It’s being reported tonight that the Washington Street buildings owned by Dave Curtis – the ones housing his bars, the Savoy and Pub 13 – are up for sale. The following clip comes from AnnArbor.com:
The recent closings of two downtown Ypsilanti bars took a permanent turn this week after the lender listed both the Savoy and Pub 13 for sale.
Michigan Commerce Bank is asking for $990,000 for both properties, which share a liquor license, said listing broker Jim Chaconas of Colliers International.
Both bars were operated by David Curtis, who closed them in late November amid what Curtis described as a dispute with DTE Energy over his utility billing. The businesses were $30,000 in arrears, according to DTE — though Curtis said a malfunctioning meter caused the massive underbilling.
But other debts appear to have mounted, resulting in the lender seeking a new owner for the businesses, which have anchored downtown Ypsilanti’s entertainment district…
According to the report, Curtis owed $44,632.99 in back taxes, interest and penalties (for 2008 and 2009) at the point DTE cut the power and things started unraveling on him. The report also says that Curtis bought the Pub 13 building in 2002 for a mere $150,000, which makes the asking price of $450,000 seem just a tad bit steep. (It’s not as though properties have been appreciating much in Ypsilanti these past eight years.) The listing agent says that’s what the building is appraising for, and the liquor license is apparently included, but I think it’s more likely that the bank is just trying to get back some of what it’s owed. (My guess is that Curtis leveraged the building considerably, borrowing heavily against it for improvements and the like.) At any rate, I don’t think it’s likely to sell any time soon, at least not at that price. Most likely, it’ll go to auction in the spring… What do you say we pool our money and buy a bar, Ypsilanti? We better act fast, though, before the Maurers snatch it up.
I don’t know what he paid for it, but the individual asking price for the Savoy building is $565,000… Together, the two buildings (which share a liquor license) are 21,000 square feet.