Osborne Village loses second biz this week

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This article was published 15/05/2020 (1997 days ago), so information in it may no longer be current.

A second Osborne Village business owner has decided to permanently cease operations.

Brian Koshul owns Upstairs in the Village, a popular nightlife destination that opened at 99 Osborne St. roughly five years ago. On Friday afternoon, Koshul was begrudgingly packing up the bar’s furnishings and moving out.

After a round of negotiations, Koshul said he was unable to sign a deal with his landlord that provided enough flexibility to account for the coronavirus pandemic. The lease for the second floor unit ended at midnight, he said.

“I feel for Osborne because we brought a lot of people here,” said Koshul, who must also vacate his position on the Osborne Village BIZ board. “It’s tough.”

Earlier this week, well-loved Osborne Village tapas bar and restaurant Segovia announced it would not reopen when restrictions are eventually eased.

Koshul said Upstairs in the Village was on solid footing prior to the pandemic and his relationship with property owner Private Pension Partners was amicable.

“The numbers that were offered to us by the landlord were fair,” Koshul said. “We were going to finalize everything and that’s when the numbers changed.”

Koshul said the contract he was offered required a personal guarantee on a five-year lease. He countered with a six-month lease that included reduced rent and an option to sign a five-year agreement at a later date. He was turned down.

“We don’t know yet if people will even go to bars,” he said.

Private Pension Partners declined to comment.

Koshul said he intends to revive his business in summer 2021.

“My heart is to reopen on Osborne if I find a suitable space,” he said.