La Jeune Rue (Young Street) May Be Old News

Cedric Naudon

We were so thrilled when it first started up and Liz Alderman first wrote about it: La Jeune Rue.

Located in the northwestern area of the 3rd district (Le Haut Marais) we watched the “quartier” gentrify last and exhibit the most potential for being cooler than cool, hipper than hip.

Last August, chief European business correspondent for the Paris-based International New York Times, Liz Alderman, investigated and reported on the goings-on along “rues” Vertbois and Volta to transform the ancient neglected streets into an “Epicurean Village” called “La Jeune Rue” (Young Street). (Read the article)

Led by entrepreneur Cédric Naudon, half the neighborhood got bought up with plans that had everyone’s heads spinning and hopes skyrocketing for a brighter future injected into the neighborhood. A butcher, cheesemonger, organic bakery, oyster bar, fishmonger, and a variety of ethnic restaurants were all part of the scheme. Naudon sold the project so well that City Hall gave him their “Seal of Approval,” even partly backing the project financially (along with three other banks)…but not everyone was thrilled — some residents were afraid it would no longer be the unpretentious neighborhood they loved.

Long time establishments, of these two streets such as Chez l’Ami Louie and Pramil, remained stalwart while the construction took place around them. Questions about Naudon mounted while big promises of the creation of 200 jobs resulting from the project at a time when French entrepreneurs were leaving France for greener pastures.

Ten months later to the day, Alderman is back with a follow up article: “La Jeune Rue Project, and Its Founder, Slide Toward Failure in Paris.”

The “ambitious concept” has turned sour and is the sad story of bankruptcy and failures. On Naudon’s ‘hook’ was Paris Mayor Anne Hidalgo, Publicis executive Michel Duval and a slew of Paris’ finest “chefs, architects and designers, as well as politicians and bankers.” Meanwhile, the financial failure has left employees and suppliers unpaid and bearing the brunt of the disaster.

Liquidation is in process, the streets look like an abandoned construction project, but with some foresight one can see that the void can be filled by clever opportunists and entrepreneurs willing to pick up Naudon’s pieces. He may have talked a big game and couldn’t deliver, but at least he got the district dreaming — a dream ripe to be fulfilled.

This little corner of Paris may be even more of a real estate investment opportunity than it was before.

A bientôt ,

 Adrian Leeds

The Adrian Leeds Group

Respond to Adrian: [email protected]

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