Gargi’s Ristorante Italiano, Inc., intends to pass the lease for their lakeside restaurant Gargi’s Ristorante (Facebook | Web) to On Group International Corporation.
Gargi’s has been leasing the Lake Ivanhoe-adjacent building in Gaston Edwards Park [Gmap] since 2003. They intend to assign the Lease Agreement with the City of Orlando to On Group but need the City’s approval since the building is on City property (more on that HERE). The transaction will go before the City Council on January 25.
According to City documents, the City will agree to the lease amendment if On Group agrees to purchase a membership in the Ivanhoe Village Main Street program.
On Group is planning to do $750,000 in renovations to the building and will be opening up the building towards the lake. If they complete the renovation within six months of the assignment, they City will abate rent for up to five months, during the construction. Rent for Gargi’s, as detailed in a previous Ask Bungalower post, equaled $5,164 a month or four percent of gross sales.
According to City Hall the new restaurant will be Mexican, the first in Ivanhoe Village.