Close, but no cigar — The Option House has not been sold.
At Wednesday’s meeting of the North Central Pennsylvania Regional Planning and Development Commission, a loan application was approved for Kabob’s Cafe of Ellicottville, N.Y., for $140,000. The money would be used as part of a funding package to acquire The Option House in Bradford.
However, this does not mean a deal is in place, as a story in Thursday’s Era erroneously concluded.
On Thursday, Option owner Sam Sylvester explained he is working with several interested parties — but none of them are ready to sign paperwork.
“I have three people I’m actively talking to, with a fourth in the works,” Sylvester said Thursday. “All are in different stages of the process.”
While not specifically addressing where any party is in the negotiating process, Sylvester said each party is trying to put financing together to meet the $295,000 purchase price.
Before any sale could go through, the building would have to be inspected and the vetting process for the liquor license would be undertaken.
“We’re far from that,” Sylvester said.
He did say three of the interested parties have been at The Option several times, while the fourth is set to visit next month. Two of the interested parties have previous restaurant experience, while two do not, he explained.
The 18 apartments above the restaurant would be sold along with the business, Sylvester said.
“All the apartments are filled,” he said. The liquor license for the business is a hotel license — with “12 to 50 permanent bedrooms for public use, a separate dining room for at least 30 people and a separate kitchen,” according to the state Liquor License Company website.
Meanwhile, Sylvester has been working on compiling a history of The Option House. He has eight bound volumes so far, encompassing advertisements and menus of restaurants that have inhabited the building, events like the filming of “Unstoppable” in the area, visits by celebrities, performances by opera singers and more.
“The history is rich,” he said. “I hope someone reads it someday.”
Sylvester added that he hasn’t decided what to do with the history he has compiled, but mentioned he may talk to the Bradford Landmark Society to gauge potential interest.
The Option House officially closed in February 2013. Sylvester had purchased the building in 2008 and restored the structure to its original look.
The Neoclassical Revival-style building was built in 1902 and was originally used by oil producers to trade stock options.
