Royal Square developer buys Cobblestone's building
- RSDC paid $25,000 up front after winning an auction Monday for the Cobblestone's building on South George Street.
- The development company will have roughly 45 days to pay the rest of the $300,000 purchase price.
RSDC scooped up another downtown property Monday as the development company continues its push to revitalize York City’s Royal Square District.
RDSC, formerly Royal Square Development & Construction, won the property that was last occupied by the Cobblestone’s Gastropub at an auction Monday.
The former owners, 205 Associates LLC, were forced to sell the property by the U.S. Bankruptcy Court in Harrisburg.
The building sold for $300,000 at auction, with RSDC putting up $25,000 Monday, according to John Birkeland, brokerage adviser for ROCK Commercial Real Estate, the company that listed the property.
RSDC will have until the second week of May to pay the other $275,000 to close on the property located at 205 S. George St., Birkeland said.
The property originally was listed at $375,000 by ROCK Commercial Real Estate, Birkeland said.
'Tremendous potential': Having worked with the previous owners for the past few years to sell the building, Birkeland said he was pleased to see RSDC purchase the property, and he believes the company will be able to realize the building’s “tremendous potential.”
Josh Hankey, president and CEO of RSDC, said the company will look to renovate and stabilize the building before leasing it to a reputable restaurant or nightclub.
The 37,000-square-feet building includes a ballroom with about 6,000 square feet of space, two-story-tall ceilings and balconies that wrap around the entire second floor, Hankey said.
The building used to host dances and other celebrations in the 1940s and 1950s, Hankey said, as well as housing the Alcazar Ballroom.
With a proud history of entertaining and attracting visitors to York, Hankey said RSDC wants to return the building to its former glory.
“With the growing revitalization that’s happening in our downtown, it is important to make sure that buildings like that get into the hands of the right operator that can turn it into another great attraction for York City,” Hankey said.