07/07/05 - posted by Jake

I spoke with someone who is in the restaurant business who had a meeting with the owner of Joe's and he is going to raze the restaurant and lease the land for condos. Face it, the deal for Joe's owner is too good to pass up in this real estate market coupled with the aging consumer base of Joe's. Yes, Joe's may be packed and popular now but in 15-20 years, the original customers who overwhemingly populate the place will be just down the road in Colma. Yes, Joe's has probably not much overhead now but what about NO overhead with no restaurant and the owner walking away with a few million in his pocket? It's too good of an investment in the real estate rich Bay Area. No restaurant will stay open forever coupled with the fact of the raising of the minimum wage of restaurant workers and the constant lawsuits that restaurants face, many restaurants in the City are shuttering in 2005.

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