Another long-time rest. staple bites the dust. The lack of downtown office workers is really hurting.
https://www.freep.com/story/entertai...d/69953090007/
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Another long-time rest. staple bites the dust. The lack of downtown office workers is really hurting.
https://www.freep.com/story/entertai...d/69953090007/
The owner said their lease was up and it was time to move on. Is that code for the lease/rent went up to high and she decided it wasn't worth paying? Sorry to see it go. Hard to believe it was there for 18 years. Cottage Inn Pizza also left shop in that complex.
Silver lining...
Quote:
During Orchid Thai's 18 years, Lee said, the restaurant has donated food to Forgotten Harvest, Alternative for Girls and homeless shelters. During the height of the pandemic, Lee said, Orchid Thai also donated to the city's police and fire departments and the Detroit Public Schools Community District.Even in the end, Orchid Thai's community work will continue.
After the restaurant closes, Lee said, they will donate all its furniture to Detroit public schools and she said she plans to give all the restaurant dishes to an organization that helps Ukrainian refugees.
And let me add that had Bedrock decided to build residential along Monroe rather sooner than later, closings like this might not happen because you'd have residents patronizing the businesses along Monroe in the evenings and weekends. I don't understand Bedrock's hesitation in building residential. The housing market taking a hit because of high mortgage rates is different from renters, particularly the young, wanting to live in the heart of a downtown of a major city.
Building costs are all over the place. I know of two projects near me that were halted because building costs shot past the break even point of finishing the building. It's hard to budget when things randomly get a *lot* more expensive in the middle of your project.Quote:
Originally Posted by royce
Dan Gilbert is thinking too big to lure high end shops and restaurants into [[ Gilbert Town ) Detroit. This is not some N.Y.C. Times Square corp. tax break incentives of the 1980s. As in build your corp. stores and don't worry about the pornos and low-lives, leave that to us. Now more restaurants and stores in Downtown Detroit after the pandemic. And is forcing Gilbert to press the reset button in a way he's taking a massive investment risk that could drain up his assets.Quote:
Originally Posted by royce
Interest rate hikes and inflation do wonders to slow economic activity. Combine the high building costs, Rocket's 1st quarterly loss and buildings like the Book that have to be filled and you can't expect them to break ground on more high rises right now.
Sala Thai also closed a few months back the owner could not find workers and threw in the towel.
Detroit needs a couple of good authentic Thai restaurants both Orchard Thai and Sala Thai were very Americanized.
I ate Orchid Thai the day prior to its closing. The owner told me that what Bedrock was asking for in the lease renewal was unrealistic and that they are the 6th of 18 businesses within the Bedrock properties to close up due to lease renewal troubles.Quote:
Originally Posted by ddaydetroit
I’m confused why Bedrock would kill a business that lived on for 18 years.. clearly this was a successful business until Bedrock jacked up the rent. What are they trying to accomplish here? I don’t get it.
Gilbert's companies gave sweetheart deals to retail/restaurants for the first 5 years in an effort to get many to move in. That initial 5 year term is ending in a lot of cases and many businesses are realizing that they can't afford to pay the "real" rent. Unfortunate.Quote:
Originally Posted by rbdetsport
Orchid Thai was in that spot long before Gilbert had purchased that property. It's not just Gilbert's sweetheart deals coming to an end that causing these businesses to not resign their leases. It's the slow progress that is occurring in the Monroe Blockand other areas coupled with the constant harassment from people that are causing these retails not to want to resign their leases. I just discovered that City Bark had closed It's door in Capital ParkQuote:
Originally Posted by djtomt