Revel /Polo Club invites Restaurant Tenants to come & discuss new Leases
Upmarket restaurants that did brisk business at Revel even as their host floundered “seem to be the logical choice for tenants” when the property reopens, Glenn Straub told their attorney in a letter, inviting the restaurateurs to discuss rent terms
But unlike their arrangement with Revel, where rent was tied to sales, contracts with Straub’s Polo North Country Club Inc. will be triple-net leases, meaning tenants will be obligated to pay property taxes, insurance and maintenance costs, he said.
“If this is of interest to your clients, perhaps we should meet to walk the Revel facility and discuss rent terms,” Straub told the tenants’ attorney, Warren Martin Jr., in a letter last week.
Frank Shull IV, chief operating officer of the company behind Mussel Bar, on Monday said he hopes to strike a deal with Straub and, maybe, reopen the restaurant this summer.
“We’ve got to see what the market is. We obviously want to meet with him. We’d like to reopen. The way I look at it is, our current leases are above-market based on what’s happened,” he said, referring to the contraction of the Atlantic City casino industry.
But “I would prefer a percentage rent like we have because it’s seasonal. It doesn’t make sense to pay the same in January as you are in July,” he said.
