Rare Steakhouse Signs Ten-Year Lease for Former Bova Spot
We've told you before that a steakhouse called Rare was set to move into the former home of Bova Prime on swanky Las Olas Boulevard in Fort Lauderdale -- but now we have the deets on the lease.
CentraArchy Restaurant Management, which operates 20 eateries in multiple Southeastern states (including New York Prime in Boca Raton), must be optimistic about the economy, because
the company took on a ten-year lease for the space on the ground floor
of the 23-story Las Olas City Centre at 401 East Las Olas Boulevard.
building is owned in partnership by Stiles Realty and Shorenstein
Company. The price was not disclosed, but rates for the building are usually $25
to $27 per square foot. Doing the straight math for Rare's 6,631 square
feet of space would equal a base of $165,775 per
month year in rent.
But Insiders were tight-lipped about any discounts or deal that had been reached and would not disclose the exact amount.
Director of Real Estate for Stiles Realty, said that the deal shows "Las
Olas is a hot area that has continued to succeed in spite of the
market...Stiles has completed several leases recently and we are
cautiously optimistic about the market directly on Las Olas."
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