Friday, July 22, 2011

Elkhorn restaurant, store up for sale

Restaurant and general store offered in sealed-bid auction

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The now-vacant general store in Elkhorn Village is up for sale. Elkhorn commercial goes up for sale. Express file photo

By MARK A. YORK

For the Express

Owners of the vacant Elkhorn Springs Restaurant and General Store have put the properties on the market in a sealed-bid sale.

The development at the center of Elkhorn Village was designed by architect David Barovetto, and the restaurant won a first-place award for design from the Intermountain Chapter of the American Society of Interior Designers in 2009.

"We felt that August was the best time to sell these and move on," said David Hennessy, partner in CG Elkorn.

The firm joined with Greenfield Partners, a Connecticut- and Chicago-based real estate development company, to redevelop much of the original Elkhorn Village, along with the golf club, which was recently purchased by Sun Valley Co.

Both commercial buildings come furnished. The restaurant has an assessed value of about $1.3 million and the general store of about $1 million.

The store was occupied for two years and the restaurant has always been used as an event venue and never operated full-time, Hennessy said.

"We'd like to get significantly more than the minimum bids," he said. "The last sales of this type have done well."

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Suggested minimum bids are $500,000 for the restaurant and $200,000 for the store.

Hennessy said this isn't a distressed sale and CG Elkhorn has no debt on the project.

"These are good buildings," he said. "Hopefully, someone will get a good deal and put them to good use."

The bidding closes on Aug. 5.

The sale represents yet another chapter in the troubled evolution of Elkhorn Village, which was once a vibrant residential and commercial hub but has—over the last 15 years—lost residents and businesses to other areas.

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