
Starbucks
814 Paseo Del Pueblo Sur, Taos, NM 8575

Property Status
Off-Market
Lot Size
1.02 AC
Building Size
2,400 SF
Deal Type
BTS
Some deals come together smoothly, while others push you to your limits. This is the story of the most challenging project of my career: the new Starbucks in Taos, NM.
By the time this deal began, I had been working with Starbucks for a while and knew they needed a drive-thru location in Taos. After scouting, I identified an underutilized corner that seemed perfect. The catch? It wasn’t listed. This meant starting with my specialty: a cold call.
The owner mentioned another interested party—a group aiming for the same Starbucks deal. However, at the terms the owner was talking about, I knew that made the economics untenable for Starbucks. I explained this to the owner, but they chose to proceed with the other group. As expected, Starbucks passed on that opportunity - too expensive - and ended up signing a lease at a different location—one I couldn’t buy. So, no deal for me.
Fast forward a year. I circled back to the original site, now dropped by the other group. I still believed in its potential and thought about other uses, like a gas station or car wash. I put the deal together. Then came an unexpected twist. Starbucks, unhappy with the developer at their new location, approached me about my site asking if I'd be interested in developing it for a Starbucks. Hmm, I thought. Well, given that I hadn't put a deal together with anyone else yet, I decided to proceed. Over two years after my initial efforts, we finalized a deal.
Construction began in April 2023, and things were smooth—until August 23rd. An arsonist set the building on fire, likely spurred by anti-corporate sentiment stirred by local news. I was devastated but determined. Starbucks reaffirmed their commitment, so we restarted.
Two months later, my worst fear came true: a second arson fire. This time, the building was reduced to ashes. The financial toll was massive—additional loan carry, loss of rent, and increased construction costs. Worse, some locals celebrated this destruction, unaware that their actions hurt local businesses, not Starbucks.
Starbucks stood by me, but moving forward required renegotiating the deal to account for over $300K in added costs. While not made entirely whole, the revised terms made rebuilding feasible. For the 3rd attempt, we spared no precaution: night security, motion-sensor cameras, and even ATF surveillance. Finally, the project was completed without further incident. Last week, the new Starbucks in Taos opened to huge lines and excitement.
J. Clint Jameson, CDP
Managing Partner
