"In retrospect, the owner of Karu & Y realizes that spending $25 million to open a restaurant and nightclub on the edge of Overtown was a prescription for failure" reads the opening paragraph of yesterday's story in The Miami Herald.
Not much retrospect is needed about the spectacular loss of what was to be "a key player in revitalizing Miami's arts district". Even as it opened in the fall 2006, the nightclub symbolized the excess of the building boom. While it lasted, the nightclub filled with the celebrities common to the inside page of The Herald.
I'm not sure how many readers of this blog went to Karu & Y and gazed at its $1 million Chihuly chandelier, but you had to wonder at the business plan that thought the whole enterprise was a good idea in the first place.
Florida really doesn't make much room for skeptics of growth. Instead, all hail the real estate spin, such as this from 2006: "Former A-list watering holes have run their course and new ones have erected off the southern beaten paths. Which path should you clumsily falter upon this season? Ask no more. Exclusive is this year’s trend. Karu&Y shows Miami how it should be done."
Well. It's done. Great while it lasted, I'm just glad I didn't have a dime in that $25 million down the drain.
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