The Santa Fe Arcade on the Plaza is under new ownership for the first time since local art and real-estate magnate Gerald Peters opened it in 2004. The 20-year-old building, constructed over two years in a space previously occupied by a Woolworth's store, changed hands in September, according to Santa Fe County assessor tax records. The sale ended a foreclosure filed this spring by creditors who allege Peters and his wife Kathleen Peters owed $87,000 on a $13 million loan they took out in 2014, court records show.
New owners Raymond Rashid and Norm Rashid said in an email sent by a spokesperson Thursday they are "locals born and raised in Santa Fe" and their goal is to "create a special destination that embodies the beautiful and welcoming experience that people expect in Santa Fe, serving both locals and visitors alike." The Arcade has entrances on the Plaza and on Water Street and includes about 33,000 square feet of retail space. "This prime location is a rare find, and although it’s only been a short time since we closed on the building, we’ve been working hard to revitalize it to align with our vision for the future of Santa Fe," the owners, who are brothers, said in the statement.
"We are already in communication with many local retail and dining establishments across the state who have expressed interest in being part of this transformation," they said. "We have a dedicated team carefully reviewing these inquiries to ensure we bring in the right establishments that.
