One or the principal complaints coming out of Nantucket about Steve Karp's ownership is the systematic elimination of restaurants that serve locals. In the eyes of critics, Karp's Nantucket caters more to visitors and tourists with high-end restaurants rather than businesses serving locals.
This complaint came to mind this morning when I read the Daily News this morning. Apparently, Newburyport Development is soliciting offers for the space currently occupied by the Fowle's newstand and restaurant.
In my eyes its be a shame to lose either place as its one of my favorite places to take friends visiting Newburyport for lunch. The interior is dark, but comfortable and uniquely Newburyport.
But Karp's gotta do what Karp's gotta do. In these difficult times resources must be maximized. Ann Lagasse is quoted in the article saying the current rent isn't an issue, but I do believe Newburyport Development takes a piece of the business as well so maybe they're looking for something that brings in more cash.
Or perhaps Newburyport Development wants to diversify its restaurant holdings by grabbing a signature spot on State Street, Newburyport's Restaurant Row.
Or this is just a regular part of the property management biz that previously went unnoticed because we didn't see these things on the Internet.
In any case, this place is always interesting.
Speaking of interesting, Karp was quoted in the Boston Herald saying the demand for luxury condos is down. He and other developers are opting to build apartments instead.
Not sure how that would impact Newburyport. On the same day, the Nantucket Inquirer and Mirror reported that Karp's New England Development would expand its White Elephant Hotel residences, which clearly cater more to tourists than residences.
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I think Newburyport's market is more closely aligned with Boston than Nantucket but I don't know what this means for Karp's waterfront plans here.
5 comments:
Way to tick off the locals, Mr. Karp.
Is this going to be the next "Save the White Hen?" I saw the article in the Daily News, which struck me as a story designed to stir the pot a bit. The Masked Preservationist also commented on the story, and jumped to so many conclusions that I broke my record of head shaking while reading his posts.
I too would hate to lose Fowles, and although I think it's too early to assume that that is going to be what happens, one has to ask, is the left half of the space actually profitable?
Well, I wouldn't equate Fowle's with the White Hen. (I agree at MP's post.)
But Fowle's is a pretty big deal.
I said the same in the post. Too early to say what happens.
They had a nice story in Newburyport Magazine, be a shame if it an epitaph.
my money is on another chain. the destruction of newburyport continues...
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