The Penn Brewery will remain open for the foreseeable future.
In a compromise on some of the key issues facing the Northside restaurant and landmark, the Penn Brewery has decreased the amount of space they will be using going forward in exchange for a decrease in the rent. The deal was helped by neighborhood groups concerned about the restaurant’s future, sources close to the deal revealed.
The Brewery will be giving up its bottling line and forgoing that space within the building in exchange for the reduced rent. Len Caric, the president and CEO of the Penn Brewery, had said publicly that landlords E&O and partners had raised the rent 360 percent.
The agreed-upon rate is significantly less than that.
Brewing was supposed to have moved offsite, but the brewing will continue at the location, meaning that Pittsburgh-area favorites will continue to be made there.
A press conference is scheduled for 11:30 a.m. Saturday, during which Caric is expected to announce that the Brewery will be remaining open. Mayor Luke Ravenstahl is expected to be in attendance.
More details on the agreement will follow.