Old Station Sub Shop in Downtown Phoenix put up for sale after decades in business
PHOENIX - The Old Station Sub Shop in Downtown Phoenix is officially up for sale.
The business, which is located near the Arizona State Capitol on Jefferson Street, opened 38 years ago, and the original owner - Joe Faillace - ran the place ever since then.
The last few years, however, have not been easy for the sub shop. Tents in the homeless encampment known as ‘The Zone’ surrounded the business, to a point where it was unsafe for customers.
"When The Zone got cleared. I just thought it would be over, but there's a lot of people that are on the streets, and they're still doing things that are a little scary, you know?" said owner Joe Faillace.
As a business owner for nearly 40 years, Faillace said offers to buy the sub shop came and went.
"We got several offers. We changed our mind. Then several years later, we got really good offers for $250,000, but my wife wasn't ready to sell right then. Our kid was just going into college," Faillace said.
Faillace said he will hold onto the property, but would like to sell the eatery for $139,000.
"We're pretty much giving it away, in my opinion," said Faillace. "The place is a gold mine, if they're going to build an apartment complex there and there, and retail in the middle."
Business, meanwhile, has picked up since The Zone cleared out, and there's no sign of it slowing down.
"I love this place," said Faillace. "I wouldn't be here 38 years if I didn't love it. I love my staff, but I don't want to lose my wife. I love her."
After 38 years of serving subs, Faillace is ready to part ways.
"If somebody wants to spend 38 years here, you know, the future is going to be good, but I'm 71, and it's time to go," said Faillace.
The sub shop is still open during its normal hours, and Faillace Joe plans to keep working until the business is sold.
