It’s not just the Hunington Properties sign posted in front of Vargo’s announcing a new mixed-use development on the 8.71-acre property, or the more plaintive and direct Land for Sale notice put up more recently. (Asking price: $9 million.) Now there’s another, more compelling harbinger of doom for the 47-year-old lakeside restaurant and event venue at Fondren and Woodway festooned with azaleas and peacocks: A trustee appointed to manage the restaurant’s bankruptcy (which was filed last October but converted to Chapter 7 last month) has ordered Vargo’s shut down for failure to pay rent.
David Wu, who’s been operating the restaurant since January, is behind $150,000 on his payments, says the trustee. But, um, according to Jennifer Dawson’s HBJ report, that money is due to the property owner, TTC Plaza Ltd., of whom Wu is a principal. Dawson gets the trustee, attorney Randy Williams, to explain: “In essence, he has not been paying rent to himself.” Much clearer, thanks. If Wu doesn’t hand Williams the keys tomorrow morning, he tells Dawson, he’ll start the eviction process.
- Vargo’s Restaurant [LoopNet]
- Vargo’s ordered to shut down Thursday [Houston Business Journal]
- Goodbye to an era? Vargo’s sporting “for sale” sign [29-95]
Photo: Swamplot inbox