mexican restaurant space for now. Which is going through the city process. I will let everyone know one the closing happens. I legally can't say anything until then... :whistling:
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