[supafamous]

The article seems to imply that the city wanted Floata to do some upgrade/renovations and Floata opted not to thus the lease was terminated. I haven't been there in a long time but it always felt really dated and the design of the space wasn't great (though there are compromises to holding a thousand people for events).

It's tough to be a viable restaurant if you need the space to be that big though - there's just not enough events that print money to cover for the losses otherwise.