The ground-floor retail and commercial space at Carriage City Plaza (CCP) has gone through a few tenants since it was constructed in 2008. Original plans (pre-recession) had a restaurant in mind. Eventually, a dry cleaner and coffee shop came and went and the lone tenant among several spaces is an Edward Jones investment office.
Joe LoMonaco, manager of 80 E. Milton Ave., LLC, is aiming for “destination-driven tenants,” such as medical, law or accounting offices, or something that might complement Hotel Indigo nicely. There was some interest from a spa recently, he said, but it was not a permitted use. “You’re not going to get traditional retail because of the very limited foot traffic during the day,” LoMonaco said during a recent phone interview. He said there is a triple net lease for the commercial space, which ranges between 1,300 and 1,400 square feet and runs about $18 per square foot.
80 E. Milton Ave., LLC, is a subsidiary of a pension fund (LongView ULTRA Construction Loan Investment Fund, LV Holdings), of which Amalgamated Bank (the original lender) is a trustee. 80 E. Milton Ave. had the loan assigned to it in the foreclosure process almost a year ago and took over all but the 62 owner-occupied condo units, including about 160 leased/unsold units as well as the hotel and retail space.