JV Wine & Spirits lot for sale for $2.4 million

By JENNIFER HUFFMAN
Register Business Writer

The property now home to Napa’s JV Wine & Spirits is for sale for $2.4 million, an asking price reflecting the prime location across from the planned $270 million Ritz-Carlton resort.

 The one-acre site at First Street and Silverado Trail is owned by Alonzo and Ritchie Campos, LP, of Gold River, according to title company records. JV Wine & Spirits has operated a store there since 2007.

From 1992 to 2007, the location was home to a Vallerga’s Market.

“A developer could eye that site and see something that could complement the Ritz,” said Jennifer LaLiberté, senior project coordinator in the city’s Economic Development Department.

The listing has already generated interest. A number of developers have made inquiries at the redevelopment office within the last month, LaLiberté said.

 A five-star resort across the street “definitely enhances the value of the property,” LaLiberté said.  

“Not only the sale price but the future value of the property. A buyer will look at that future value and want to capitalize on it.”

The corner of First and Silverado is part of the emerging Oxbow District, currently anchored by Napa Valley Wine Train, Oxbow Public Market, the Westin Verasa resort and the troubled Copia wine and food center.

The JV site is zoned for commercial uses such as a grocery store, café and family-oriented uses, LaLiberté said.

New uses such as a hotel could always be proposed but, “We’d want to make sure that any future development is sensitive to the adjacent residential neighborhood.”

A sale doesn’t necessarily mean bad news for tenant JV Wine & Spirits.

“We hope to work with the new owners and we hope to have a future there,” said Vice President of Vallerga’s Markets Chris Burns. Vallerga’s owns JV Wine & Spirits.

The sale could involve more than just the JV property. An additional one-acre lot immediately south of JV is also available. JV currently leases the parking lot, Burns said.

The Ritz-Carlton project is currently under design and looking for financing.

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