Raise your glasses to a local music venue success story: Hole in the Wall has avoided closing and inked a deal to stay on The Drag. Owner Will Tanner reportedly signed a five-year lease for the beloved spot on Guadalupe Street.
News broke in September that Tanner was concerned about the dive bar's future due to increased rent at 2538 Guadalupe St. Austinites were quick to defend the 41-year-old institution and blame the Big Bad Wolf of increased rent.
In what some might call an ironic move, the bar was actually saved by Austin real estate. According to The Austin Chronicle, local brokerage firm Retail Solutions stepped in and helped both sides come to an agreement. Although no specific numbers have been released, the rent is higher but "manageable" for Tanner and the Hole in the Wall team.
From the beginning, the landlords, Weitzman Group and Cencor Realty Services, declared it a "priority" for the Hole in the Wall to stay in place. East Side King, however, will not operate out of the bar come 2016.
Five years may not seem like a long time for a bar that has been in operation since 1974, but the lease comes with a built-in extension for another five. Tanner — who has owned Hole in the Wall for the past eight years — is ready for the challenge, no matter what the future may bring. "I'm relieved to still be in the fight, but I feel like I got knocked down in the ninth. I still have to fight every day, but I’m grateful for the opportunity," Tanner told the Chronicle.
Swing by the beloved bar and pour out a beer for the venues we've lost to the real estate game, and cheers to Hole in the Wall, the prime example of when both sides work it out.