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Posted on December 3, 2013
The Tallahassee City Commission will vote on Wednesday to approve an agreement to renovate and lease the historic electric building in Cascades Park. According to city documents the Commission previously approved funding for the project and a proposal from Liquor Loft, LLC d/b/a Proof Brewing Company (Proof) to renovate and lease the facility for a proposed restaurant. Proof has assigned their proposal rights to Cascades Holdings, LLC (Cascades Holdings).
The agenda item for the issue states “the agreement sets forth the funding sources from the City (up to $1.3 million), the Community Redevelopment Agency (up to $816,789) and Proof (a minimum of $1,548,286). ”
The agenda item also notes that of the total estimated project cost of $2.1 million, approximately $1.5 million is for renovations of the old electric building. The balance of $600,000 includes the development of leasable space in the interior to accommodate a restaurant.
Notable parameters in the agreement includes limitations on outside entertainment (none after 10 PM Sunday –Thursday or after 11 PM Friday and Saturday) and requires the tenant to provide security to prevent loitering outside the premises.
Also, city staff is not recommending any limitation on operating hours at this point. The agreement does provide a 90-day review period to determine if the hours of operation become incompatible with park usage or cause neighborhood concerns.
The business plan for the venture indicates that 130,000 meals will be served in the first year at an average cost of $12. If the restaurant is open 365 days a year, that would be 356 meals served per day.
The business plan also projects the sale of 155,000 alcoholic drinks in the first year at an average cost of $5. If the restaurant is open 365 days a year, that would be 421 drinks sold per day.
Check back for updates on this story.