There is a tweet out there saying Verve is losing its lease and closing. Any confirmation of this? If it's true, it would be a shame. Great space, great food and wine. Say it ain't so!
Date: 07 Sep 2011 18:07
Number of posts: 11
RSS: New posts
this is confirmed on their facebook page, also seattle met has had a post about this. sep 17 is the last day
Anyone know why they are losing their lease?
That's what I would like to know. I assume that losing their lease is code for not making enough money to keep paying the lease. This makes sense as restaurants are a tough biz; however, if it is a case of the landlord not resigning a lease with Verve, I would be very disappointed. I think it's been incredible what they've been able to do with a storefront that is in a less than ideal location. I didn't expect them to survive past the first year being tucked back in there. Luckily they proved me wrong. Verve will be missed by C City.
Yeah, I'm not sure why they're losing the lease. Here's a more recent article about it:
Hey Kids. Garrett of Verve here.
I can assure you, there's no code here. Business has been terrific and the community, as always, fantastic and supportive. This was entirely the landlords' choice to not re-sign with us. We're looking for a new space up north, and there will be updates as things progress. Thanks!
OK, this is disturbing in my mind.
First, I think the moderator should confirm that this is indeed Garrett. I'm sure it is; however, it is reasonable to get 3rd party confirmation as to not give trolls the pleasure.
I in general believe that landlords should have the right to run whatever business they need to run; however, I do believe they should be honest and upfront with their reasoning. If Verve was fully capable of paying competitive market rates for the space and are being forced out, Peter Lamb should at least explain this decision. No, he is under no obligation to do so, but if he intends to keep developing Columbia City it would be courteous to explain his reasoning for his decisions.
I connected with Pete Lamb, owner of the Magellan Building, where Verve is located. He said the original lease involved an option to renew for an additional five years at market rates, but they chose not to.
It sounds like the end of the story hinged on the tenants' needs/desires for additional flexibility, and the landlord's ability/willingness to offer that flexibility. It's too bad they couldn't work it out — sounds like they've made their decisions and are moving on.
"It sounds like the end of the story hinged on the tenants' needs/desires for additional flexibility, and the landlord's ability/willingness to offer that flexibility."
That's putting it very diplomatically, but it's a huge assumption to think both sides of the tenant/landlord relationship have equal power in negotiations, and that there's transparency and good will on both sides. Still, your phrase, "the landlord's ability/willingness", does point in the right direction, in my opinion.
Rather than engage in any "he said / she said" discussion all the community needs to do is watch Verve's (old) space. If it sits empty for as long as Kallaloo did earlier this year (and let's face it with that back alley location it should sit empty for far longer) then, though the landlord didn't have the "ability/willingness" to continue renting to Verve, they were still willing and able to assume the risk of losing rent on the space as it sits on the market.
However, if a new tenant starts moving in within a month or two we can all be fairly certain that Pete Lamb sold out a vital piece of Columbia City's soul for just a few more pieces of silver per month.
I think it's very sad that Verve closed and that before that they were unable to move into the Kallaloo space. I know little about finances, nothing about being a landlord (other than having a young person renting a room in my house for under market value) but I do know about this neighborhood having lived here and owning my house (buying it, now owning it) since 1989. Verve and Kate and all who worked there will be missed greatly. I hope people negotiated with open hearts and integrity all the way around. I hope Mr. Lamb's decision was not just due to "the bottom line". That road is taking us (our world) down.
|Read other recent posts.|