Penn State Won't Renew Leases for 3 North Atherton Street Businesses
Three businesses leasing space in Penn State-owned properties on North Atherton Street will have to find new locations at the end of the year.
Lion Antiques, 122 N. Atherton St.; SURGE Business Development, 126 N. Atherton St.; and Rainbow Music, 140 N. Atherton St., have all been informed by the university that their leases will not be renewed, Penn State Office of Physical Plant spokesman Trey Miller confirmed.
"These short-term leases were on different renewal cycles," Miller said in an email. "Penn State met or exceeded all required notice periods in accordance with the lease agreements."
Miller said the university currently has no long-term construction plans for the properties, but that "Penn State does have a temporary need for use of the property." He did not elaborate on what that temporary need is.
Penn State has owned the buildings since 2006. The Lion Antique and SURGE Business Development storefronts are located in the same building and the apartments above them have been vacant since the university acquired the property, Miller said.
Rainbow Music, which has been in business at its current location since 2007, has posted signs that state "Store closing. Everything must go," and "Entire store on sale."
According to Rainbow Music's website, Dec. 31 will be its last day at the North Atherton Street location, but the message suggested the business is looking to continue operating.
"We will retain the same email, website and phone number in 2020 so customers can access information concerning a new location…So stay tuned as we try to re-invent ourselves," it said.