According to Murphy, the Coop has no say in structuring the new lease, as they have handed over all control to the IDM Inc., a development group, who are responsible for finding and signing tenants.
"We have input on the economics and mechanics, but they have full control over the lease right now," Murphy says.
As of yet no tenants have been signed, and the group has been unable to accomplish their goal of finding a single occupant for the whole building.
"We don't talk to them every day, but as soon as they have a game plan in terms of tenants and lease, etc. then we'll sit down with them," Murphy says. "The ball is basically in their court, there is a lot of real estate available in Harvard Square now, which is sure to affect the decision."
Murphy also pointed out there is nothing preventing the Bow and Dunkin' Donuts from returning, but they will have to deal with increased rents and be able to secure a new lease.
Steve Latzanakis, owner of the Dunkin' Donuts franchise, has been hoping for a right of first refusal--which would give him first crack at any lease--from IDM. But currently he has only been able to secure an agreement which would give him at least a 30 day notice before being forced to leave during the renovation period.
To compensate for increased rent, Latzanakis plans on including a new component to the current Baskin Robbins and Dunkin' Donuts motif: a California-based sandwich shop called Togo, to tap the lunch and dinner market.
"The real question is if we get to come back, which I would like to do, after the renovations," Latzanakis said.
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