When Friday hit, it seemed like many were coming out of the woodwork to say they're feeling it. They're feeling the cooped-up feeling of quarantine, they're hearing of yet another restaurant temporarily shuttering and letting go of workers, and they're feeling the dampness that last week's gloomy weather so generously offered.
Among that bleakness are bright spots, and one of those is a local real estate management company letting up on the stress for some restaurants.
Madison Partners, a property management company over many spaces in Lower Greenville and Deep Ellum, is giving its tenants a break.
“For the most part, we're telling tenants, 'Don't freak out about rent in April,'” says Jon Hetzel of Madison Partners.
The company was approached more than a week ago by a handful of small business owners who worried about the very new future that's now our present. Before things got truly abnormal, the company took some action.
“We spent the first part of [last] week trying to formalize a more standardized policy to get ahead of it with our businesses,” he says.
The company has a variety of businesses it manages, but its main focus are those under food and beverage and tailoring needs to those establishments.
“Generally it involves a significant component of rent deferment for the time being for bars and restaurants, and the willingness to determine what any payback or potential abatement would look like after we get a better sense of the impact we have on our business,” Hetzel says. “We're being more generous with the bars that have to fully close.”
One of the business owners is Brooks Anderson of Hillside Tavern, Veritas Wine Room and Rapscallion.
“Madison Partners, the landlord for Rapscallion on Lowest Greenville, reached out to its tenants privately a week or so ago, right when this all started, and indicated a willingness to allow us to pay only triple nets for the time being,” he says. “What I appreciate the most is that Madison Partners seemed to do this of their own accord as the offer hit the tenants’ inboxes very early in the process. I know it made me feel like they understood the gravity of the situation for us, and while I don’t know if there is a bright light at the end of tunnel, I feel like I can maybe see a faint glow.”
If you hear of people taking care of people, you know, the making-a-difference-type stories, let us know. We're happy to share all the positive news we can right now.
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