As the Entertainment District continues its reinvention, the owners of this former nightclub space are looking for a change.
Location: 128 Peter St.
Formerly: Abode Public Residence, a short-lived, living room–themed nightclub. Before that, it was a condo sales centre for three years.
Vacant Since: September 2012.
Size: 6,500 sq. ft. spread over two floors.
Price: Around $40–$45 per sq. ft. net, though the landlord might be slightly flexible on the price depending on the quality of a future tenant.
Length of Lease: Five to 10 years, depending on use and quality of tenant.
Renovations required?: “Most club guys go in and demolish everything and start from scratch,” says Tim Novak of Metropolitan Commercial Realty, the realtor for the space. Curiously, the owners of Abode kept much of the interior intact when they took it over from the condo showroom, though that’s because they were going for a homey, lounge-style atmosphere. Since Novak and the owner are looking for a different type of operator (i.e., not a nightclub) to take over the space, they’ll allow significant renovations that would be needed for any future tenant to personalize the property.
What’s happening with it now?: “I have a lineup of club guys looking to take over the space, but generally we’re trying to see if we can get a good restaurant or a retailer in there,” says Novak. “If it’s a viable club with a good covenant, however, we’re willing to take a look.” Novak has had some interest from restaurants but, because of the size of the space, most have thus far been scared off. He’s now in the process of approaching retailers who might be able to complement the growing contingent of residential units in the area.
While the Entertainment District morphs from a largely commercial to residential area, the intersection of Richmond and Peter itself is also undergoing significant changes. On the northwest corner, Allied Properties is renovating an old warehouse to add an extra 100,000 sq. ft. of office space and, on the southeast corner, the former Traffik Nightclub has been demolished and a 36-storey, mixed-use office, retail and residential tower is currently being built. This reinvention means that, within the next few years, there will be a massive influx of residents living and working across the street from the space at 128 Peter.
Having owned the property for over 30 years, the landlord isn’t in the market to sell it yet, and he’s also patient enough to want to get the right tenant in the space to fit in with the area’s changing landscape. “Generally retailers don’t lead markets, they tend to be followers to markets,” says Novak. “They like to know that everything is there for them before they move in. Right now, only club guys are noticing [128 Peter St.], but I think once more work is done on the condo, and the offices are finished, it’ll get more attention [from other parties], because it is a prominent corner.”