From the most recent Issues Update for Peoria:
The City has received notice from River Station LLC that it is renewing its lease to the River Station building for an additional ten (10) years. The original lease was dated August 28, 1979. On November 17, 2000, it was assigned from Mathers Co., Inc. to River Station LLC, which is Kert Huber’s entity. The right to extend is given to the Lessee, and the City cannot deny the extension. This matter will not come before the Council.
The original lease dated August 28, 1979, provides for a twenty?year term commencing when the restaurant opens. It provides for three (3) ten?year extensions. The first ten?year extension was executed by Mathers on November 16, 2000, providing for a ten?year extension which would terminate February 1, 2011. River Station LLC has provided notice of its intent to extend for an additional ten (10) years, until February 1, 2021, at which time there will be the probability of another, final ten?year extension until February 1, 2031, at which time the lease will end.
Rent under the lease is two percent (2%) gross sales from the operation of businesses on the premise. There is no minimum amount, so that the City is realizing some income from the presence of Martini’s on the premises.
Martini’s is the only tenant in the old Rock Island Depot, now known as the River Station. Not that other restaurants haven’t given it a try. Most recently, a restaurant called “Tilly’s” tried to make a go of it. Here’s to hoping a new restaurant can be successful in that location someday soon.
Its too bad that the RiverStation couldn’t have incorporated the downtown museum as it is an historic building in its own right. But in the meantime hopefully as the economy starts to rise again we will get another RiverStation restaurant with great food.
So even if a business in there made $1 million they only be paying less than $1700 a month rent? Where can I get a deal like that?
It is my understanding that Huber is responsible for 100% of the maintainace of the building whether he has tenants or not. If it floods then he is responsible for sand bagging and clean up.
As an owner of an old historic house I can tell you that building is a money pit just like a 100+ year old home on Moss Ave or High St. Don’t even get me started on those tile roof shingles…..
Well Vonster you can lease the space right now so have at it. Good luck on your first million. Im sure you could do something different then the failed places that have been there.
Even with that “low” of a rent, the cost to heat and air condition that big of an old space has to be a severe drain on income.
Peorians want the classic River Station experience- great food, solid service, etc. Those who had been there failed to provide it, as well as didn’t pay their taxes. I hope a capable party steps up; it could be a great place again.
I agree with Conrad. The River Station of old was great. Cattleman’s Club Car…good. I could tell when the food, especially began to go down hill. What happened? The same thing happened with Jumers [prior to them selling out].
Is there a rule somewhere that says a good place to dine only has a shelf life of 10-15 years?
It sounds like the 2% is the rent that Huber pays the city. I doubt that he doesn’t charge some rent himself.
I am also sure Peoriafan would rather see a little ‘city money’ go towards the Riverstation building upkeep than spending 80 plus million on a ridiculous museum…also built by the river by the way…..
The last few tenants haven’t had poor service or food but they have failed to distinguish between the lunch crowd and the dinner crowd. The last few menus have been decent dinner menus but have been overpriced and too over the top for the lunch crowd.
Tilly’s left after a few months open not owing anybody anything.
If Huber did not have a long term lease on the building and it was empty then it would be up to the City of Peoria to maintain it. They don’t have a good track record (see RiverFront Village steps and platform)
I worked at the River Station from 1992-1997, leaving as one of the “Key” servers to move to Colorado. Let me tell you, that place was a behemoth to keep up. The utility bills were astronomical, and upkeep was a bear.
As for the demise of the restaurant, River Station was part of a large group of restaurants owned by Paragon Steakhouses. They also owned Mountain Jacks’, Hungry Hunter’s and another singly-named restaurant in South Bend, IN, called Tippacanoe Place. A Japanese conglomerate bought Paragon in the late 80s or early 90s. When that company sold Paragon in the late 90’s, it was the beginning of the end. Lack of funding led to problems for the bigger, more expensive restaurants. Then a change in menu was the last straw.
It’s such a shame. I have so many fabulous memories of that restaurant.