Factory Stores sold; New owner plans major improvements
Submitted by paula on Fri, 01/09/2015 - 8:18pm
Renovate, improve, contemporize and rebrand. That is what Burke Fathy says Sutter Capital Group plans to do with the former Factory Stores at the Y.
"The property needs to be repositioned," said Fathy, a partner with Sutter, told South Tahoe Now. "We are going to rebrand it from a factory store and make it more mixed tenant and give it new life."
The Sacramento investment group recently purchased the center after it fell into bankruptcy after years of mismanagement, Fathy said.
"Tahoe is a very desirable market for obvious reasons," Fathy said. He and his partners have spent years visiting the lake as they grew up in the Sacramento area. They plan on making the center serve the local community as well as visitors.
Fathy said they've already met with the City and have an architect preparing plans. They may demolish some of the space and relocate the footage to other parts of the building.
"We want to open it up to bicycle and pedestrian traffic," he continued. "We've been talking to the City about the new Tahoe Valley Plan. The new bike trail is right behind our property."
Sutter Capital Group has already started creating a new vision for the center. With 33,000 cars going by the Y, Fathy says they want passing travelers to find something to enjoy as well as locals. They plan on having non-factory store retail shops and maybe even a restaurant or other dining options. The group is also planning on outside communal space that can incorporate the new Y vision and offer what the local community can utilize when walking or biking by.
Kelly Bland of NAI Alliance in Reno will handle leasing for the property.
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