JV Wine & Spirits lot for sale for $2.4 million

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Saturday, November 29, 2008

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By JENNIFER HUFFMAN
Register Business Writer

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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.

17 comment(s)

krusty wrote on Nov 29, 2008 12:34 AM:

" Please don't let J.V. go out of business! It's a great local business. Surely better than the BevMo we would probably get if J.V. closed. "

psoren wrote on Nov 29, 2008 1:34 AM:

" Trust me, that Ritz-Carlton project will not be happening.... and the proof;

"the planned $270 million Ritz-Carlton resort... The Ritz-Carlton project is currently under design and looking for financing."

Planned, under design, looking for financing.

I am sure it will be a nice design... but good luck finding the financing! "

clare_bell wrote on Nov 29, 2008 3:55 AM:

" KRUSTY: Ditto! Couldn't have said it better. "

napan79 wrote on Nov 29, 2008 9:46 AM:

" Let local businesses stay in Napa. Everything is for tourist and not the local. No more hotels please, let the local decide what he or she wants in Napa. I bet someone will buy the JV location and build more condos that are over priced that no one can afford who lives in Napa. Let keep the outsiders out, Napa is getting too big. "

kevin wrote on Nov 29, 2008 10:32 AM:

" JV USED to be great, but since they moved to their current location their prices are the same as any other retailer.

Not sure what a BevMo is, but we could use some competition here in Napa... "

sickothis wrote on Nov 29, 2008 11:46 AM:

" You don't like it - buy the property and lease it to JV. They have every right to buy it themselves. "

napa_mom wrote on Nov 29, 2008 12:57 PM:

" "Let local businesses stay in Napa. Everything is for tourist and not the local. No more hotels please, let the local decide what he or she wants in Napa."

I think the locals have spoken. Look at downtown, they don't shop there and businesses are forced to close - the tourists keep those restaurants and businesses alive. Where do you grocery shop? A chain, or Vallergas? Where do you get your gas? Where do you get your coffee? Where do you get your clothes? Do you never go into Target or Walmart?

Why are we so vocal on this forum about NOT supporting hotels and tourism? Do you not realize that is our main industry? Tourism provides the quality of life we so enjoy. If we did not have tourism, we would not have so many of the things we enjoy.

Think about the message some of you regular posters send to people outside our little protected valley - you do not speak for the entire Napa Valley. "

mafi wrote on Nov 29, 2008 1:23 PM:

" I doubt anything will happen, but if it does, JV could always move to the old salvation army thrift shop- it's vacant now;-) "

psychochik wrote on Nov 29, 2008 2:49 PM:

" Bummer, I like JV, they have a great selection of beers that cant be found anywhere within a 100 mile radius. If they sell and open up something else Napa will have lost a great business, BevMo is cool and all, but it lacks hard to find beverages. "

verum wrote on Nov 29, 2008 3:37 PM:

" Pretty smart move on by the Campos brothers. Ritz- Carlton is already obligated financially for the traffic improvements. Nyuk Nyuk. "

reason-ator wrote on Nov 29, 2008 7:27 PM:

" Since I, nor anyone in my family, makes any money from wine or tourists, the only quality of life tourism provides me is traffic and torn-up roads. I don't care if the tourists outside our little protected valley know I don't want or need them here.

JV's the only store anywhere near downtown that I patronize. Might as well give it to the all-important tourists that do nothing good for me. Then I won't have to go anywhere downtown. "

napan1961 wrote on Nov 29, 2008 8:52 PM:

" Well said, napa_mom! I just don't understand how people can be so short sighted as to not see how much tourism and the wine industry contribute to our economy.

And reason-ator, if you live in Napa, then you directly benefit in many ways... you don't have to have a job in the industry and make money from it to benefit.

There would be no Napa for you to retire to (because you must be retired) if not for the tourists and wine industry. They pay for all the services, and create all the jobs, whether directly related, or related because of all the people who work here.

Tourism is a great, clean, industry. Any other place should be so lucky. Go move to China if you want smokey, noisy, disgusting factories. Tourism and wine are great! "

misfit wrote on Nov 29, 2008 9:27 PM:

" Napa_mom and napan1961...The answer to your questions is...IQ. "

reason-ator wrote on Nov 29, 2008 9:31 PM:

" Please tell me all the ways I benefit from tourism. I'm really curious. "

jmo wrote on Nov 29, 2008 9:56 PM:

" Whoa folks JV isn't going anywhere. Whoever buys the property takes it subject to the current lease provisions. I can't imagine that the lease was for less than 10 years. That leaves @ an 8 year remaining term. Great bargaining position if you ask me. If they are bought out, they will just relocate perhaps to River Park? They are a Napa fixture. In my opinion their pricing is very competitive relative to the large inventory they support. Check out Pomelo at $8.95 (Mason’s second label) as an example.
$2.4 million on the asking price...good try....won't get consummated at that price in this environment with COPIA’s failing/closing; Ritz Carlton stalled out and the Oxbow Market on life support.
Someone is also going to have to buy the properties across the street on the east side to tear down that blight to make a go of it. Think 2012 or later before we see anything built. "

krusty wrote on Nov 29, 2008 11:14 PM:

" reason-ator, do you ever dine at any of our great restaurants? Have you ever gone to a concert at the Opera House? Those things, among others, are a result of the tourism we see here. Tourists also pay hotel tax of 12%. That goes directly to the city. Maybe that money hasn't been spent as wisely as it should have been, but it has resulted in benefits for the residents of Napa. "

reason-ator wrote on Nov 30, 2008 10:46 AM:

" No, I very seldom go to any of our great restaurants. I haven't been to a concert at the Opera House.

I DID go to Brewster's alot ? Does THAT count ? But then, the tourists didn't need a Brewster's, so I guess I have had my lifestyle impacted by the tourists. Just not postively.

So now I see how my lifestyle has been impacted by tourism. I'd like to see how it is impacted in a favourable way.

I've lived here a long time, before Napa Valley was a big tourist draw. I don't see how it's any better for me now. I DO see how it's worse.

I'm not a fan of tourists, I guess. "

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