Village tenants, CNL/Intrawest reach agreement
A long, lengthy negotiation process appears to be paying dividends for tenants of the Village at Mammoth. By press time Thursday, The Sheet received word that tenants have reached what they consider a satisfactory agreement and have executed new lease terms with CNL/Intrawest. Terms were not disclosed and no official word was issued by Attorney Rick Wood, the tenants group’s legal counsel, but an e-mail note from Michael Raimondo of the Old New York Deli said that talks between himself, Woods, Shields Richardson from Side Door and Stu Need from Lakanuki, along with Joe Walsh from Intrawest, Steve Rice and representatives from CNL played a significant role in getting the deal put together.
In the wake of a struggling Village that has been losing tenants for the last few years, reports are that CNL/Intrawest gave the existing tenants important incentives, including rates that Raimondo thinks will attract new tenants to open new stores in the Village at Mammoth. He’s not the only one, either.
“There’ve been some hurdles, but everyone seems to have those behind them. I think you’re going to see existing tenants staying there, and there’s been a lot of new activity,” commented Matthew Lehman of Trademark Properties, leasing agent for the Village. “We’ve got 5-7 leases out for negotiation right now that are close to putting ink to paper. In a rapidly changing market, it’s a positive … a win-win. Common Area fees are lower, rates are lower; we’ve got the new Ski Back trail and expanded air service this winter, all of which is generating some new momentum. We just have to embrace it.”
Lehman couldn’t comment on the names of the businesses, but said almost all of them are “locals,” and that two of the spaces — the former Restaurant LuLu and Hennessey’s locations — are both being targeted by prospective tenants.
“We all are very confident that with a new vibrant tenant mix, ski back trail to the village, expanded air service to Mammoth along with the economy participating, we will have a very successful turn around of the Village for locals, visitors and business owners. It is great to finally put this long, lengthy dispute behind us so we can create positive synergies for the Village and town,” Raimondo said in his e-mail.
