After being plagued for the past six-and-a-half years with financial issues, the future looks bright for the former Copia Cultural Food and Wine Center thanks to its new owner, Triad Development of Seattle. Since opening in 2001, the center has been fighting an uphill battle, in spite of major support from philanthropic groups, the full backing of Robert Mondavi, and contributions from many in the wine business totaling nearly $50 million. Finally, in December of 2008, Copia filed for bankruptcy.
The details of sale between The Copia Liquidation Trust and Triad Development have not been disclosed, but the future could include a new tenant in the Copia building, parking, a small amount of retail and a variety of high-quality green homes. Affordable housing may be part of the mix as well.
Curt Johansen, development director for Triad in California, said “Triad is honored to be chosen to redevelop the former Copia property into a delightful mixed-use destination compatible with the Oxbow Market and other local businesses.”
According to bankruptcy documents, the Copia property’s estimated value was $30 million. In March 2009, the property was appraised at $24.8 million. Redevelopment costs will likely be $100-$150 million and will take three to five years to complete.
Redevelopment of the Copia Center should fit nicely into the existing Triad portfolio. The company even has history here in the Napa Valley in the development of Pacific Union College’s Angwin Ecovillage.
Read the article “Copia sold for mixed-use development” in the Napa Valley Register for a more comprehensive look at the story – including past turmoil.
The development of The Copia Cultural Food and Wine Center is welcome news for anyone searching for a luxury home, estate, vineyard or winery in Napa Valley or Sonoma because it is another sign of our healthy economy here in Napa Valley.
Please contact me at 707-738-4820 or email me at [email protected] for my “confidential” off-market properties that include wineries, vineyards, estates and homes in Napa, Yountville, Saint Helena and Calistoga. The inventory is extraordinary and each and every property has spectacular views.