Brittany Hill is on the block, but the Falcos say they'll get it back
For almost a year, we've been hearing that Brittany Hill would rise again, this time as the Brittany Hill Event Center. New tenants John and JoeAnn Falco said they planned to do extensive renovations to the historic place, putting in a sports bar and fine dining restaurant and revamping the events space.
But now Brittany Hill is back on the market.
Pricey renovations had delayed the opening, as the Falcos undertook a number of projects to bring the building up to code after it had sat vacant for several years. And now the couple is out of cash.
"We've spent $340,000 to get the place upgraded," JoeAnn says. "We're waiting to get the final word on some extra funding, because we need about $300,000 more to finish it."
And that means the Falcos have been forced to give up the lease they'd signed, which JoeAnn says was for three years with an option to buy the developers out at the end of it. But she insists that pair is continuing to work with SRC Developers, the California-based company that owns the property, to take back the lease and get the place open.
Mark Valente, the Sanborn and Company listing broker for Brittany Hill, confirms that the property is back on the block. And are the Falcos really proceeding with their plans for the place? "Not to my knowledge," he says. "We haven't had any negotiations in our capacity. They were leasing the property, but they no longer have control."
He acknowledges that the Falcos made significant upgrades to the building, which could be one of the reasons there's been interest in the property. SRC is definitely looking for someone to lease or buy it, he says.
Still, JoeAnn Falco doesn't want to let Brittany Hill go without a fight. "We love the place," she says. "We've invested so much money and so much time, we just can't walk away."
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