Three businesses on North Atherton Street must find new locations since they are losing their leases this year.
Rainbow Music at 140 N. Atherton St., Lion Antiques at 122 N. Atherton St. and SURGE Business Development at 126 N. Atherton St. were informed by Penn State in early August that their leases will not be renewed.
“Penn State developed a need for use of the property due to upcoming construction plans on campus that require additional flex space,” said Office of the Physical Plant spokesperson Trey Miller. “As the university often does when projects take place around campus, other areas must be used in the interim.”
Penn State does not currently have “specific long-term construction plans” for the building site, he said.
Rainbow Music posted a notice on its Facebook page Sept. 3 that it is running a “store closing” sale. The store’s last day open to the public will be Dec. 31. There is no new product coming in and guitars, amplifiers and other music supplies have clearance pricing, the post said.
The store’s owner said he received the notice his lease would not be renewed on Aug. 8. Rainbow Music has been operating at its current location in State College since 2007.
Penn State has owned the buildings since 2006, said Miller.
“Out of respect to our tenants we won’t share the specifics of each lease except to say tenants received ample notification that met or exceeded what is required in the lease agreement; and in one case, we offered an extension,” he said. “Penn State’s goal was to give tenants as much notice as possible about its plans to use the property.”