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Sidney Torres and partner buy Circle Food Store
Posted on 4/26/19 at 2:54 pm
Posted on 4/26/19 at 2:54 pm
Saw this in the morning paper. Seems he and Fouad El-Jaouhari, owner of Magnolia Discount Stores just purchased the old Circle Food Store for $1.7 million and plan to make it into a food store with St. Roch Market type individual stalls and vendors.
They are aiming at opening back up later this year.
They are aiming at opening back up later this year.
This post was edited on 4/26/19 at 2:57 pm
4
Posted on 4/26/19 at 3:07 pm to gumbo2176
Judging by the other food halls I don't know how great of an idea that is now.
Hard to get quality vendors.
Hard to get quality vendors.
Posted on 4/26/19 at 3:18 pm to fightin tigers
I've passed that store hundreds of times over the years and the only parking I see is on street spots and being on the corner of Claiborne and St. Bernard Ave. that is a pretty busy intersection.
I just don't see this working if they are relying on that neighborhood to make a go of it. That store is a hell of a lot bigger than the old St. Roch Market, so overhead will be much higher.
I just don't see this working if they are relying on that neighborhood to make a go of it. That store is a hell of a lot bigger than the old St. Roch Market, so overhead will be much higher.
Posted on 4/26/19 at 3:21 pm to gumbo2176
They prob get all kinds of gubment money for opening a store like this in an “underserved” area
Posted on 4/26/19 at 3:31 pm to gumbo2176
quote:
Sidney Torres
Properties surrounding Circle Food Store will go up in flames soon
look what he did to the old Doerr Furniture warehouse across the street of Wrought Iron...
Posted on 4/26/19 at 3:33 pm to Cosmo
Not sure about that. The owners that just lost it to foreclosure got a bunch of money after Katrina and there was talk of mismanagement, theft, embezzlement, etc. that caused a rift between family members and the store going downhill and eventually into bankruptcy.
However, I'm sure Sidney looked into all that before making this deal. He's definitely no dummy when it comes to business.
However, I'm sure Sidney looked into all that before making this deal. He's definitely no dummy when it comes to business.
Posted on 4/26/19 at 5:06 pm to gumbo2176
quote:
I've passed that store hundreds of times over the years and the only parking I see is on street spots and being on the corner of Claiborne and St. Bernard Ave. that is a pretty busy intersection.
There's a parking lot behind the store
Posted on 4/26/19 at 5:16 pm to saintsfan22
quote:
There's a parking lot behind the store
And all the parking under the interstate.
Posted on 4/27/19 at 7:29 am to Cosmo
You are right about that.
When a building is in the “opportunity zone” (areas the city has designated as needing revival) the investor can use capital gains from another investment and tax defer them into that investment. Then, if it is a historic building, the government pays you historic tax credits to fix up. Sidney is probably doing very well on the real estate purchase even if the business fails.
When a building is in the “opportunity zone” (areas the city has designated as needing revival) the investor can use capital gains from another investment and tax defer them into that investment. Then, if it is a historic building, the government pays you historic tax credits to fix up. Sidney is probably doing very well on the real estate purchase even if the business fails.
Posted on 4/27/19 at 7:50 am to fightin tigers
quote:
And all the parking under the interstate.
Who wants to cross three lanes of N Claiborne to go to da grocery sto?
Posted on 4/27/19 at 9:01 am to gumbo2176
I don't know what it is, but Torres rubs me the wrong way.
Posted on 4/27/19 at 9:18 am to doublecutter
quote:
I don't know what it is, but Torres rubs me the wrong way.
I can understand that. Kind of got that "smarmy" look about him.
Posted on 4/27/19 at 10:38 am to doublecutter
quote:
don't know what it is, but Torres rubs me the wrong way.
I think it’s probably that he’s an a-hole that’s rubbing you wrong
Posted on 4/27/19 at 10:42 am to ellishughtiger
quote:
Wrought Iron...
So is he a part owner of the place or is it just his land? I know the Bulldog folks are part of ownership.
It's Wrong Iron by the way. I may go there shortly as it's such a damn nice day.
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