Gamble Mill’s prospective buyers back out of deal

An agreement appeared to be made from the outside looking in, but a deal was never closed on the Gamble Mill to be sold to a group of prospective buyers.

Marian Bradley, of Montana, led the group of buyers and confirmed their intentions July 16, 2016. She had planned extensive renovations to the historic building and wanted to reopen it as a restaurant and microbrewery. On Monday, almost a year to the day that Bradley said it would be her restaurant, she informed Bellefonte borough staff and council that the deal was off. She further confirmed Tuesday that she would not buy the restaurant.

“We received an email yesterday from Marion Bradley stating she is no longer pursuing the Gamble Mill acquisition,” Bellefonte Assistant Manager Don Holderman said. “We are obviously disappointed to see what was a long process fall through. However, we are hopeful there will be other interested parties that will now consider the Gamble Mill as a worthwhile opportunity.”

The sale had pended bankruptcy proceedings through the spring, according to borough management, though it was recently rumored that the deal would fall through. Initial expectations were that the deal could be done as early as August 2016.

“I’m hopeful that as a community we can come together and find another person (or) people who want to maintain this historic anchor property sensitively,” councilwoman Joanne Tosti-Vasey said. “We need to maintain the historical integrity of this national trust for historic preservation registered building. Recreating a restaurant as Marian Bradley had intended will, in my opinion, help further the economic development of our community and the Waterfront District.”

The restaurant closed in January 2015 when co-owners Dave Fonash and Paul Kendeffy chose to pursue different career paths. Plans to sell the restaurant began in 2014.

The mill was listed by Kissinger, Bigatel and Brower Realtors at $1.3 million in November 2014, and the price on KBB’s website dropped to $1 million by 2016. The property is not currently listed.

Fonash said in 2015 he would market the mill as a turnkey brewery pub with two different options. The first option would sell the business assets, the brewery and the restaurant and brew pub licenses. The second option would exclude the restaurant license.

It is unknown if the owners still plan to sell or if the property would go to a sheriff’s sale.

The mill’s bottom two floors, about 5,900 square feet, are developed for the restaurant and brewery.

This story was originally published July 18, 2017 at 8:38 AM with the headline "Gamble Mill’s prospective buyers back out of deal."