New PV Restaurant to Take Place of Shades
The Point Venture Property Owners’ Association voted February 18th to approve signing a new lease for a restaurant replacing Shades. By a 5-4 vote, Shades was required to leave its longtime floating location by March 1, with Point Venture Restaurant Group Inc. taking its place. The new restaurant will be open year round, and the ships store at the marina will become a convenience store.
There are also several new benefits to the PVPOA and its members. For one, the rent increases substantially. Under the old lease, Shades paid the PVPOA $14,513 a year. With the new lease, the new restaurant will be paying the POA 5% of its net profits, paid as a base rent of $46,000 per year. The new tenant will give a 10% discount to PVPO members and their guests on food, drinks and items purchased at the store. POA members will be allowed to purchase gas for boats at 50 cents over the tenants cost at the gas dock. Other plans include replacing and partially enclosing the seating area.
In an e-mail to nearly 100 people, Shades owner Larry Muske presented reasons why he could not sign the lease presented to him by the PVPOA. “I was presented with a lease that I felt was not economically feasible,” Muske wrote. He listed some of the items as: a complete line of groceries; absolute personal liability; bound to the lease for 15 years and unable to sell without being liable; live entertainment and late night bar hours; and being open 12 months a year. “The Board that brought me on 15 years ago instructed me to close at 10 p.m.; to keep the noise down; and to have a family friendly atmosphere, ”Muske wrote. “Your new Board wants live entertainment, noise, late bar hours, eggs, bread, milk and personal liability. I cannot do this. I am saddened beyond words to lose something that I’ve poured my heart and soul into for the past 15 years.” Muske wrote. “While I will miss my loyal customers and friends here, I am truly looking forward to moving on to a new and different adventure in my life.”
The new partners in the restaurant are Mike and Jan Walsh, and Todd Hynes. Mike Walsh was a former partner in The Pier on Lake Austin a managed it for 19 years. Hynes was also a partner in another Lake Travis waterfront restaurant.
PVPOA President Jim Hawkins explained that the POA board began planning for the expiration of the Shades lease months ago. A survey of members was conducted, and the PVPOA Board appointed a committee to determine what other benefits might be available to members of the community from the restaurant amenity. The committee put together a request for proposal that was advertised and distributed to the public. Two groups submitted proposals to the committee. According to Hawkins, both were very qualified, but the committee decided on the final group to submit its proposal for running the restaurant at Point Venture.
All of the “deal points” that were written into the new lease were ideas that the new lessee proposed and none of them were suggested or requested by the committee, Hawkins said. The lease agreement was given to Muske and he was given 30 days to agree to the terms. The board explained to Muske that under the right of first refusal it could negotiate the terms of the lease with him, but only if the changes he proposed represented a comparable or better benefit than the one that he wished to remove.
According to the board, Muske presented a list of 17 items he wanted negotiated out of or changed in the lease, but proposed no alternative benefits that the board considered to be in any way comparable or better than what he wished to remove. After negotiation and discussion, the board was not able to reach an agreement with Muske and he chose not to sign the lease that was agreed to by the third party. “The board truly regrets that Larry chose not to renew his lease with the POA…the board based our decision on what we felt was in the best interest of our membership,” Hawkins said.
As far as live entertainment, the board only gives its OK on a one or two person group, but no full bands. Hawkins said the sound from music will be lessened after the area is enclosed. Also, after a new wave break for Point Venture’s marina is completed, the live music, along with the restaurant, will move away from the shore. The PVPOA owns the kitchen building and the dock. The new owners are negotiating on buying the bar and the seating area from Muske. If the new restaurant gets the building, the new owners will remodel. If not, a new restaurant will be built. Hawkins said the new owners hope to have the restaurant open by April 1, but may take until May.
No comments:
Post a Comment