A lease extension for the Garage Pub & Grill in downtown Columbus has been approved to accommodate a number of improvements planned at the restaurant.
The Columbus Redevelopment Commission on Monday signaled their support to modify an existing lease with the establishment at 308 Fourth St. for an additional five-year term. The commission manages leases, the parking garage and The Commons, said Sarah Cannon, chairwoman of the commission.
The sublease that began in June 2011 between the commission and the tenant — known as Garage Pub Partners LLC — stipulated that the entity would pay $55,080 in annual payments.
The initial lease called for a five-year term with two extensions of five years each and amounts being increased 5 percent during each renewal period, according to the agreement.
Garage Pub Partners was granted its first lease extension in June, meaning it will owe $57,834 annually, or $4,819.50 a month, to reflect the 5 percent rise in payments until June 2021. From that point, the entity will be responsible for paying $60,725.70, or $5,060.48 a month, under terms of the second five-year extension.
Stan Gamso, attorney for the Columbus Redevelopment Commission, said the owner of Garage Pub & Grill, Steve Leach, plans to add new heating and air conditioning, new kitchen equipment and upgrade the power supply in the building. The action by the commission Monday adds a third five-year lease extension beginning in 2026.
Terms of that extension will be $63,761.99 annually, or $5,313.50 per month from 2026 to 2031.
“His view was if I got to do that and it’s a substantial expense, he would like to add an additional term to the lease and that’s the purpose of this,” Gamso said.
Cannon also said she thought the lease extension was a good move for the city, describing Leach and his establishment as great community partners.
“He’s a great tenant in terms of meeting all his responsibilities, so the fact that he wants to stay there is good news,” Cannon said.
Leach said the improvements will include some remodeling efforts, adding that any money invested into the business needs to be viable for the long term.
“It’s time for us to make some significant upgrades and modifications,” Leach said.