Downtown Downturn: More restaurant closings, condo foreclosures - WMC Action News 5 - Memphis, Tennessee

Downtown Downturn: More restaurant closings, condo foreclosures

By Jason Miles - bio | email | Twitter | Facebook

MEMPHIS, TN (WMC-TV) - Downtown Memphis eatery Encore served its last gourmet meal Thursday evening.

The upscale restaurant award-winning chef Jose Gutierrez opened in 2005 is the latest downtown business to fall victim to the troubled economy.

"The restaurant business is always tough," said Chef John Bragg, who own another restaurant, Circa, just one block away.

Bragg says reliability, quality and relevance are the key ingredients for surviving and thriving.
    
"Running a restaurant of your own, signing the checks and plunging the toilets - that's a whole lot different than cooking food," he said.
    
The housing market looks dismal, too, as more downtown condominiums fall into foreclosure.

Developers of the Goodwyn Condominiums on Madison Avenue defaulted on two $7 million loans. Only three units have sold since the condos went on the market over a year ago.
    
The remaining units will hit the auction block next month. 
    

(Copyright 2009 WMC-TV. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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