The building housing Tangled Roots Craft Beer & Kitchen, a prominent restaurant on Washington’s downtown square, has been listed for sale with an asking price of $5.25 million. This comes just seven months after the restaurant itself opened its doors, presenting a significant investment opportunity in a prime location.
Key Takeaways
- The building at 140 Washington Square, home to Tangled Roots, is on the market for $5.25 million.
- The sale does not include the restaurant business itself, which has an existing lease.
- A separate sale of two nearby buildings owned by the same entity, Grist Mill Ventures, has fallen through.
- The city’s TIF agreements for both projects are contingent on future renovations and owner commitments.
A Prime Investment Opportunity
The nearly 18,000-square-foot, two-story building is being marketed as a "premier investment opportunity" by Brummel Properties. The listing highlights that the property has undergone a "multimillion-dollar renovation" and contributes to the "vibrant character of the town square." The sale includes four Airbnb units located on the upper floor of the building.
The new owner will also assume the restaurant’s eight-year lease, which commenced in April and includes a five-year renewal option. The building’s sale comes amidst a complex history, including delays in the restaurant’s opening due to supply chain and demolition issues, as well as disputes with neighbors and the Washington Historical Society.
City’s Role and Future Projects
Jon Oliphant, Washington’s planning and development director, shared details about the building’s sale during a recent City Council meeting. He also addressed the status of two other buildings owned by Grist Mill Ventures, located at 120 and 126 Walnut Street. These buildings were slated for transformation into event and retail spaces in a project estimated at $1.25 million, supported by a $350,000 TIF agreement.
However, Oliphant announced that the sale of these two buildings to Baldovin Construction has fallen through. This development places the future of those properties and the associated TIF agreement in limbo. Oliphant expressed hope that the current owner would proceed with planned exterior renovations. If a new owner takes over and agrees to the terms of the TIF agreement, it will remain in place for the Walnut Street properties.
The city’s $980,000 TIF agreement with Grist Mill Ventures for the Tangled Roots building, which concludes this month, originally stipulated an opening date of December 1, 2023. Delays, including issues with neighbors and legal injunctions, pushed the opening back by 16 months. The city had previously intervened to cover payments owed by Grist Mill Ventures to the Historical Society.
