Village Foods IGA, the proposed grocery occupant for DuPont Station is in the midst of Chapter 11 bankruptcy proceedings due to “too much initial overhead” at its location in the master-planned community of Snoqualmie Ridge. The grocery filed for bankruptcy earlier this year to avoid eviction from its Snoqualmie Ridge location. This comes directly after the company was announced as the operator of the DuPont Station grocery late last year. Construction was set to start this year, and the store was advertised for opening in spring 2009.
Due to the financial disposition of Village Foods IGA, Miravest Inc. is seeking a new tenant for the proposed grocery that has long been a promised amenity for Northwest Landing. Whether a change in the tenant will disrupt the timeline remains to be seen.
Lynn Fowler, spokeswoman for DuPont Station, said Village Foods IGA is no longer the ideal tenant for the grocery store, and Mike Rabstoff, managing partner of Miravest Inc. is “very close” to solidifying a deal with another grocer, although Fowler was not at liberty to give additional details.
“Village Foods was one of the strongest parties that we looked at, but because of the financial trouble, we terminated the relationship. I didn’t want to continue with them and have their financial troubles reflect on the DuPont project,” Rabstoff said, noting that he hopes to announce a new grocery tenant this year and open the store by summer 2009.
This setback is just another line in a list of failures at DuPont Station. In the past year, DuPont Station has lost Capital City Smoothie, DuPont Jewlers, DuPont Bakery, The Harbor Rock/Dynamite Jack’s, The Perfect Pear, Caffe Pegaso and three office tenants. Koko’s Teriyaki, although still open, is advertised for sale on www.theMLSonline.com for $210,000.
Rabstoff said a local dentist has signed on for one of the vacant spaces, and another business is close to signing an agreement for the former bakery space. He’s also negotiating with McDonald’s for a stand alone location near the Interstate 5 off-ramp.
The above posted story is reprinted with permission from the Business Examiner.