Despite delays that consistently pushed back the opening of the Brickyard on Mill, Mill Avenue's newest merchants say that since the opening on Nov.16 the Brickyard has generated better than expected revenue.
A number of business, including Bank of America, have relocated into the Brickyard at 699 S. Mill Ave. between Sixth and Seventh streets.
Gina Bagby, manager at the Brickyard's Bamboo Club, said the combination of the downtown area and the proximity to ASU brings in a lot of business.
"The demographics of the area is great," Bagby said. "We've met all of our expectations and each weekend we experience an increase in business."
Initially, some small businesses expressed concern about the effects the Brickyard would have on their own business.
However, Raliegh West, general manager of the Coffee Plantation on Mill Avenue and Fourth Street, said he has not seen a change in business since stores like Borders opened in the Brickyard, but expects to see an increase when the residential area is completed.
"We are pretty much two different kinds of animals," West said. "There is supposed to be some sort of high-tech place moving in and I expect them to come and visit me."
The Orchidhouse, behind the Bank of America Building, is still under construction, but residents are expected to start moving in by the middle of March.
According to Stewart Truitt, purchasing manager for MCW Holdings, Orchidhouse spaces initially ranged from $180,000 to $600,000.
MCW Holdings has been the principal developer for the Brickyard. Truitt estimates that approximately three-fourths of the 90 condominiums available will be rented out.
"After everyone starts to move in, it should help the downtown tax base and gives the local economy a bit of a boost," Truitt said.
More recently, the cost of office and retail space in Orchidhouse skyrocketed to almost $800,000, something Truitt attributes to basic market supply and demand and the "distinct advantage" of the view and location.
One company that is currently negotiating rental space in the Bank of America Building is Integrated Information System.
Reach the reporter at tony.ku@asu.edu.
