AZ Central – Downside Risk plans revival at Gainey Village

by Peter Corbett – Feb. 17, 2012 08:58 AM
The Republic | azcentral.com

Longtime restaurant and bar owner Randy Frederick is planning to revive the Downside Risk at the Shops at Gainey Village.

Frederick is seeking a conditional-use permit for the restaurant and bar on the northern edge of the shopping center northeast of Scottsdale Road and Doubletree Ranch Road.

Downside Risk Scottsdale, 8989 N. Scottsdale Road, Suite 608, would share a building with a dry cleaner just north of the former Garduno’s Mexican-food restaurant.

Frederick operated the Downside Risk downtown from 1986 to 2003 and a Scottsdale Airpark location from 1999 to 2005.

In its prime, the downtown Downside Risk, 7419 E. Indian Plaza, was a lively tavern that predated the entertainment district southeast of Camelback and Scottsdale roads by about 15 years.

The other Downside Risk, 14950 N. Northsight Blvd., initially was a hot spot but business declined as more bars opened in the Airpark over the past decade.

Salty Senorita took over the 5,100-square-foot building in December 2006 but it closed last year.

Frederick was unavailable for comment.

The use permit for live entertainment was submitted to the city this month.