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Thread: Food intel

  1. #16

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    Quote Originally Posted by ducky View Post
    Wonder if they'd located in the Old Egan's on 17/100 if that would have made the difference in drive-by publicity and walk-in traffic. Though that building has its own problems with something like $1500/month in water bill tax (before any metered usage) from the Town to start off with.
    I recently spoke to the landlord for the old Egan's, he is a close friend of mine.The water bill is not $1500/month...not anywhere near that. The prior owner had estimated that amount of use, but the building was never connected before they went to foreclosure, before they ever paid a bill.

    I don't know the new number, but I think the bill was adjusted to a couple of hundred (at most). It is a minimum which is then applied to any metered use. The building also has the original water source, town water making for a solid backup. Previously, water had to be trucked in and held in tanks in the basement for many years, so the connection to town water has solved that issue. Currently the restaurant not in use, so they are not using any public water yet. The big apartment up top uses water, Mad River Distillers rents part of that building and uses some water, it is not an issue. The landlord is very professional and reasonable, and has made sure that water is not a problem for a buyer or tenant. The folks operating the water dept have been quite reasonable in making sure that the water bill is fair, and a non-issue for business use.

    This rumor of $1500 (plus) is completely false. It is old and incorrect information.

  2. #17
    gostan's Avatar
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    Quote Originally Posted by southvillager View Post
    We tried Blue Stone last weekend. We ordered a "white license plate" pizza, a burger, and Mac and Cheese and salad. All the food was good. Service was ok for our table, but we heard complaints all around us. It was pretty cold in there, most patrons had their coats on. It was 2pm , and probably 20 degrees outside, so no excuse there. The waiter turned up the gas fireplace in response. They did a nice job updating the interior.

    We tried Fit to be Thaid a few weeks ago. The food was excellent. Service was ok, we had an inexperienced waitress. Luckily, only a few tables we occupied, so no issues with service.
    3 of us from Club X visited Blue Stone a couple of Friday nights ago. 1/2 hour promised wait turned into hour & fifteen minutes. Food was very good. We sat at a table bordering newly installed windows on the front. They must hace cheaped out on the windows because we all froze.
    Stan

    "There's No Cure For Life"

  3. #18
    Quote Originally Posted by SkiVideoGuy View Post
    Related topic - where can a guy full growlers between SB and say Stowe? Headed up for a week 2/27


    Sent from my iPhone using Tapatalk
    Does Prohibition Pig fill growlers at the brewery behind the restaurant in Waterbury? I don't know.

  4. #19
    gostan's Avatar
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    Quote Originally Posted by southvillager View Post
    I recently spoke to the landlord for the old Egan's, he is a close friend of mine.The water bill is not $1500/month...not anywhere near that. The prior owner had estimated that amount of use, but the building was never connected before they went to foreclosure, before they ever paid a bill.

    I don't know the new number, but I think the bill was adjusted to a couple of hundred (at most). It is a minimum which is then applied to any metered use. The building also has the original water source, town water making for a solid backup. Previously, water had to be trucked in and held in tanks in the basement for many years, so the connection to town water has solved that issue. Currently the restaurant not in use, so they are not using any public water yet. The big apartment up top uses water, Mad River Distillers rents part of that building and uses some water, it is not an issue. The landlord is very professional and reasonable, and has made sure that water is not a problem for a buyer or tenant. The folks operating the water dept have been quite reasonable in making sure that the water bill is fair, and a non-issue for business use.

    This rumor of $1500 (plus) is completely false. It is old and incorrect information.
    Other than the nature of a 12 month investment for a max 5-6 month business, what else is holding back interested restauranteers from moving on this location?
    Stan

    "There's No Cure For Life"

  5. #20

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    @ southvillager - Glad to hear that is no longer true. It has been a source of disagreement in the town for some time - the whole water billing charge system based on how many 3-br houses you equate to, that is. Egan's had been rated at 15x 3-br house consumption when first underwritten. My friend pays $850/yr just for the stub for his (3-br) house which is not connected - so Egans at that rate was just under $1100/mo. Same question as Stan, "what is holding this back from being rented or sold?" Maybe Mad River Distillery will expand and open a restaurant upstairs. I was at the auction in 2010 and bid $250,000. With top bid at $295,000, the bank took it back to write down debt for $500,000. I assume your friend bought from the bank once they softened up on their price. What ever he paid, it is a great location for something with that visibility.

    Just had lunch at Sweet Spot behind Bridge St by the covered bridge. Nice vibe, good cappuccino, salad and sandwich. Reasonably priced too and they had art on the walls by painter Julia Purinton..

  6. #21
    Quote Originally Posted by ducky View Post
    @ southvillager - Glad to hear that is no longer true. It has been a source of disagreement in the town for some time - the whole water billing charge system based on how many 3-br houses you equate to, that is. Egan's had been rated at 15x 3-br house consumption when first underwritten. My friend pays $850/yr just for the stub for his (3-br) house which is not connected - so Egans at that rate was just under $1100/mo. Same question as Stan, "what is holding this back from being rented or sold?" Maybe Mad River Distillery will expand and open a restaurant upstairs. I was at the auction in 2010 and bid $250,000. With top bid at $295,000, the bank took it back to write down debt for $500,000. I assume your friend bought from the bank once they softened up on their price. What ever he paid, it is a great location for something with that visibility.

    Just had lunch at Sweet Spot behind Bridge St by the covered bridge. Nice vibe, good cappuccino, salad and sandwich. Reasonably priced too and they had art on the walls by painter Julia Purinton..
    if you have a sweet tooth, get the cranberry toffee cookie. its insanely good.

  7. #22
    Hawk's Avatar
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    If that location is not renting it must be the cost. That is the best location in the valley as far as traffic. Any new potential restaurant owner would jump at that location if the price was right.

    Quote Originally Posted by ducky View Post
    @ southvillager - Glad to hear that is no longer true. It has been a source of disagreement in the town for some time - the whole water billing charge system based on how many 3-br houses you equate to, that is. Egan's had been rated at 15x 3-br house consumption when first underwritten. My friend pays $850/yr just for the stub for his (3-br) house which is not connected - so Egans at that rate was just under $1100/mo. Same question as Stan, "what is holding this back from being rented or sold?" Maybe Mad River Distillery will expand and open a restaurant upstairs. I was at the auction in 2010 and bid $250,000. With top bid at $295,000, the bank took it back to write down debt for $500,000. I assume your friend bought from the bank once they softened up on their price. What ever he paid, it is a great location for something with that visibility.

    Just had lunch at Sweet Spot behind Bridge St by the covered bridge. Nice vibe, good cappuccino, salad and sandwich. Reasonably priced too and they had art on the walls by painter Julia Purinton..
    Trouble with you is the trouble with me,
    Got two good eyes but we still don’t see!

  8. #23
    Quote Originally Posted by Hawk View Post
    If that location is not renting it must be the cost. That is the best location in the valley as far as traffic. Any new potential restaurant owner would jump at that location if the price was right.
    you would think, but its been empty for years.

  9. #24
    gostan's Avatar
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    Quote Originally Posted by HowieT2 View Post
    you would think, but its been empty for years.
    Being in the RE biz, long empty buildings (especially restaurant sites) take on a pariah reputation, that is hard to shake. But if the price is right, somebody will step up. So I imagine the price and/or compliance issues with current building codes must be continuing to effect marketability. Look at the massive sum of $$ that the Blue Stone put into the former Ake's Den, and all everybody complains about is how cold it is.

    Stan

    "There's No Cure For Life"

  10. #25

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    Quote Originally Posted by gostan View Post
    Being in the RE biz, long empty buildings (especially restaurant sites) take on a pariah reputation, that is hard to shake. But if the price is right, somebody will step up. So I imagine the price and/or compliance issues with current building codes must be continuing to effect marketability. Look at the massive sum of $$ that the Blue Stone put into the former Ake's Den, and all everybody complains about is how cold it is.
    Watching the Den and the Phantom locations being renovated was confounding. Egans is in pretty good shape, and has most of the required furniture and equipment in place. It would be a far smaller effort to get Egans up and running than either of those other places. In fact, I think the bar could open tomorrow if a simple food menu was offered. Mad River Distillers sells tastings now, I don't think permits will present a problem, but you never know.

    The false rumor about the water bill has been a consistent issue. The property had some other issues that have also been resolved (leaky roof, etc). The landlord is very open minded regarding pricing, whether renting or selling. He has spoken to some well regarded bar/restaurant folks in the valley about renting the restaurant and getting something going, to no avail. The opportunity is there for someone with a good reputation to start something up.

    I can guarantee the price is right. It is offered for sale for around $589K. The apartment generates rent, and the retail/tasting room generates rent. After collecting rent, the monthly nut would be quite small, especially considering the size and location for a restaurant. As far as the price for leasing, I don't know the number, but he is flexible and creative with tenants in other properties that he owns.

    If I was a local brewer, I would jump on that place. I'd sell my own craft brews, offer a simple limited menu, etc. Be a stop on beer bus tours. Sell growlers. And so on.

  11. #26
    I think there are a number of challenges for Egans. Parking has always been inadequate, which could be solved by making an arrangement with Valero for evening parking behind the gas station. Apparently it's still on the original septic, and original grease trap. On such a small lot, that fix will be likely very expensive when the time comes. I have also heard that there is considerable plumbing and electrical work needed to get the building back up to code. This is all 2nd hand from a restauranteur friend that looked hard at the building before the current owner purchased it; but he described it as a can of worms beneath the surface.

  12. #27
    Quote Originally Posted by gostan View Post
    3 of us from Club X visited Blue Stone a couple of Friday nights ago. 1/2 hour promised wait turned into hour & fifteen minutes. Food was very good. We sat at a table bordering newly installed windows on the front. They must hace cheaped out on the windows because we all froze.
    How can they possibly know exactly when the tables are going to turn over? It's always a best guess. Friday and Sat nights have big parties (I consider anything over 4 to be big) and these folks can really screw up the timing. I refuse to go out to dinner with more than 4. When we do, I am not popular because I say that we have to split up. You don't talk to the people on the other end of the table anyway, but I am digressing because you only had 3. However, you should be mad at the big parties instead of the host who quoted you the 1/2 hour.

  13. #28

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    Quote Originally Posted by tomthumb View Post
    I think there are a number of challenges for Egans. Parking has always been inadequate, which could be solved by making an arrangement with Valero for evening parking behind the gas station. Apparently it's still on the original septic, and original grease trap. On such a small lot, that fix will be likely very expensive when the time comes. I have also heard that there is considerable plumbing and electrical work needed to get the building back up to code. This is all 2nd hand from a restauranteur friend that looked hard at the building before the current owner purchased it; but he described it as a can of worms beneath the surface.
    You may be right, but here is how I see it. The place was a busy, functioning restaurant with all systems functioning when they shut the door. Nothing was downgraded, and some stuff has been improved. I can't see why it cannot be turned on again. When you turn a valve, the water runs. Flip a switch, the lights come on. Turn up the thermostat, the place gets warm. 90% of the kitchen equipment is in place. Tables and chairs are even in the same spot as the final day of operation.

    If you want to expand or massively alter the place (like turning the Den into Blue Stone), that could trigger building permits and therefore code compliance. But to use it as is, I don't see the roadblock.

  14. #29
    Quote Originally Posted by southvillager View Post
    You may be right, but here is how I see it. The place was a busy, functioning restaurant with all systems functioning when they shut the door. Nothing was downgraded, and some stuff has been improved. I can't see why it cannot be turned on again. When you turn a valve, the water runs. Flip a switch, the lights come on. Turn up the thermostat, the place gets warm. 90% of the kitchen equipment is in place. Tables and chairs are even in the same spot as the final day of operation.

    If you want to expand or massively alter the place (like turning the Den into Blue Stone), that could trigger building permits and therefore code compliance. But to use it as is, I don't see the roadblock.
    You still need to get all of the required permits, which involves State level inspections. Some of the work done by The Blue Stone were planned renovations, but several things were not expected from what I understand. And that building was vacant for a much shorter time. I wonder if the Blue Stone ever considered Egans?

  15. #30

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    There are three criteria for real estate, whether commercial or residential: price, location, and condition. You can't have all three but a reasonable mix of short-comings is what makes one property a good deal over another. I expect the underlying downside at Egan's to be price with some condition thrown in.

    Wunderbar was fun today. Skiing not so much.

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