Quote:
Originally Posted by sdeikenberry
My men's golf group was told by the Teirra manager that the developer opted to not renew the lease. Then the developer offered the building to several local restaurant operators but none wanted it due to the kitchen being too small and the developer is opting to NOT remodel the building to the standards necessary for current restaurant operators to be interested. We were told the developer expected the restaurant operator who leased the building to make the improvements necessary...but that additional cost on top of the lease would not be profitable...that's what we were told by the outgoing manager.
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From what I've been told, all the Developer's Leases in The VIllages are Triple Net Leases, so the Tenant is responsible for upkeep, renovation, etc. From what I've seen, the operator/tenant at Tierra del Sol didn't spend a dollar on maintenance or upkeep/renovation of the restaurant and when the lease expired, just opted not to renew.
I suspect the Developer would over some renovation allowance to a potential tenant, but apparently none have stepped up yet.
I've met the former General Manager of Tierra's restaurant and I'd be shocked if he knew the facts of what occurred.