A rent increase paired with construction congestion has pushed a 5-year-old restaurant off Platte Street.
Eat+Drink will close after this weekend, following a rent increase and dip in revenue due to construction surrounding the restaurant.
“It just seemed like the right time professionally and personally to cut our losses,” said owner Pollyanna Forster. “It was definitely bittersweet.”
Forster signed a five-year lease on the 715-square-foot location at 1541 Platte St. in March 2012. That lease expires at the end of this month.
She liked the location’s proximity to the bridges between LoHi and LoDo, and the mix of retailers and businesses on the street.
“It was kind of the perfect storm to expand in Denver,” said Forster, who owns another similar Eat+Drink in Edwards with her husband, Chris Irving.
The building that includes Eat+Drink, boutique Common Era, Inside Scoop Creamery and others was bought by Unico Properties in May 2016, according to property records. Forster said Unico was raising rent on the space by 300 percent.
Construction on Platte Street was making it harder for customers to get to the restaurant and find easy parking, Forster said.
“That area is in a certain amount of crisis as far as people getting to it.”
Forster said customers enjoyed Eat+Drink’s leisurely three-course meal paired with wine or quick healthy lunch. Customers could enjoy tasting and learning about Eat+Drinks 100 to 150 cheeses, as well as a rotating list of 30 wines.
“It was more of an experience than an actual dining destination,” Forster said.
Forster said Eat+Drink’s revenue started dipping in April 2016, resulting in revenue of $380,000 for the year. The restaurant brought in $460,000 in 2015. Before that, Eat+Drink’s revenue grew 10 to 15 percent annually, said Forster.
Eat+Drink’s five employees were notified over two weeks ago that Forster and Irving will continue running their other businesses in Edwards, which includes a similar split location of Eat+Drink, Cut butcher shop and Tacorico.