The building that houses The Social at Midtown, a popular bar and restaurant on University Avenue, went up for lease or sale Friday around noon.
Dan Drotos, senior director of the Gainesville branch of the real estate and investment company Colliers International, said The Social is remaining open and the property owners are seeing what kind of offers arise. Interest in the property on Friday was very strong, he said, and the final day to bid is Feb. 26 by 5 p.m.
“They’re just testing the waters to see what type of interest they get from their property,” Drotos said.
The building is located in Gainesville’s Midtown, a popular plaza directly across the street from UF’s campus filled with bars and restaurants. The property owners recently received a strong appraisal, or greater estimate of value, Drotos said.
The just market value of the property in 2020 was about $2.2 million, according to the Alachua County Property Appraiser records. The value from the property Appraiser’s Office does not necessarily represent the anticipated selling price.
The 24,867-square-foot building located at 1728 W. University Ave., was completely rebuilt in 2016 with renovations and updated equipment. Current tenants include Dunkin’ Donuts, Italian Gator and The Social.
“We’re pretty excited about the interest in the property so far,” Drotos said.
The decision wasn’t influenced by the COVID-19 pandemic, he said, although The Social is no exception to the negative impact it’s had on the restaurant industry.
“There’s other motivations here to transact the property being that it’s such a valuable piece and pretty much an irreplaceable location at Midtown,” Drotos said.
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Lucy Lannigan is a second-year journalism student from Key West. She works as a news assistant on the metro team. When Lucy’s not reporting, she loves to paint and spend time outside.