The asking price for the Mount Nittany Inn has dropped by nearly $1 million in an effort to spur interest in the historic property that overlooks Penns Valley.
The 559 N. Pennsylvania Ave. property was listed about a month ago with U.S. Commercial Reality in Lancaster, said Scott Bradbury, a commercial real estate agent with the company. However, Bradbury said the property was previously listed though a State College-based agency.
Bradbury said the Mount Nittany Inn originally was listed for $2.8 million. The current price is down to $1.97 million.
“We put it more in line with the restaurant business in the State College area,” Bradbury said.
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The inn is between Centre Hall and Pleasant Gap on 9.1 acres overlooking much of Penns Valley. Built in 1919 as a roadside stand, the facility has expanded through the years and now has three floors and can seat about 300 people.
The inn sustained roof damage in early 2003 when a grease fire ignited and spread. The inn was almost fully repaired when another fire in 2004 totally destroyed it.
The damage was estimated at $1.4 million at the time. In 2008, the inn reopened.
Twelve months is about the average time for property like Mount Nittany Inn to sell, Bradbury said.
“It’s going to be a process to sell,” he said. “We’re taking a very broad approach in marketing this property though.”
Owners Nancy Silvis and Dr. Doug Collins said they owned the facility since 1992. Silvis said that as the partners are getting older, they wanted to move on and do different things.
“It’s a great opportunity for a group of owners to come along and take it to the next level,” Silvis said.
In the early ’90s, Silvis said there were four owners, two of whom were knowledgeable about the restaurant business, while Collins, a doctor, and Silvis, a pharmacist, are in the medical profession.
Bradbury said that so far, he’s had no bites.
“We’re looking for a demand in State College. We’re reaching out to other local owners,” he said. “It’s a great facility.”