clock menu more-arrow no yes

Filed under:

Slow Down Kids, Gus Murad Not Leaving the Mission After All

New, 2 comments

This morning word hit the Mission that Gus Murad, owner of the love-it-or-hate-it Medjool (you know, with the problematic rooftop bar) was packing up and leaving the neighborhood by selling off his three very high-profile properties on Mission Street: Medjool, the New Mission Theater and the Value Giant Value. Quoting comments from local broker Colleen Meharry, neighborhood blog Mission Local implied Murad was fed up with the city stunting development and was wiping his hands of the business entirely in order to spend time with his family.

The problem is, that story is only partially true.

Murad has, in fact, put Medjool and the attached Elements Hostel on the Market, but by all accounts he remains fully committed to the restoration project of the New Mission Theater as well as the Giant Value. (More on that in a second.)

In speaking with Meharry, we learned that neither she, nor her current company Urban Group Real Estate, are responsible for the Medjool's listing at 2522 Mission Street. (That'd be these guys at Vanguard Properties.)

Meharry did mention her group has a listing directly next door to Medjool, and that she received a call from a potential buyer "last week or early this week" asking about the pricetag on the nightclub. She told the buyer she estimated the listing would be around $7.1 million (the price quoted on MissionLocal) before pointing them to Vanguard properties. Vanguard currently has the property listed at $7.25 million - admittedly, not a huge difference, but enough to point out the [ahem] buyer wasn't serious enough to follow through.

That leaves the issue of the New Mission Theater and the Giant Value next door. In speaking with Murad's PR guy, PJ Johnston, we learned that neither are actually up for sale. And we're inclined to believe him, because as far as we can tell there are no listings for either property. As Johnston mentioned on the phone, after spending hundreds of thousands of his own cash to keep the project afloat, Murad is working to enlist other financial investors to join in the restoration efforts at the Theater. Any development projects at the Giant Value are intended to help finance the restoration of the New Mission.

Oh and the bowling alley? As far as anybody can tell, Brooklyn Bowl hasn't been looking in the Bay Area for a couple months at least, but it wouldn't have gone in to the New Mission Theater anyway. As a historic site, it could only get the restoration treatment, not a renovation.
Update: It looks like things have changed a day later. This morning P.J. Johnston, a spokesman for Gus Murad, told the Chronicle that Murad has put the building's up for sale, but only to "test the market." We'll report any further developments.
· Medjool Roof-Douches Are Plotting a Return [Curbed SF]
· Owner of Medjool and Roof Top Bar Puts Mission Real Estate Up for Sale [Mission Local]
· 2522 Mission [Vanguard]
· Bowled Over [Curbed SF]