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Originally Posted by hollywoodnorth
interesting ... why is that do you think? the landlord is trying to make up some of the lost income? or that with no more loud music at night its more 'liveable' now and therefor he thinks he can get more for the units?
from what I heard the rent was skyhigh from day 1 for the EE space and they were never really turning a profit to pay off the substantial investment they put into the space. apparently there is a basement level and that was part of the reason the rent was so high as it's a large chunk of sq footage. They never opened up the planned back patio for example and the cold beer and wine store seemed poorly executed and didn't last long nor did the food service they offered.
That said I can see it being turned into a sizable restaurant space perhaps going with the trend in the immediate area.
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I liked the venue. It was fun and had a good atmosphere.
With regards to the rising rents in the residential units.
The american hotel was originally a drug infested Sro that was shut down in 2006.
The company who owns It now bought It and is trying to attract a younger demographic rather then historical residents in the dtes.
It's full of students and young minimum wage workers as well as artists (I play drums)
Each unit is small (between 150-250sq ft) with a bathroom and a fridge.
The units were originally priced between $400 and $800 per unit.
But they've renovated it further and raised the prices up to $900.
They are now adding kitchens to the units. My rent is locked in at $725 since I signed a lease. Originally they did month to month.
I get a view of part of downtown and I see the skytrain go by every few minutes I also have huge Windows.
The place is nice but you have to be a low maintenance person who thrives in small spaces.
I personally like the area and have been here a year now. I've seen it change so much in a positive direction.
I do miss the electric owl though.