BREAKING NEWS - Versailles Center deal clears way for restaurants
The owner of the old Versailles Center, the McDonald’s Corporation and McDonald’s owner Joe Graviss have reached a deal to allow other restaurants in the shopping center, according to Graviss and Eli Mashni of the Versailles Land Group.
Negotiations have been underway for about a year for Graviss and McDonald’s to sign an agreement with the Versailles Land Group to waive a 33-year-old deed restriction put in place by the previous owner of the Versailles Center.
The deed restriction helped lure McDonald’s to the once-thriving shopping center, but prevented another restaurant from opening there.
In August of 2015, Versailles Land Group, LLC, purchased the 12-acre site for $1.08 million from a subsidiary of PBI Bank. The property is accessible from Crossfield Drive (and soon, the Kroger shopping center), and once hosted businesses ranging from Sweet Potatoes restaurant to Radio Shack.
Having a restaurant in the Versailles Center was seen as crucial for the planned Holiday Inn Express and Suites, a four-story hotel with 81 rooms but no restaurant.
Wednesday afternoon, Graviss told The Sun that he hadn’t seen the signed documents yet, but the three parties had reached agreements on all the issues and he was waiting for principals to sign it. Thursday morning, Mashni said his side had signed the deal.
“The hard part’s done. We worked through all of the issues together amicably and we’re both very excited to see the progress that the Versailles Land Group is making at the Versailles Center. And I am grateful to both sides for coming together and finding common ground,” Graviss said.
The Sun will have much more on the story in our Nov. 20 issue.