Western Vertical Holdings, a company formed by Bob Agahi and David Sellers, has completed construction of The Colony, an adaptive re-use project located on 7th Street just north of Missouri Avenue in Phoenix.
Tenants include Stock & Stable, an American gastropub with an Italian influence; Honor Amongst Thieves, a craft cocktail lounge; Pure Sushi, a sushi restaurant; Herb Box, innovative world cuisine; Framed Ewe, an optical boutique; and Phoenix General, a locally owned boutique specializing in apparel, home goods and accessories. The Phase 1 tenants are open.
The Colony is a 22,467-square-foot infill redevelopment project located in what is becoming an emerging local restaurant district in Central Phoenix.
“7th Street is the up and coming restaurant row of uptown Phoenix,” said Joe Absolor, an owner and chef at Stock & Stable and owner of Honor Amongst Thieves. “I think Stock and Stable will become an institution in the neighborhood. We opened really strong.”
Phase 1 was a renovation of a building originally constructed in the 1950’s, which has stood mostly vacant in recent years. Terry Brodkin of Scottsdale was the owner of that building and is a partner in the first phase of The Colony with Agahi and Sellers.
On the side of the Phase 1 building, local artist Keanan Kasten painted a 30-foot tall mural featuring an astronaut floating in space taking a selfie and choosing a filter on an Instagram-type app. Next to the Kasten mural is a slogan, “What else is possible….”
“This is one of the coolest murals I have ever seen anywhere in the world,” said Central Phoenix resident Mike Pedenko.
Phase 2 was a newly built ground up 8,122-square-foot building on the north side of the development. Cycle Bar, an indoor cycling studio, and Urban Wax, a hair removal studio, have signed leases for the Phase 2 building and are expected to open by first quarter 2017.
A lease also has been signed on the hard corner of the second phase building for a hip modern Mexican concept by one of the top local operators. That concept will be unveiled at the end of this year and will open in early 2017.
“We’ve been pleased with the excitement and buzz generated by The Colony. With local restaurateurs and an infill location, The Colony is sure to be a culinary and entertainment destination for consumers,” said Dave Sellers, who is also president of LGE Design Build in Phoenix. “Densely populated areas are an increasingly popular destination for restaurants and retail.”
LGE is the general contractor for both phases of the Colony. LGE Design Group is the architect.
The Colony is just south of The Yard, Sam Fox’s popular multi-restaurant destination which was formerly a motorcycle garage and dealership. The area between Central Avenue and 7th Street, north of Camelback Road and south of Glendale Avenue, is emerging as a destination for dining with The Yard, St. Francis, Postino, Joyride, Federal Pizza, Windsor and Churn locating in the area.
“The design, culture and creativity of this project represent the future of retail. This is about experiences,” said Bob Agahi. “We crave discovery and consumers want something different. They want the opposite of a chain-like experience. The Colony seems to have caught that magic and we hope when it is finished it speaks to a new era of experience-driven restaurant anchored retail.”
Agahi also is involved in a number of other notable Valley developments.