Boston Restaurant Talk reports the permanent demise of Stella on Washington Street in the South End.
I'm sad to hear about the closing of Stella. It was a great spot and I wish Evan and the team the best. From what I understand, the monthly rent for Stella was $40,000. Why would the landlord not want to negotiate with the owner Evan to get to a figure that would work in the short term to keep the restaurant able to operate? Who is the owner of this building and why was he/she not willing to work with this long-term tenant to keep this corner vibrant? What else does this landlord own? What can city do to help? That's why I am wondering. No one wins when such a prominent space stays empty, perhaps for a long time.
WTF. I realize I am an old fart but I could buy an entire building in the South End in the 70s for about twice that.
Stella was a great restaurant and I’m sad to see it go.
There will need to be a lot of landlord/tennant negotiations. The carnage from this lockdown will be 4-6 months away. If landlords dont give in and compromise, tennants will be forced to go and we will see a real estate collapse that will make 2008 look silly in comparison. Not only that but we will go into it with interest rates at zero, empty state coffers, and a fed balance sheet of 8-10 Trillion dollars. In 2008 it was 800 billion. It is still difficult tontell how this will end up.
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