Chinatown community watches nervously as Yangtze property draws interest from developers
Sarah MacFarlane, OBJ
March 19, 2024 3:44 PM ET
With interest increasing in a “landmark” Chinatown restaurant that was recently put up for sale, the local business community is holding out hope that the familiar eatery will carry on, even as potential buyers consider redeveloping the property.
The Yangtze Restaurant and Dining Lounge at 700 Somerset St. W. has been serving traditional Cantonese cuisine in Chinatown for more than 40 years. Both the eye-catching corner property and the family-owned business were listed for sale last week.
With an asking price of $3.28 million, the listing includes the business name and existing building, which features two floors at about 4,800 square feet each, a lower-level banquet hall that can accommodate 70 people, all food service equipment, and 11 parking spaces.
According to the listing, the property, which was built in 1977, also allows for construction of a six-storey apartment building.
Most of the interest in the listing has come from potential buyers who are interested in redeveloping the site, said Jun Yu, the sales representative for the property.
The listing also states that there is potential for the property to be developed into a nine-storey apartment building. Yu could not confirm how the property is currently zoned.
Yu, who represents Coldwell Banker Sarazen Realty, told OBJ that in the few days since the listing has gone live, there has been “lots of interest,” but that most inquiries have referred to the location and the property itself — not the business.
“There is interest in an apartment complex and redeveloping due to the location of the property,” said Yu. “Right now, I’m not sure if there’s much interest in the business side.”
Yukang Li, executive director of the Chinatown BIA, said a hole would be left in the community if new buyers chose to close the Yangtze.
“There’s an uncertainty that remains, and a concern. We hope whoever the new owner is, they can continue the Yangtze brand and operate the same business that offers that authentic Chinese cuisine,” said Li. “It has always been the go-to place for our community for everything from personal events to weddings to meetings, and I really hope that the new owner remains in the same business and continues to serve the community in that way.”
Yangtze is known for traditional dim sum service and classic Cantonese and Sichuan entrees, which Li said help preserve the cuisine and traditions of Chinese culture.
Yangtze’s large size allowed for more patrons than the average restaurant, and Li said that size is irreplaceable in Chinatown.
In the early 1980s, Yangtze was opened by a family from Hong Kong, along with the Fuliwah, later renamed the Oriental Chu Shing Restaurant, located across the street. The two dim sum restaurants were the biggest venues in Chinatown until the Oriental Chu Shing closed in 2022.
“Those were the two go-to large venues and meeting places in Chinatown, but (Oriental Chu Shing) closed two years ago,” said Li. “So if Yangtze were to close, or new owners have a different idea for using this property, the community will lose the last good-sized gathering place.
“People go to find Cantonese traditional cuisines like dim sum and there are some smaller restaurants that offer such cuisines, but Yangtze is unique because of the size and the history,” he continued.
“(Yangtze) has been serving the community for over 40 years, so loyal customers would have to find another place and every restaurant is different, they are unique in their own ways,” Li added. “So it would be a change for the customers.”
The Yangtze is also a tourist attraction for Chinatown at a time when the community is focused on attracting visitors and establishing the neighbourhood as a “landmark tourist destination” in Ottawa.
The community has been struggling with vandalism, an increase in crime, racism and subsequent closures of local businesses since the pandemic. Last summer, the BIA faced theft and vandalism of cultural art pieces that had been installed along the street.
Li said he is finally seeing more businesses opening in the community and crime decreasing, and said he hopes a change in ownership at the Yangtze won’t further threaten the vitality of Chinatown.
“The BIA has been working really hard … We have our challenges, and with what happened last year, we’re working so hard to improve the appearance of the community,” said Li. “Yangtze is for sure an attraction for tourists and over the 40 years has built a reputation as a leading business in Chinatown, which is attractive not only to locals but to tourists.
“After I heard the news (that the business was for sale), I researched reviews and they’re all good and they’re from all over the world,” he continued. “If it were to be built into an office building or something, it’s obviously less attractive than a very influential business.”
Li said it is not uncommon for family-owned businesses in Chinatown to close, even after many years.
“It’s a common question faced by family-owned businesses, especially here. The older generations, parents grow old, younger generations might have different plans for their life, so there will be a transition,” said Li.
Li said he is holding out hope that the business will continue under new ownership.
“It makes sense to continue the brand and the same sort of business. Yangtze is at a prominent location and the building is very stylish and we have a very loyal customer base, so the brand is already built. It’s all already there, so it takes less effort for the new owner to continue the business,” he said. “If it were me, I wouldn’t want to start something from scratch.”
https://obj.ca/chinatown-nervous-as-...om-developers/
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