Now that Fox Surf Shop screwed around with the space at our new casino by accepting a lease at $30 per sq. ft and then changing its mind within days, Lake Worth Tee Shop is back with an offer. In fact there are two offers on the table:
1. $30sq ft and 10%cap on CAM
2. $25sq ft and no cap on CAM
All along, Lake Worth Tee had the right of first refusal but the City jerked them around. On our beach for 25 years, it is still mind boggling that the city did what it did and the commission allowed it to happen.
Now the question is, when will this be presented to the Commission?
WOW! WOW! WOW! WHAT A BLESSING! BARRY, I WILL BE YOUR FIRST CUSTOMER!
ReplyDeleteI cannot figure out how anyone else would want to go through the hoops that the LW commissioners put prospective businesses through just to have the opportunity to spend an outrageous amount of money to build out a store. Who is this other business? How do you ever find this information? You must have a crystal ball. LOL.
ReplyDeleteTo clarify the blog, both offers listed above are from Barry. However, there is another store (Tropicana Beachwear and Swimwear) that has shown an interest in leasing. This might be the same business that did not want to open on Saturdays.
ReplyDeleteGood luck Barry.
ReplyDeleteGood luck Barry! I really hope to see you at our beach. SHAME on city staff for jerking a 25 year merchant around!!Katie Mcgiveron and P.S. Scott I don't want to hear any crap about him not paying his bills!Read the part about Barry being a Casino merchant FOR 25 YEARS AGAIN!! The way these Casino merchants were lied to and jerked around by past city Commissions with their jack hammers and false engineering studies is a crime.
ReplyDeleteI have never understood what market rent is for the casino and what are the CAM charges.
ReplyDeleteMarket rent is what the market will bear, one reason why the City did not set a price...CAM is common area maintenance costs. As far as our casino is concerned, someone selling tee-shirts and suntan oil will have to have one hell of a business to afford that sort of rent. In this case $30 a sq ft plus another $7 for CAM plus a rental increase each year of 3.5%.
ReplyDeleteI don't like how this leasing process has gone down, but the City should be charging market rate rent, that is the only way we, the tax payors, will ever get back all the money we are putting into the new casino.
ReplyDeleteI think its great to show some favoritism to long term businesses, but we have to run this building as a business, not a charity. Example one would be John Gs, they made serious bank for years and years and years and as soon as they were asked to pay market rate they said no way! These are private businesses, why should tax payors be subsidizing their profits?
I am sorry to have to say this, but several of your points are not accurate.
ReplyDelete1. The city had no idea what market rent would be in this building. Therefore, they allowed the prospective tenants to determine it. Comparables were not quite 100% comps.
2. The building is based on a financial plan where the rental rates will pay for it--NOT the taxpayers of this city.
3. John G's WAS willing to pay the rate. The City would NOT work with them. They improved their space over the 37 years, not the city. The building was allowed to decay. The City GAVE THEM THE LEASE, not the other way around. They paid what they were told to pay.
4. The City, along with the real estate broker, determined who was going to rent there. They ignored the Right of First Refusal and did everything in their power to nullify it when it came to certain tenants.
5. It was a despicable way to do business.
Both LW Tee ( 25 yrs. ) and Fox ( 27 yrs. ) were both long term tenants. Both were screwed over by the commission. Remember, Fox was given a lease for $25./ft. and had it taken away later during the meeting. Look at the credit ratings of all the businesses interested in leasing space. Also, hope the city maintains the building better than they did for the last 50 years. Also that they keep the public bathrooms clean. They are a disgrace. enough for now.....
ReplyDeleteFox was not screwed. It was NYPD Pizza and Barry's T-shirt shop.
ReplyDeleteWht 2 offers?What is the permitted use?
ReplyDeleteLynn, every business that has shown an interest in leasing in the new casino building has been screwed over one way or another by the city commission and city staff....except for Kilwins. They probably got off easy this time, after having to jump through hoops to get into their downtown location
ReplyDelete