Floata Seafood Restaurant said it is disappointed in how the city of Vancouver handled its “proactive renewal efforts” in the months before the termination of its 30-year lease inside the sparsely tenanted Chinatown Plaza.
In a statement on Oct. 28, the City of Vancouver said the restaurant, which has hosted weddings, banquets, cultural celebrations and fundraisers since opening in 1995 as the anchor tenant in the city-owned mall, required expensive improvements, including kitchen upgrades, and it ended Floata’s lease because it did not receive a clear plan from its operators regarding its future.
The restaurant had also accrued significant rent arrears, including unpaid amounts related to COVID-era rental support, according to the city, which said it is considering legal action to recover the overdue rent.
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In an email to Global News, Floata claims it initiated discussions with the city six months prior to the Sept. 30 lease expiry date, and submitted a formal proposal outlining its plans.
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But manager Brian Yu said they were unable to arrange a meeting with the city until August 26, little more than a month before the lease expired.
“We were told three times within one hour that Floata Restaurant had ‘0 per cent chance’ of renewal,” stated Yu.
With many reservations already confirmed, Yu said this put undue pressure on his staff and caused confusion for customers, who tried to book the large venue for banquets and community gatherings.
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Yu also maintained Floata strictly adhered to the city’s repayment terms for pandemic rent, issuing monthly cheques for both regular rent and arrears, with the final payment completed on September 10.
The only outstanding rent is for October, Yu claimed, and the company behind Floata proposed applying the remaining security deposit balance of $19,427.70 towards the amount owing.
Unfortunately, he said, “the city declined this reasonable request”.
Yu said Floata invested $5 million to establish its Vancouver location 30 years ago, and the restaurant is grateful for the community’s unwavering support and the dedication of its staff throughout the decades.
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