THREADGILL’S CLOSING? WHY OWNER SAYS HE NEEDS HELP

Owner looks for way to beat rising costs, keep restaurant open.

Is Threadgill’s closing? Maybe. Or maybe not. Owner Eddie Wilson said rising property taxes, rent and insurance totaling $38,000 a month — a more than 500 percent increase in the past five years, he said — have made it difficult to keep open his Threadgill’s World Headquarters restaurant and concert venue just south of downtown.

Wilson said Monday that if circumstances don’t change, he expects to close the venue sometime after the SXSW music festival in March. He previously made similar comments in an interview with the Austin Chronicle.

However, Wilson also told the American-Statesman on Monday that he continues to look for ways to keep Threadgill’s open. “I’m going to refuse to quit fighting,” he said.

For some, Wilson’s dilemma underscores the city’s mounting affordability concerns that are impacting musicians and those who operate concert venues in the “Live Music Capital of the World.”

Wilson and his two restaurants, the original location is on North Lamar Boulevard, are institutions in Austin. Wilson said he is operating his downtown-area location on a month-to-month lease with members of the Moton Crockett Jr. family who own the property at East Riverside Drive and Barton Springs Road.

“I haven’t made any money in quite some time down there,” said Wilson, 74. He said Threadgill’s has revenue of about $4 million a year, and said sales have been flat in recent years. As Austin’s real estate market has heated up, “Crockett told me the property has gotten much too valuable to be supported by meatloaf and chicken fried steak,” Wilson said.

But Threadgill’s fate is not sealed — at least not yet.

Over the weekend, Wilson said a longtime Threadgill’s regular — public affairs consultant Mike Kelly — offered to see what can be done to help keep the business open.

“He asked permission to do whatever needed to be done to keep Threadgill’s there,” Wilson said. “It could take someone buying the real estate and reducing my monthly cost of being there.” Wilson said he’s also open to selling the Threadgill’s business.

Kelly said he’s trying to find a solution that would keep the restaurant and music venue open. He said he already has approached two elected officials who are on board to help.

In addition, Kelly said he has spoken with two real estate investors “who have an interest in music” and who are interested in possibly buying or leasing the Threadgill’s property, and have the money to do so.

“It’s people who see the value in developing cooperatively with music venues,” Kelly said, with-