Rock Bottom Brewery tries to hang onto downtown lease
By Kathleen McLaughlin
Indianapolis Business Journal / IBJ.com
November 3, 2010
Landlord John Goodman wants Rock Bottom Brewery out of its West Washington Street location in downtown Indianapolis by next June.
Goodman recently rejected the restaurant's attempt to renew its lease for five more years. Rock Bottom, part of the Colorado-based chain, has occupied 14,600 square feet at 10 W. Washington St. since June 1, 1996.
The renewal notice was invalid, he said in an Oct. 8 Marion Superior Court filing, because it didn't come from the proper entity, which is named tenant Walnut Brewery Inc., and wasn't delivered by the U.S. Postal Service.
"It is unusual," said John Buerge, director of development and property management for Rock Bottom Restaurants Inc. in Louisville, Colo. "I think this is more he wants the space back for whatever reason."
Buerge insists that Rock Bottom's notice was adequate because it arrived via overnight delivery from UPS and required a signature. Similar cases in other states have been resolved in the tenant's favor, he said. Rock Bottom filed a notice to have the case moved to U.S. District Court of Southern Indiana.
To read the full article... click here.
Showing posts with label restaurant real estate. Show all posts
Showing posts with label restaurant real estate. Show all posts
Tuesday, November 30, 2010
Sunday, May 16, 2010
INSIDE DISH: Real estate deals central to success for Santorini
By: Mason King
IBJ.com, Inside Dish
Santorini Greek Kitchen, the realized dream of restaurateur Taki Sawi and one of the flagship eateries in the rebounding Fountain Square neighborhood. Growing up in Greece, Sawi developed a love for restaurants and worked his way up from dishwasher to chef. He met his future wife, Jeanette, in 1996 while she was traveling through Greece. One of his first questions to her: "How would you feel about marrying a restaurateur?"
They made their home in Indiana and opened the first version of Santorini Greek Kitchen in 2001 at 1112 Shelby St. in Fountain Square. The small eatery in a leased space was an instant success, but the experience with the $150,000 startup filled Taki with a certain dread. "Never ever put all your eggs in one basket," he says now, recalling putting both his and his mother-in-law's house up as collateral for loans.Sawi was convinced that with only 40-some seats he was leaving money on the table. In 2003, community development corporation Southeast Neighborhood Development secured an $850,000 loan to purchase and renovate a former bar and restaurant space at 1417 E. Prospect St., and signed Sawi to a lease-to-purchase agreement. He since has acquired the much larger space.
The importance of controlling his location is not lost on Taki.
To read more and view a video of Taki explaining how controlling the real estate around him was key to his Santorini's successs ... click here.
IBJ.com, Inside Dish
Santorini Greek Kitchen, the realized dream of restaurateur Taki Sawi and one of the flagship eateries in the rebounding Fountain Square neighborhood. Growing up in Greece, Sawi developed a love for restaurants and worked his way up from dishwasher to chef. He met his future wife, Jeanette, in 1996 while she was traveling through Greece. One of his first questions to her: "How would you feel about marrying a restaurateur?"
They made their home in Indiana and opened the first version of Santorini Greek Kitchen in 2001 at 1112 Shelby St. in Fountain Square. The small eatery in a leased space was an instant success, but the experience with the $150,000 startup filled Taki with a certain dread. "Never ever put all your eggs in one basket," he says now, recalling putting both his and his mother-in-law's house up as collateral for loans.Sawi was convinced that with only 40-some seats he was leaving money on the table. In 2003, community development corporation Southeast Neighborhood Development secured an $850,000 loan to purchase and renovate a former bar and restaurant space at 1417 E. Prospect St., and signed Sawi to a lease-to-purchase agreement. He since has acquired the much larger space.
The importance of controlling his location is not lost on Taki.
To read more and view a video of Taki explaining how controlling the real estate around him was key to his Santorini's successs ... click here.
Subscribe to:
Posts (Atom)
Son Isaac on Camel in Tangiers
