More news on Cottonwood Plaza. Realtor in charge of the current escrow with a new buyer, Stan Smith of Pleasant Valley Associates, said that the new buyer is moving full steam ahead and has revealed some of his plans.
Smith said that the buyer wants to convert the former Burger King restaurant facility into an El Pollo Loco restaurant, a well-known chain. Smith said the buyer has no immediate plans for the remaining two buildings that make up the center. Smith said the new buyer’s desire is to keep the buildings up and renovate them if possible.
In fact, Smith said potential tenants should go ahead and make inquiries. You can contact Smith about that. Smith said there was also good news about the soil excavation and testing. No contamination was confirmed in those tests, so the pits dug to examine the soil will be back-filled.
Gary Schley of the City of Bishop met with the new buyer and the current owner on site to discuss building requirements of the City since the buildings have been vacant for more than a year. Smith said Schley’s information was very helpful and important for taking steps ahead in the process of the sale.
Smith added that within the next 30 days, the buyer’s contractor will do on-site testing of utilities. Although the new buyer’s real estate agent has not yet released his name, Smith did say the buyer is enthusiastic and has other properties in Mammoth Lakes and Bishop.