News
Restaurant Anchors
March 22, 2011
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| Far from the second fiddle they were once considered,restaurants have ascended to junior anchor status, according to NEWiRE?s lunch panel at the Four Seasons last Tuesday. The experts: Colliers International's Ted Chryssicas, Rialto chef/ownerJody Adams, Federal Realty Investment?s Lee Anne Klemyk, and Davio's chef/owner Steve DiFillipo. Ted says in the past 18 months, restaurants have been the most active retailers. Of the 12 Back Bay space options available for sit down dining in January '10, by December, only two were left. Where do these owners want to lease space? ?Where the people are,? Steve says. Then he adds (in that fun way restaurant people have), ?especially if Jody Adams is there.? What does he think of Groupon? Never shy, Steve says he wishes they?d go out of business; ?they're a margin killer.? |
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| Jody (right) who launched Rialto in the Charles Hotel 16 years ago, says she's seen a turnaround in landlord attitudes. In a challenging market like this, they recognize they ?have to bepartners? with restaurants in terms of TI and rents. Steve says that's imperative since operators also pay at least $3/SF to equiptheir eateries. Lee Anne says landlords like Federal understand this and are giving restaurants a lot of respect. Federal plans to lease about 35% of its space to restaurants at its Assembly Square project in Somerville. BTW, look for a new Jody Adams creation in the Seaport. She's looking at a space on the Atlantic Avenue side, now that the area is ?exploding with growth.? |
