WICKER PARK — The owners of Spanish cava bar and small plate eatery Bom Bolla, which moved into a newly renovated 1880s-era building in May will either be calling it quits, finding an investor to keep the joint going as-is or subleasing their spot to an entirely new restaurant.
"We are working on some salvage solutions, all in progress," said Bom Bolla's co-owner and partner W. Craig Cooper on Monday.
First reported by Eater.com, Cooper said that the numbers just didn't add up and unless an investor sweeps in, Bom Bolla's last day in business for the year would be Wednesday.
"My goal 100 percent is to keep it intact and keep my people, about 20 workers, intact and see where we can take the concept," Cooper said, adding, "There is a chance it will be back on track, there's a half a dozen different scenarios. ... So many different ways it could go, I really can’t say."
Bom Bolla's co-owner Tom Verhey, also owner of Pops for Champagne, did not respond for a comment.
Located on the northwest corner of Honore Street and Milwaukee Avenue and across from Rick Bayless' Xoco Wicker Park, the building at 1501 N. Milwaukee Ave. that houses Bom Bolla was built in 1881.
In a statement to Eater, Cooper suggested that the restaurant's 7-month-old concept did not have enough time to take off and there was not enough financial backing from the onset.
"We have a very big space [including a second floor most aren't even aware of] and a very big rent, but unfortunately not enough funding behind us to keep it all propped up while we wait for our concept to get its needed footing. Chicago is a huge, competitive market with every dining and drinking option one could imagine," Cooper told Eater.
When asked if a possible new investor would keep Bom Bolla going, Cooper said it would depend on who takes over the spot.
"Some really love the concept and some really love the space," Cooper said.
Steve Lipe, Bom Bolla's landlord, said the restaurant rented out the entire 4,350-square-foot building plus a 1,700-square-foot basement that includes a prep kitchen, offices and wine storage.
Lipe said the restaurant was only using two-thirds of the space that it rented and that "the rent is not high, especially if you are paying for more space than you are using. "
Lipe, who leases out several buildings on the block, said other tenants on Milwaukee Avenue are paying the same rent or more rent for less space [than Bom Bolla].
Previously, Cooper said they Bom Bolla would unveil an upstairs 40-seat dining room in September after the group figures out how the first floor runs best.
On Monday, Cooper said, "‘It wasn’t [financially] justifiable to open upstairs in September."
Another feature of the property that Bom Bolla also did not get a chance to use was a new rooftop deck behind the building that was going to open this summer.
Lipe said he was meeting with Bom Bolla owners on Wednesday and has not yet been informed of an official closure.
"We have a lot of interest [from other tenants] if they do close," Lipe said.
For more neighborhood news, listen to DNAinfo Radio here: