Texan: December 10, 2001: Coming and going ... Drag institutions
deal with changes, challenges By Patrick Badgley
Mike White, accountant and business manager of
Hole in the Wall on the Drag, says a purchase of the restaurant
and bar could mean a hole in Austin.
White's fear of someone buying the restaurant and
the lot on which it sits stems from a Knight Real Estate sign on
the building giving the real estate company's phone number for those
seeking information on purchasing the property.
"Austin in general will lose something that's been
here since '74," White said, later adding, "We have an eclectic
crowd and a lot of music."
The going price for the lot is $972,000, which
White says is probably too high for the somewhat run-down building.
He estimated the actual cost to be not much more than a half-million
"I personally think it will be too high a price
- unless Starbucks decides they need another location down here,"
Jamie Knight, an associate at Knight Real Estate,
said while some parties have called about the property, there have
not yet been any sustained cases of interest. He said people with
several different interests in the property have called, including
retailers and real estate investors who are interested in the location
of the property.
Still, he said that based on his research, the
lot is worth "somewhere in that neighborhood."
"The building is definitely not in prime-time condition,"
Knight said. "It's got great location."
Knight also said the $972,000 asking price is "just
that," meaning the price for which the lot could be sold is not
White said the restaurant is planning to hold a
fund-raiser from Jan.13 to Jan. 19, called "Keep a whole lot of
the Hole," that would showcase several musicians who have played
at the Hole in years past. The money would go toward paying for
the building or saving up for a new location if the bar would have
"We're looking around, but moving a place that's
been here for 30 years is really hard," White said.
White also said some who frequent the bar have
talked about helping out in some way.
Whatever the case, White guessed that the place
would most likely stay put at least until June. The Hole's new six-month
lease, he said, will begin in January if no one swoops in to cut
a deal and buy the property before then. [...]
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