Tuesday, January 7, 2014

Regas Restaurant sold for $2 million

Area's in blue were sold
The former Regas Restaurant, a long-time downtown meeting place for some of the area and region’s biggest political players, has been sold for $2 million to a new company dubbed Regas Property, LLC, according to the paperwork filed Monday with the Knox County Register of Deed’s Office.

The building, located at 318 N. Gay St. just north of Market Square, closed Dec. 31, 2010. At the time, proprietor Bill Regas said the eatery was tough to keep open as it competed with construction projects, other nearby culinary competition and an overall poor economy.

Brothers Frank and George Regas founded the restaurant in 1919.

The sales includes the iconic building, and the property and parking lot that fronts West Depot from N. Gay Street to Williams Street with the exception of a 25-foot strip owned by the City of Knoxville. The total is roughly 2.25 acres.

Regas Property, LLC is a new company. The address goes back to real estate services firm Sperry Van Ness/R.M. Moore.

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