REAL ESTATE
Historic Downtown property back up for sale as owners eye retirement
Lindy鈥檚 Diner, the building鈥檚 anchor tenant, will remain open until the property is sold
Published
An iconic Route 66 property and staple of Downtown sa国际传媒官网网页入口 is up for grabs after decades owned by the same family.
The Bliss Building, home to Lindy鈥檚 Diner at 500 Central SW, hit the market for nearly $1.3 million in late March.
鈥淚t鈥檚 been a long haul, and we鈥檙e just kind of ready to retire,鈥� said Steve Vatoseow, who owns the two-story building and Lindy鈥檚 Diner alongside his wife, Dawn Vatoseow. 鈥淏usiness is good, we love doing it, but there just comes a time in your life that maybe it鈥檚 time to do something else.鈥�
Lindy鈥檚 Diner, recognized by the Food Network as one of the best in the country last year, will remain open for business, along with the building鈥檚 other tenants, throughout the listing process. Vatoseow said they鈥檙e just going to 鈥渃heck and see鈥� what kind of offers they get.
It鈥檚 not the building鈥檚 first time on the market, as the Vatoseows previously attempted to sell it in 2024 for around the same price. A lack of serious offers prompted the owners to pull the listing, but this time, they鈥檙e hopeful they鈥檒l have better luck.
鈥�(The last time,) it was a hard time. It was right after COVID. Interest rates were really high and people weren鈥檛 really doing a lot,鈥� Vatoseow said. 鈥淣ow, things are starting to change a little bit. There鈥檚 a lot of activity going on Downtown, so hopefully a developer will come in here and want to do something with it.鈥�
Some of the new projects coming Downtown include the conversion of the old Wells Fargo tower into mixed-use housing and the transformation of a vacant property known as the Gizmo building into an art hub.
Vatoseow said the upstairs level of the Bliss Building offers a similar opportunity for revitalization. As a former hotel, the space comes with 22 rooms 鈥渟creaming to be developed into condos or apartments,鈥� especially with Downtown鈥檚 need for more housing, Vatoseow said.
In addition to Lindy鈥檚, the 12,859-square-foot building鈥檚 bottom level is also occupied by two apartments and two art galleries.
If the building sells, the future of these spaces is up to the new owner, Vatoseow said. If the new owner wanted to continue a restaurant in the Lindy鈥檚 space, Vatoseow said he鈥檇 be open to sharing recipes for some of the diner鈥檚 best sellers, but that he would likely retire the Lindy鈥檚 name.
鈥淢y dad started here in 1960 and it鈥檚 been in my family that long, so I鈥檇 hate to just leave it on the table,鈥� Vatoseow said.
NAI SunVista Adviser Anthony Lotto, who鈥檚 handling the listing with Adviser Alexis Lovato, agreed with Vatoseow that now is a better time to list, citing the property鈥檚 Route 66 location amid the Mother Road鈥檚 centennial and a friendlier development environment.
鈥淚 know the city鈥檚 wanting to work and wanting to move forward with some projects, so I think this would be a really good thing for Downtown,鈥� Lotto said, adding there might be some potential funding sources from the city.
The building still has a lot of life left in it, Vatoseow said, but the couple is ready to relax, spend time with their family and let someone else shape the property鈥檚 role in Downtown鈥檚 revitalization efforts.
鈥淚t鈥檚 been quite a ride,鈥� Vatoseow said.
Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.
