Restaurant Interior Designer New York New Jersey -
[Cached Version]
Published on: 3/24/2006
Last Visited: 5/15/2009
TOLEDO, Ohio ( May 14 ) Tom Cousino, owner of the Navy Bistro restaurant at The Docks, is attempting to buy the East Toledo dining complex from the city in a deal he says would net the city at least $500,000 and take a $2.1 million debt off its books.
Mr. Cousino said his lease gives him a right of first refusal to buy the property, which sits along the Maumee River facing the downtown.
So far, the city isn't snapping up Mr. Cousino's offer.
Andy Ferrara, the city's real estate manager, confirmed that The Docks is for sale and that the city is in negotiations with Mr. Cousino.
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Mr. Cousino said he has made an offer under which he and possibly other private buyers would take over the obligation of the $2.1 million debt owed on bonds issued by the Toledo-Lucas County Port Authority, and that the city would net $500,000 to $600,000.
Exact terms of Mr. Cousino's offer were unavailable.
But Mr. Cousino said the price being offered is based on a professional appraisal that recognizes that he and the other restaurant owners invested between $9 million and $11 million to convert the former city warehouse and garage into the dining destination it is now.
He said that investment ultimately spurred interest in the nearby Marina District site now being marketed as a site for $320 million worth of residential and commercial development.
Mr. Cousino made his first offer in February.
It was rejected, and Mr. Cousino submitted a new offer yesterday, Mr. Ferrara and Mr. Cousino said.
It was rejected, and Mr. Cousino submitted a new offer yesterday, Mr. Ferrara and Mr. Cousino said.
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Mr. Cousino said his offer could end up including other restaurant owners at The Docks, but the bottom line is that the operators would take over the debt obligation.
"The ownership could well end up being all or some portion of the owners of the restaurants," Mr. Cousino said.
"We're the ones that put $9 [million] to $11 million into it.
I would think the city of Toledo would want to do what is right to keep independent and individual entrepreneurs coming to the table in this city," he said.
The complex includes Mr. Cousino's locations -- Navy Bistro, Tango's, Tango's Cantina, The Courtyard at the Navy, and Eileen's Wine Bar; Real Seafood and Zia's owned by Mr. Gibbons' business, Main Street Ventures, and Oasis on the River, operated by Dean Skillman.
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Mr. Cousino recalled that he accepted Mayor Finkbeiner's challenge to develop The Docks into a restaurant complex in 1997 when many other people turned it down.
"It wasn't until we proved it was a viable property that everyone else wanted to get involved," Mr. Cousino said.