Ketchum City Council members approved on Sept. 7 a five-year lease extension to the operators of the Starbucks café at 491 Sun Valley Road.
The lease extension allows the Cairde Group—which operates the business as a licensee of Starbucks—to continue operations from November 2021 through November 2026.
In 2011, the Cairde Group entered into a lease agreement with the Ketchum Urban Renewal Agency, which owned the building. The agreement included an initial five-year lease with two options to extend the lease an additional five years. The lease was extended in 2016 through November 2021. The Cairde Group is now exercising its final five-year option.
The city became the landlord after the URA transferred its interest in the matter to the city, which has been obligated to meet the terms of the lease. Under the lease, Cairde Group will pay $5,539 per month in the first year and then the rent will increase 2% each following year.
The Visit Sun Valley marketing organization also leases space in the building.