Quote:
Originally Posted by craftbeerdad
Funny how just this recent CoreUrban build out attracted a tenant so quickly (similar to their James/King William area builds) -- yet right beside Cobalt, can't get anyone for a prime location. Surely once Cobalt's close, it should attract something. Personally, I'd open a beer bar with lots of selection and decent food.
On Augusta, there's a captive audience in the Laundry Rooms but also it's restaurant/pub row, and Plank certainly is a different niche demographic than the historical Augusta scene. Imagine will compete with Radius and the newer Secco for higher end clientele.
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I was going to mention that they haven't filled the Olympia build. There are four potential reasons I can think of for that:
1) The size. It's a huge space, and this might relate to the other 2 reasons, but filling a space that large would need to be something that can attract crowds 7 nights a week which will be difficult for such a large space. Many restaurants downtown are still closed Mondays and sometimes even Tuesday and Wednesday, though I've noticed this summer many more people downtown on these nights.
2) Lack of parking. I'm not parking fan, but Gore Park has zero public parking except on James and King William and the large parking lots to the east. Quite a walk for suburbanites that may come visit. Downtown doesn't have enough residents to sustain a restaurant or bar of this scale yet. If a small business requires 1000-3000 regular customers to succeed, such a large space will need 10,000-15,000 monthly to succeed, which is difficult in a market like Hamilton.
3) Gore Park and King St in general along this section is still in a sad state of vacancies and dilapidation. A large tenant won't want to be the first to enter what is essentially a closed off section of downtown without smaller businesses of a similar nature to attract crowds that will go to this location if the others are full or afterwards for a drink or something. Their other smaller retail space closer to John St that is vacant may confirm this.
4) Core Urban may be picky about who fills the space. Perhaps someone has been interested but it's not what they envisioned. I get the impression that they may refuse tenants that don't fill their vision for a retail space. If McDonald's asked to lease the space, I have the feeling they'd turn it down. They seem to want a brewery, or brew pub here or something like that. Something hip, and worthy of the space.
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