The owner of the land might want to redevelop the entire block and that might mean building on existing parking that the NARA building uses. It is also possible that the owner/developer might want to reimagine how the building functions, or connects with new neighbors. Upgrading the NARA building might pay off by being able to charge higher rent. The owner might be aware the building has limitations that could be corrected. It might need a bigger kitchen. It might need to have the retail space rewired to accommodate that larger kitchen with more appliances. It might need bathrooms that address handicapped needs. Those problems might be solved by building an addition in the parking lot to the south. The restaurant might also be enhanced by taking part of that same parcel and creating an outdoor dining space facing the street.flyingember wrote: ↑Thu Jun 11, 2020 9:00 amWill the owner of the land somehow have more money by not leasing the building again?
Why would they need to imagine? Ask Affaire a few blocks to the south how that is. It's not much different from opening a new restaurant.
It's not uncommon for a land owner to allow space to remain empty while they are building around an existing building.
The other issue is timing. Yes, restaurants can operate with construction around them. But starting a new restaurant in that space with construction around it, and during a pandemic and recession might not be the smartest move.
We still don't know how long the economy will struggle, so there might be restaurant spaces sitting empty for a long time.
