Pleasanton Weekly

News - November 26, 2010

Tully's Plaza developer set to do it again

Buys south Main St. building for new retail, restaurant

by Jeb Bing

South Main Street is about to get a major facelift with new retail stores and a restaurant in an empty building abandoned after Guaranty Bank declared bankruptcy in August 2009.

Craig Semmelmeyer, whose Main Street Property Services developed the popular Tully's Coffee Shop site at Main and Angela streets, has purchased the building at 234 Main St.

Guaranty Bank reportedly paid $2.5 million for the property, but other than putting signs in the window never moved in before it was seized by the FDIC. At the time, Guaranty had 103 branches in Texas and 59 branches in California.

Semmelmeyer's firm reportedly paid $500,000 to acquire the 234 Main St. property.

Semmelmeyer said plans are being prepared to renovate the building for retail tenants and a restaurant that will offer different services and cuisine than what's now available downtown.

Fleet Feet, now located a block up Main Street, has already signed a lease to move into larger space at the 234 Main St. building, more than doubling its current space.

The 234 Main St. building has about 5,000 square feet of tenant space. Semmelmeyer said that at one time it was actually two buildings and his redesign of the structure will make it look again like two separate facilities when reconstruction work is completed in the first quarter of next year.

"I plan to put a restaurant on the site, one that will be unique and will attract diners to downtown Pleasanton who don't come today," Semmelmeyer said. "I'd like to have outdoor seating that along with other tenants will bring some energy to the 200 block of south Main Street."

Main Street Property services rebuilt the properties at the corner of Main and Angela where Tully's, Coldstone Creamery, Bibiane Bakery and Fontina Restaurant are located. That corner, with its outside courtyard, has become a favorite meeting place in Pleasanton's downtown. The Tri-Valley Convention & Visitors Bureau has its offices on the building's second floor.

Fleet Feet Sports is located across the street at 310 Main St., in property also owned by Semmelmeyer's firm.

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