This restaurant location at the corner of Elmwood and Utica is a prime spot in the Elmwood Village. It’s a beautiful building with oversized windows, off street parking, kitchen equipment… everything that a restaurant owner would want to start a business. Unfortunately the space has been sitting vacant for a couple of years now, which is not good for commercial and residential neighbors. The lack of a tenant leads me to suspect that maybe the property owner is asking too much per month. The space is listed at $5500 a month, which is a fairly large nut to crack. Then again, it’s got a lot of great attributes and therefore commands a higher price… but $5500?
I’m not saying that there’s not some business mogul out there with deep pockets and good business model that could make the numbers work. The question is, where is that mogul? It’s been a long while since Mode moved out… now it’s time to find a tenant. Sitting on these properties waiting for a chain store doesn’t make any sense. Just think of all of the money that the building owner has missed out on by allowing this commercial space to sit vacant for so long. If the lease amount had been $4000 per month, I bet that someone would have signed up for the space after Mode moved out. That was a couple of years ago. That’s approximately $100,000 that the building owner missed out on by trying to elevate the lease rate as much as possible.