Can’t really say much more than that, as none of these are a surprise. Iyara wasn’t paying rent, District in the Pearl had OLCC problems, and Leonardo’s suffered from lousy food.
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I’m not surprised that Leonardo’s didn’t work out, the Pearl didn’t need another Italian restaurant and Leonardo’s (as FD points out) had food more suited for suburban shopping malls. (I predicted this when Leonardo’s first announced their plans to occupy the space.)
After two restaurants failed in the 939 NW 10th Ave location, I hope the next tenant is a Mint-type bar. With all those big windows, imagine a bar where you can be seen from the street as well as inside. Think Bluehour with a voyeuristic twist. It might work, given all the stylish/trendy folks living in the Pearl.
Actually, this is failure number three, the prior two being Nina’s Place and Graze. Whatever goes in this space next, it would be nice if the landlord took steps to assure renting to someone qualified to run a successful operation rather than take the first party who can come up with the cash. Not sure it’s entirely the landlord’s fault, but the revolving door is to no one’s benefit – other perhaps than to a real estate person getting his/her commission upfront.
–mcz
Unfortunately brokers don’t get paid by the hour as lawyers do. However, there were no brokers involved in either of the last two transactions in this space (Graze or Leonardo’s) – I happen to know these were direct deals with the Landlord.
As far as Leonardo goes, they have a similar restaurant in Vancouver, WA, for a few years. So I guess they have exsperience running a restaurant. Perhaps what works in Vancouver doesn’t work here in Pearl.
Yes, you are correct, SD. I should have qualified my comment by referring specifically to this location in the Pearl District which is a long way–on a couple of levels–from Vancouver.
–mcz
Ditto what you meant about that particular space in the Pearl, Mcz! It is a big space, and it is tough to fill all the seats all the time to make rent – I’m assuming rent is very expensive. Perhaps a chain of somesort might have a chance there. (I’m putting on my bullet proof vest to avoid flaming bullets by mentioning the word “chain”).
Good night,
Ellen
The places on that side of the Pearl are so sedate. I like Hiroshi and Fenouil (well, haven’t been to the latter in over a year, but did like it back then), but they’re both a little sullen. I’d like to see a place over there open up with more of the vibe of a Clyde Common or Toro Bravo, somewhere with truly good food, not too expensive, maybe a lively bar, but not a place where the bar exceeds the food. I’d love to see Mexican on that side of town again, but a more inviting, joyous feel than DF, closer to Nuestra Cocina meets Andina’s bar. Maybe a place specializing in mariscos and either the foods of Mexico’s pacific from Sinaloa to Nayarit and Jalisco to Guerrero, or the Caribbean/Gulf foods of the Yucatan and Veracruz. But nothing over $20. Preferably nothing over $15.
But I have a feeling Superdog maybe closer to what ends up there. I don’t know what the rent is, but the location is good enough, though not ideal. But certainly good enough if the restaurant is good enough.
Leonardo’s was also — briefly, a couple of years ago — operating a restaurant in the secondary retail strip at the intersection of Barnes & Miller Roads in NW Portland (across Miller from the QFC strip; there’s a Sandoval’s Mexican place in the same complex). We were in once and had mixed impressions; I thought the food was decent, but the service was strange, and we never got back in; there are other Italian places in the area that are more consistent.
To be fair, that location also seems to be difficult; a couple of different indie pizza places preceded Leonardo’s, a Biscuits Cafe satellite followed it but folded, and I forget what’s in there now. Sandoval’s, by contrast, has lasted much, much longer despite being tucked into the back of the complex.
I also suspect that in this economy, SuperDog’s guess about a chain coming into that Pearl location is likelier than a new independent.
Living in the area, Leonardo’s was horrible. Also tough for them to compete with a “Hot Lips” two blocks south in the eco-trust building. ( not that Hot Lips is the best either ) The space is owned by Hoyt Street properties, and although a “chain” may make economic sense, I know that Hoyt Street really doesnt want a pedestrian chain in the space. Despite the fact that they have signed “Eddie Bauer” in one of their retail spaces.
I think with the economy, Hoyt street along with other landlords are going to have to “re-think ” the retail rental pricing. Why not work with a qualified independant ( for example David Machado ) and help put the type of tenant that Hoyt Street wants to attract?
Too bad BCR is having so much trouble, cause Hoyt Street would love to have him as an operator. But as I said, too many rumors on the street about all the BCR properties.
There is some new wine bar going in the DF space this spring. Again as a resident of the area, we like the quiet. I think everyone can agree that the area near Powells is too conjested during peak hours.
Amoreuse makes an excellent point. Last I dealt with Hoyt Street (a couple years ago) they were as unreasonable as any large institutional landlord, proferring the same boilerplate, one-sided, unreasonable 20-page one-size-fits-all lease and unwilling to negotiate key terms. With rent escalators, operating expense adjustments and other burdens allocated to the tenant, these leases were tough on the front end and positively brutal over time for all but the most successful operators.
Ironically, companies like Hoyt Street often preferred to hammer the hapless independent (who might have had no more guidance in the lease negotiation process than a real estate agent more anxious to close the deal than anyone) since larger institutional tenants had greater bargaining power and could negotiate lower rent than the little guy.
I will be curious to see the types of tenants moving into the Pearl in the future–or to see whether space remains vacant while landlords await tenants willing to pay “market” rent that doesn’t reflect the current market at all.
–mcz
I don’t think a chain restaurants would ever be allowed in that space given the lack of parking. It’s a good a business plan except for the parking. Chains make a killing in the Pearl: P.F. Chang’s, Henry’s, etc. I think the suburban wannabe hipsters seek the comfortable gloss and name recognition of the chain restaurants.