Powers Ventures identified as potential buyer of former Dooley's site
Powers Ventures has been identified as the entity pursuing the purchase of the vacant restaurant site formerly home to Dooley’s Pub.
The company is offering the City of Rochester $1.4 million for the 7,589 square-foot space, located at 255 First Avenue SW.
A draft purchase agreement was included in the council’s July 19 agenda packet — which was posted on Wednesday, two days after council members met a in a closed session to discuss the offer.
According to city staff, Powers Ventures approached the city about the site after a city RFP process failed to attract a tenant to lease the space. The property, however, was never publicly put up for sale.
The assessed value of the site is $1.4 million, the same as the proposed purchase price. While staff estimated that “a conventional sale” would be approximately $2 - 2.5 million, they noted there are “some mitigating impacts” to the valuation of the property.
Those impacts, according to the council agenda packet include: “the fact that the property is integral to the ramp; it is a condo space; we need to contemplate future demolition; we are requesting use restrictions and are interested in encouraging the activation of the space and returning it to a tax generating use that is current on payment.”
Nick Powers, president of Powers Ventures, said the proposed concept would “offer a family-friendly atmosphere, relaxed and casual, with quality food and service and a fun unique dining experience.”
Powers Ventures’ business portfolio includes catering businesses, the event space inside the Hilton hotel, and the Canadian Honker restaurant.
“This is an incredible opportunity for us to be a part of the revitalization of downtown Rochester,” said Powers, the son of well-known businessman Joe Powers. “At the center of our city’s downtown dining scene, this location is a critical piece in connecting historic 3rd Street and 1st Avenue. We are confident our plans will not only revitalize this area, but further enhance our resident and guests’ downtown experience.”
The council is set to take up the draft agreement at next Monday’s meeting. If the sale is approved, Powers said an extensive renovation to the space would take place before opening its doors sometime this year.
Sean Baker is a Rochester journalist and the founder of Med City Beat.
