The owners of The Downtown Market, a business and vendor space on 45 S. French Broad Ave., have announced that their mortgage is being foreclosed and that the Downtown Market Consignment, home to over 70 vendors, will be closing June 30.
The fate of the other businesses leasing space at the market, including Amazing Savings Grocery, hi~fi Coffee Bar and Pho Fusion, remains unclear, but co-owner Bobby Potts remains hopeful that First Bank, The Bank of Asheville Branch, will work with current tenants to keep their leases.
“We struggled from the beginning just trying to make a go at it and trying to do something that would fit in to the economy,” Potts said.
“As we struggled, we had our loan with the Bank of Asheville. They were actually working with us, and we were trying to work out some restructuring of the loan and had been working with them for several months to do that. And then Jan. 21, FDIC stepped in and First Bank took over. And we immediately called for a meeting and met with them. The bottom line, to make a very long story short: They want us to pay off the loan, and the building isn’t worth what it was in 2007,” Potts said.
In a letter to the Downtown Market’s tenants explaining the foreclosure, Potts and co-owner Josiah Hyatt attributed the economic downturn to the lack of options the business faces, saying, “There are almost no loans for commercial buildings and new businesses, especially with a shortage now in value, leaving us with no real choices.”