Stampede eatery deal in jeopardy
New owners of Margaritaville to assess project
By Jamie Komarnicki, Calgary Herald March 16, 2011 4:02 AM
Stampede-goers dreaming of wasting away in Margaritaville may have to stick to Caesars and suds for now.
The Jimmy Buffett restaurant -touted as the marquee attraction in a major expansion slated for Stampede grounds -is facing new hurdles as the company behind the Canadian arm of the chain comes under new ownership.
A Toronto-based company in the process of purchasing Margaritaville Canada will be evaluating the Calgary project once the transaction is complete, said its head, Dragan Matovic.
"We are going to be speaking with the various developers there and the folks at the Stampede in the near future once this transaction is hopefully completed, and then we'll decide accordingly."
In July 2009, Denver-based developer Alberta Development Partners Inc. announced the major Calgary Stampede mainstreet retail and entertainment expansion.
After delays due to the downturn in the economy, the developers are planning some financing and tenant announcements within months.
Bryan McFarland, principal of development, is in Calgary this week, meeting with several retailers, including existing tenants and new prospects.
"Whatever happens with Margaritaville, we've got a great lineup of tenants to either replace them or supplement them," he said.
Eventual plans for the Stampede project include 150,000 square feet of retail space, 100,000 square feet of office space and a 300-room hotel.
It also boasts plans for "majestic entry gateways" and a plaza for gathering.
Margaritaville was to be the anchor tenant and include live entertainment and a sports bar.
Matovic said his numbered company is in the final stages of negotiating an agreement to acquire the Margaritaville licence rights for Canada.
"Subsequently, we would start focusing in on several major issues, one of which would be the growth of the company going forward and obviously assessing the merits of the Calgary project," he said.
It's too soon to make decisions before the company purchase is complete, he said, adding that the Calgary restaurant "sounds like an interesting opportunity."
Last week, Calgary Stampede announced a new partnership with Cowboys. The infamous nightclub is set to move into the Stampede Casino and is expected to attract an above-18 crowd.
Read the whole article:
http://www.calgaryherald.com/busines...804/story.html