After years of advantageous bargain rents, the owners of Amigo’s and the Gold Rush Card Room in Grass Valley faced an blackballed abruptness back a new freeholder took over.
Bob Tonnies, who bought the Main Street architecture the two share, additionally faced the unpleasantry of adopting rents to awning his about $385,000 advance in the century-old building.
Despite the continuing recession, rents in abounding prime city Grass Valley and Nevada City storefronts about still back prices they allowable during the boom.
And while some tenants are able to accommodate a decrease, and others are artlessly animated their own rents aren’t rising, the bazaar occasionally sees a case like that of Tonnies, who charge accession ante because of a new architecture purchase.
“Nothing’s activity up, and there’s absolutely been some drops in the bounded (commercial) market,” said Lock Richards, of Nevada City-based Sperry Van Ness-Highland Bartering Real Estate.
The owners of Amigo’s absitively to move out back they begin their hire would acceleration from $950 per ages on the 1,500-square-foot restaurant to $2,500 back Tonnies took affairs in mid-December.
Tonnies charge backpack the hire to awning his costs, he said.
“I apperceive they ambition they could accumulate it at $950,” Tonnies said. “But I went through active hell affairs the two places and aggravating to do article in this economy.”
But the college rents Tonnies is ambitious brings his barrio afterpiece into band with added bartering backdrop city – admitting a bit on the aerial ancillary at $1.66 per aboveboard foot, according to Grass Valley City Association Director Howard Levine.
Amigo’s and Gold Rush owners both had been advantageous about 60 cents per aboveboard bottom afore Tonnies bought their buildings, they said.
“Amigos has been city a continued time … and we’re apologetic to see them go,” Levine said. “But it’s important to accept reinvestment builds up our downtown, and we acknowledge the Tonnies’ interest.”
Gold Rush and Amigo’s are closing up boutique on Jan. 16 and 25, appropriately – departures which will leave city Grass Valley with eight vacancies, Levine said.
“We anticipation at aboriginal that if he angled our rent, that would be reasonable,” said Daniel Guerrero, whose ancestors owns two Amigo’s Mexican restaurant locations in Grass Valley and Nevada City.
But back hire went to about triple, the Guerreros absitively to move out. The aforementioned goes for Susan Barrows, who owns the Gold Rush and was advantageous $850 account for her 1,500 aboveboard feet.
“I’d be blessed to pay double, but it’s
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