Parkade brews up new bistro
Oct 18, 2013 / 12:01 pm
A new bistro/cafe is expected to move into vacant space at Kelowna's Library Parkade.
The new retail establishment would replace a full service restaurant that vacated the space back in June.
According to a report prepared for council city staff have been working with Colliers Real Estate to find a suitable tenant to operate a reduced scope bistro/cafe in the space.
The proposed tenant is a professional chef with over 12 years of proven ownership experience with small retail food establishments.
Staff is recommending the city enter into a five-year lease with the new operator with a five-year renewal option.
Terms of the lease call for no rent for the first three months with monthly rent ranging from $15 per square foot to $19 per square foot for the balance of the five years.
"Staff have communicated and written language into the lease that there will be service interruptions during the course of the tenancy due to the addition to the parkade structure. Rental rates reflect this," says Property Management Manager, Ron Forbes, in his report.
Work on the Library Parkade expansion is expected to begin sometime later this fall.
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