Eighty-eight commercial buildings are up for sale in Lawrence, according to the Lawrence Chamber of Commerce. Some buildings have been on the market for years, but many are recently listed. As businesses continue to close, Lawrence is experiencing a significant change in local and downtown business.
Despite the economy and absence of students during winter break, not all of the companies plan to sell because of lack of income.
One of the oldest buildings in Lawrence, which opened for buisness in the late 1880s, is among businesses for sale. Mike Elwell, owner of the Abe and Jake’s Landing nightclub currently in the space, recently announced that he is looking for someone to take over the lease.
“We would really like to see someone come in and keep most things as they are,” Ryan Lantz, general manager, said. “We are going to honor all of our commitments for future weddings and events, but after that, it’s up to whoever buys the space.”
Abe and Jake’s is under a lease that runs out in about 85 years that is priced at $1.3 million.
Lantz said that financially, Abe and Jake’s is doing well, despite the economy.
“Of course, we aren’t doing as well as when we first opened,” Lantz said, “but that’s not unusual.”
Even thought Lantz’s office calendar is booked and full of wedding dates, he said that most income still comes from Thursday and Friday dance nights at the club.
It’s About Time, 816 Massachusetts St., is also closing, but not due to financial woes, according to its owners. Kelvin Schartz, part-owner and main artist plans to move to Panama. Kathryn Schartz, part owner, is a full-time nurse at Children’s Mercy Hospital and does not wish to carry the business load by herself.
The positive aspect of current commercial real estate situation is that many building owners are trying to be more flexible with current tenants.
”Our lease ended a few months ago but Kathryn wanted to stay open though Christmas,” Megan Allen, general manager, said. “This is one of the only buildings this guy owns so he let us run a month-by-month lease until we wanted to close.”
— Edited by Brittany Nelson