Monti's last day of businessPosted: Updated:
TEMPE, Ariz. -- Monti's La Casa Vieja served up their steaks and "Roman" bread for the last time Monday.
The famous Valley restaurant closed after 60 years of business.
"I wanted to do this forever, but I can't fight the economics of the cost of the steak, the cost of energy, the cost of labor, and keeping this building up," Michael Monti, owner of Monti's La Casa Vieja, said.
Developers reportedly paid $17 million for the 2.5-acre area. They plan to build a 16-story Kimpton hotel, 15-story office building, and 17,000 square feet of retail and restaurants.
The building however will still be preserved, fixed up, and turned into a new restaurant by the buyers.
"They vowed to preserve it so the 11,000 square feet that comprised the original structure the Haydens built are still going to be here. It's going to get some much needed deferred maintenance and be reopened as some other restaurant concept."
The original adobe hacienda was built by Charles Trumbull Hayden in the 1870's and has been named the oldest continuously occupied structure in the Valley.
The house was added to the National Register of Historic Places in 1956.
Monti has no plans of opening another restaurant.
If you are interested in having a piece of Monti's memorabilia, the memorabilia auction will be Dec. 4 at 7 p.m.