While much attention has been focused on Lexington’s foundering downtown CentrePointe project and the uncertainty about whether new developers can resurrect it, another much smaller and less expensive downtown block is facing its own challenges. Natasha’s Bistro and Bar, at 112 Esplanade, closed in early November. Just a few doors away, at 233 E. Main St., Town Branch Market locked its doors for good in early December.
Both businesses and properties were part of an important link between downtown Lexington’s east and west ends. The businesses are gone, but unlike at CentrePointe, the buildings remain and the spaces are available for rent or possible redevelopment.
“It’s not for sale. I am just leasing out the vacant spaces in the building,” said Ves Bennett, the property manager for the owners Esplanade LLC. “They are still under lease, and [people] are paying rent. Both of those spaces are looking for replacement tenants.”
The former Natasha’s building, with 4,244 square feet of available space, was built in 1940. The former food market, with 2,300 square feet, was constructed in 1930. Esplanade LLC bought the two properties in January 2015 for $3.65 million. Both properties are zoned for retail by the Fayette County Property Valuation Administrator. The upper floors, formerly apartments, are now also available for business use.
Gene Williams was co-owner of Natasha’s, which got its start on Southland Drive in the early 1990s before moving downtown in 2001. Williams said his old Esplanade location offers a unique business opportunity and sounded optimistic about its future.
“I think the best five years are coming up,” he said.
Williams said a variety of downtown development needs to take hold to help the Esplanade block. Though it would take months if not years, he said the successful development of the CentrePointe block would bring “the drift of density” back to the area. He called the project’s excavated pit bounded by Main, Limestone, Upper and Vine streets a “firewall between east and west.” He said finishing it “would [have sent] people back our way.”
Williams said redeveloping the current government center buildings on Main Street — should the city decide to build a new city hall, on the CentrePointe block or elsewhere — would also help businesses in the area. He also supports the proposed infrastructure improvements and retail and housing development proposed for Midland Avenue as important to the future of smaller blocks like Esplanade.
Williams noted that the rise of the Jefferson Street entertainment district helped the nearby Distillery District, Cheapside and the National Avenue neighborhoods.
“There are a lot of good places like that, but it was just lopsided development,” he said. “We couldn’t hold our breath and wait any longer to see what would happen on our end.”
Howard Stovall, who owned Town Branch Market, said the grocery/deli was needed but couldn’t gain enough traction.
“We weren’t able to get it to where we needed to,” said Stovall, who also owns a signs and graphics business on Southland Drive called Image360.
“[The market] really served a need on that end of town,” said Stovall. “There are a lot of elderly people who live in Christ Church Apartments and in other areas downtown. Many don’t drive and have limited access to groceries, a place to get a sandwich or a place to get a cup of coffee and to socialize. We’ve heard from a lot of people who are sad to see it go.”
Stovall is in the process of selling off equipment. He said he had a prospective buyer for the business, but it fell through. He said others have expressed interest in doing something similar to a market, but nothing at this point is concrete.
Bennett, the property manager, said that despite the proximity, the properties are unlikely to be suitable for creating a combined space, noting there’s an atrium and elevator between the spaces.
Williams is also holding a fire sale of sorts. “We’re actively looking for someone to take over our equipment, sound system and stage,” he said. “It’s like a turn-key restaurant for somebody. We have talked to several groups, but I don’t have any guaranteed deal yet.”
Williams said he would love to see a new restaurant emerge where Natasha’s was located to “benefit from the fruits of our labor over 15 years there.”