WHARF D.C.
RESTAURANT LEASE PLANNING FOR THE NEXT BIG DESTINATION BY ANTHONY COPPOLA
A
nyone who had crossed the 14th Street Bridge recently has undoubtedly noticed all of the construction cranes dotting the skyline. The largest development project in D.C. history is underway.
long run. Encourage your attorney to visit the area and get the lay of the land. It is essential to have a proper understanding of the surroundings because they can affect your business just like anything on your premises.
The D.C. Wharf, which has been recently revitalized, reminds us all that D.C. is a riverfront city. This revitalization will create a new destination within the city and numerous opportunities for businesses.
Commercial leases often last for five years or longer. It is worth taking your time to carefully consider the terms before signing.
The waterfront and restaurant leases There will be some great opportunities for restaurants because people simply love dining on the water. And leasing opportunities are already available.
Most of these considerations apply to virtually all commercial leases, but in areas of new and ongoing construction they may become incredibly important. Construction and potential disruptions
So there is a greater chance of making mistakes that may result in irrevocable consequences.
First off, consider how potential construction could affect your business. Will there be street closings that may interrupt the flow or volume of business for days or weeks? Will you be compensated for that time? If ingress and egress will be obstructed then will you be compensated appropriately or allowed to leave? With the Wharf, like so many other mixed use developments, the residential portion of a building may be completed at a different time than the storefronts or commercial spaces. How will this affect your business? The effect would likely be substantial since most restaurants will examine their profitability based on their proximity to the number of mouths to feed.
So if you are unclear of complex or convoluted terms in a commercial lease, do not try to figure it out yourself. Go to a competent attorney who regularly deals in commercial leases. Even though it costs money, it will buy you peace of mind in the
Everyone has a ‘financial pain threshold.’ Once that’s crossed, that’s when business owners have to decide that the sacrifice is no longer worth it. How long will you be able to endure disruption to your business before you want the ability to pull
With any commercial lease, a careful review is essential. And with new construction in an area where construction is still ongoing, some planning is important and should not be overlooked. First off, commercial leases are not the same as residential leases. Residential leases offer far more statutory protections. In commercial leases, it is assumed that businesses are more sophisticated than consumers.
12 | EATERY PULSE NEWS