How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
CraftWorks Restaurants & Breweries Inc. will move into a 10,000-square-foot office suite at 8001 Arista Place in the Arista mixed-use development. The company is leaving an office in Louisville.
CraftWorks is relocating to right size its office, company representative Rebecca Fischer said. The company employs about 50 people at its Colorado office. CraftWorks is headquartered in Chattanooga, Tennessee.
Sponsor Generated Content
CraftWorks’ predecessor, Rock Bottom Restaurants, has long had a presence in the area, and founder Frank Day launched the Old Chicago concept in Boulder in 1976. In 2010 Rock Bottom Restaurants merged with Gordon Biersch Brewery Restaurant Group Inc. to form CraftWorks Restaurants and Breweries, Inc.
CraftWorks wanted to remain in the area in a place that was accessible to employees, Fischer said. It also likes Arista’s amenities and the fact the company will lease an entire floor, she said.
The suite will not just be for offices, Fischer said. CraftWorks plans to build a bar in its lobby, a test kitchen for meals and a dining area, Fischer said. Construction will start soon and the company intends to move in Feb. 1.
Landing CraftWorks is a big deal for Arista, said Tim Wiens, principal of Wiens Capital Management and master developer of Arista. With the addition of CraftWorks, the offices in 8001 Arista Place will be 100 percent leased.
“It is a nice addition to the building and Arista in general, and we’re really happy to have them. They’re a good company, and we all like their product,” Wiens said. “It’s another example of progress at Arista.”
The past year has been a good one for Wiens and Arista. In June, Mrs. Fields Famous Brands opened its headquarters in 8001 Arista Place after relocating from the Salt Lake City area. Work also has begun on large housing projects in the development, and talks are progressing with potential tenants for the ground floor retail space at 8001 Arista Place, Wiens said.
Momentum is strong enough that developers are considering breaking ground on another office building, 8181 Arista Place, a 81,433-square-foot office/retail building.
The building is fully designed and approved but was put on hold before the 2008 market crash. Wiens said he now is trying to find financing and partners. If everything comes together, building could start early next year.
“It’s time we start trying to pull that out of the ground,” Wiens said.
It all adds up to a rebound for Arista, a transit-oriented mixed-use development that opened in the mid-2000s but was hit hard by the economic downturn.
“Arista is just starting to take the shape of what was envisioned about 10 years ago,” Wiens said.
The turnaround is satisfying for Wiens.
“It’s always amazing what perseverance will bring,” Wiens said. “For anybody in the real estate and or finance industries, it’s been a tough few years. I can certainly attest to that. But we’ve always just kept at our business and kept moving forward.”
Joe Heath and Don Misner of Jones Lang LaSalle represented the landlord. Marty Knape and Alex Hammerstein of CBRE represented CraftWorks.