Centerton building saved from foreclosure

A fundraiser for a downtown Centerton building raised nearly $700,000 to halt its foreclosure. The building at 293 N. Main St. is home to The Ravington, a wedding and events venue.

The vision for the building includes the Meteor Guitar Gallery, which was formerly in downtown Bentonville. The plan is to create The Meteor @ The Ravington, a community-owned venue for live music, weddings and cultural events.

A group of operators, investors and community leaders working to relocate the Meteor Guitar Gallery to the building stopped the foreclosure process “just in the nick of time,” said Beth Day, executive broker at The Brandon Group Real Estate and a lead organizer on the project. “It took a total of just under $700,000 to stop the foreclosure, pay liens, judgments, back taxes and closing costs. This was done through a combination of a few community patrons and a bridge loan.”

Day said every wedding scheduled at the venue will be preserved.

“Once we have stabilized the current wedding contracts, we will be consulting with legal counsel about how we can build out a community-owned structure,” Day said. “We know that securities laws in Arkansas have recently changed to allow for greater participation in local investment, and we need to understand exactly how that applies to this project.”

She said the multi-phase project includes renovations to the building, including the addition of a bar and kitchen areas, code and safety upgrades, and working with the city to improve pedestrian safety. The city’s new Comprehensive Plan will factor in these efforts.

“In the meantime, we will begin filling the calendar with music, courtesy of Les Key and The Meteor, community events and more weddings,” Day said.