Dave?s Building Sells for $990,000
by June 7, 2004 12:00 am 350 views
West Dickson Development Co. spent $990,000 in May to buy the 11,500-SF building at 245 Powerhouse Ave. in Fayetteville that previously housed Dave’s on Dickson, a nightclub that owner Dave Bass closed at the end of March.
Rick Alexander, one of four partners in the development company, said they plan to tear down the building within the next year to make way for condominiums.
Rob Sharp, a Fayetteville architect, has drawn up plans for a three-story, 30,000-SF building to go on the site, but Alexander said plans may change before construction begins.
Alexander’s partners in the deal are Rob Merry-Ship, John Nock and Ted Belden, all of Fayetteville. They bought the building from Charlie Sloan, who was under contract to buy it from Richard Shewmaker. Shewmaker had been asking $1.2 million for the building and one acre of land. Shewmaker is also trying to sell the adjoining three-story, 12,750-SF building, which houses The Blue Parrot club, for $1.3 million.
Alexander said the condos will sell for $150 to $200 per SF, which translates to $150,000 to $300,000 per condo (based on the condo sizes ranging from 1,000 SF to 1,500 SF).
As a music venue, Dave’s on Dickson (and its previous incarnation J.R.’s Dickson Street Ballroom) was host to a wide range of entertainers, from B.B. King to Cracker.