ROCHESTER — Plans for a beauty makeover of a former Perkins restaurant building are off after a California developer decided that the "risks involved are too significant.” Rocklin, Calif.-based Bianchi Estates had proposed a plan to purchase and redevelop the empty 4,600-square-foot building at 432 16th Ave.
NW to house 22 salon suites for lease to local hair stylists and professionals in related fields. The model is that each rented studio is its own independent operation with its own name, retail products, prices and hours. That plan moved through the early stages of Rochester’s development process.
However, after more due diligence, Bianchi officials decided that the economics of the project didn’t work. “After a thorough evaluation, Bianchi Estates has reached a decision not to proceed with the purchase of the Ex-Perkins restaurant property because the asking price is deemed too high relative to the associated risks involved to justify a long-term investment. Our team dedicated considerable effort to assessing all pertinent aspects to ensure this investment aligned with our strategic objectives,” wrote Bianchi Operations Manager Lindi Cano this week.
“Regrettably, after weighing all the potential benefits against the associated risks, we have determined that the risks involved are too significant.” The 60-year-old building has been empty since the Perkins restaurant based there closed in 2018. South Dakota developer Nate Stencil purchased it in 2022 for $1.
