By Jennifer Myers, jmyers@lowellsun.com
LOWELL -- A Mexican-Irish pub, a Brazilian steakhouse, and a dental office. No, it's not a joke; they are the likely tenants for the Edward J. Early parking garage on Middlesex Street.
A lease is slated to be signed tomorrow between the city and Garcia-Brogan's pub, which will occupy 5,043 square feet of ground-floor retail space at the western corner of the 900-space garage. Construction is anticipated to begin in 60-90 days.
The five-year lease will generate $233,265.75 in rent revenue for the city.
The city is also negotiating with Dr. Anshu Goel, a general dentist looking to occupy 1972 square-feet of space. Her husband, Rakesh Goel, told the City Council's economic development subcommittee last night that his wife practiced dentistry in India for seven years before coming to the United States in 2001. Since that time, she has been working as an associate in several dental offices in the area.
Goel added that his wife is willing to provide some dental work for the poor in partnership with any of the city's non-profit groups, as part of the lease.
Fred Faust, of EdgeGroup, Inc., the city's commercial real-estate agent for the garage, said he expects to have a 10-year lease at $9 per square foot, ready for next week's City Council meeting.
The third potential tenant, Edmilson Ramos, is in negotiations with the city to lease 8,000 square feet for a Brazilian restaurant and function area.
He is currently preparing the business plan and seeking financing.
If all three leases come to fruition, the city will have about 2,500 square feet of the 17,000 square-foot commercial space available.
"Originally our priorities were food and retail," Faust said, adding that due to market conditions, his group is open to professional office tenancies.
In other Early garage business, Tom Moses, the city's CFO, reported that the garage's financial outlook is rosier than anticipated.
Projected to lose $200,000 in the first quarter of the fiscal year, it has only lost $130,000, with revenues up 15 percent over projection.
"We knew this garage would not turn a profit, but it is being subsidized by positive revenue from the other garages," said City Councilor Bill Martin.
Moses confirmed that the city's parking enterprise is entirely self-funded.
This story appeared in the Lowell Sun on Wednesday, December 3, 2008