Shops at Oasis, Texas subject of foreclosure; Oasis restaurants ‘alive and well’

0

The Shops at Oasis, Texas, located at 6550 Comanche Trail in Austin, became the subject of a multimillion dollar foreclosure filing earlier this week, according to documents filed with Travis County.

The Oasis, owned solely by longtime Austinite Beau Theriot, and Soleil, owned by Theriot and a group of investors, are not involved in the filing.

“The Oasis restaurant is in no way affiliated with The Shops at Oasis, Texas,” said Theriot, who built the hillside establishment more than 30 years ago. “Oasis restaurant is alive and well.”

Oasis restaurant recently hired new staff members, including a general manager and executive chef, and has established a new offsite catering venue.

Theriot is a 50 percent owner of The Shops at Oasis, Texas, with RHS Interest Inc. assuming the management duties of the Oasis, Texas development partnership.

The Shops at Oasis’ major tenant, Uncle Billy’s Brew and Que, moved out of the complex this past fall and is currently five months behind on rent, Theriot said. The brewery-restaurant, which was serving as an anchor tenant, had signed a 10-year lease, and the loss was a “major blow to the development,” he said.

Shortly thereafter, The Shops became increasingly behind on payments to its lender bank.

Theriot said that he and his partners were working with the bank to prevent a foreclosure of The Shops at Oasis, Texas, and that they expect an amicable resolution prior to the March 5 auction date.

“It looks like another group will take over before it goes into foreclosure,” Theriot said. “We’re working on it now.”

Retailer reactions

Upstairs retailer Cindy Barber, who built out the Longhorn Balls candy shop, said the foreclosure filing was concerning. Barber, together with husband Matt, left their jobs and invested much of their life savings into the new business.

“I have no idea what we will do,” Cindy Barber said. “To be honest, I’ve been disappointed. I’ve seen no new businesses here since the summer of 2012. It’s like a ghost town.”

Longhorn Balls and Taste of Texas are the only remaining second-floor tenants in The Shops.

Tenants Gail and Kenny Fowler, owners of Lakeview Winery on the lower level of the complex, said they were not aware of the changes occurring at The Shops until approached for an interview Feb. 15.

Theriot said the shop owners were not told of the foreclosure because he had hoped to work out a plan with the bank before the sale date.

Theriot said if foreclosure at The Shops is averted, he plans to seek an aggressive leasing company for the property, inject new capital into the project and finish out the remaining storefronts.

“Because there’s nothing to draw people in there, [and]very few businesses, it’s like a plywood ghost town,” Theriot said.

Bob Schultz, president of RHS Interest Inc., could not be reached for comment as of press time.

Share this story
COMMENT

Comments are closed.

Back to top