Saturday, July 24, 2010

Letter of Intent

Believe it or not, Zoe might be closer to having a home!  After touring four spaces in Old Town Alexandria yesterday, one space has reached a point of "this may be the one"!  The broker is preparing a letter of intent for me to review prior to us sending it to the landlord.  The space is new and has not yet been built out and the landlord will provide a TI (Tenant Improvement) allowance.  It has been empty for at least two years so I am hoping the landlord will be motivated.  It is 892 square feet in size, which is perfect for me to start.  Close by is a Starbucks (ah, Americanos every day), a restaurant, a dry cleaner, and soon to be a day care center and a nutrition center.  There is also a specialty fitness center next to Starbucks.  There is covered parking for the condominium dwellers and the retail visitors alike plus lots of on street parking.  I am feeling VERY hopeful and excited!

One of the other spaces I toured was also new and not built out but was too large (over 1700 sq ft) for the store.  We toured one space that I knew had housed a boutique previously.  (one that had failed).  I did not like the window lines and, when we went inside, there were dead "water bugs" (as the other broker called them - they looked like roaches to me) on the floor.  Yuck.  No thank you.  The space was on two levels and very claustrophobic, even though it was completely empty.

The final space had been a spa/salon and was in a good location but the layout was so choppy and the parking limited.  It was also on two levels and just didn't have a connected feel to it.  It was charming and had potential but just not for Zoe.

I am continuing to hear from my potential wholesalers AND I got a quote from RTR for my bags, boxes, etc. following my visit on Tuesday.  Things are starting to come together VERY nicely!

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