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Historic Grove House sold to Ohio investors for $2.9M

The historic Grove House Entertainment Complex at 11 Grove St. off Patton Avenue in downtown Asheville has been sold to Ohio-based real estate investors global X for $2.9 million. Former owners Jeff and Sherrie Davis, who bought the property 12 years ago ...

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The historic Grove House Entertainment Complex at 11 Grove Stoff Patton Avenue in downtown Asheville has been sold to Ohio-based real estate investors global X for $2.9 millionFormer owners Jeff and Sherrie Davis, who bought the property 12 years ago, will continue to operate Grove House Entertainment in the space, which includes Scandals Nightclub, Club Eleven and The Boiler Room, according to Jeff Davis. The new owners plan to renovate portions of the property over time, possibly adding uses such as a restaurant or a brewery, Davis says. The first project on the investors’ list is suspending a transparent floor over the building’s indoor swimming pool to create an unusual event venue, he adds. The entire rambling structure encompasses just over 20,000 square feet of spaceBuilt in 1924 to serve as the city’s first YWCA, the facility was one of the first to host racially integrated crowds at events such as Eleanor Roosevelt’s 1956 visit to Asheville. “I have never needed the whole space,” Davis says“Much of the building sits empty most of the week.” He believes adding complementary businesses to the complex will benefit the night clubs he operates there on Friday and Saturday nightsHis lease runs through January 2019, at which point the new owners’ plans for the property will affect what spaces will be available for Grove House Entertainment’s use. According to global X’s website, “global X operates investment funds to provide equity for the acquisition and development of historic real estate.” The company owns at least one other property in Asheville, along with buildings in Columbus and Cleveland, Ohio; Columbia, S.C.; and New Orleans, La. Davis points out that he is hoping to sell the entertainment company as well“We never planned on owning it this long,” he says, and aging parents mean he needs to cut back on some of his business activities“If somebody would like to take over the business, we’d do it as an asset sale and then help them get it all going,” he explains. While some people think the Asheville market has reached its peak, Davis doesn’t see it that way“There’s so much money that is parked here now,” he saysWhen the developers who have stashed money in Asheville real estate for tax purposes get around to realizing their planned projects, “We’re going to see a lot more cranes in Asheville,” he predicts. But the most important thing to Davis is that the property continue to promote entertainment opportunities for the whole community“It’s never been about the money to me,” he saysSpeaking of the transition of the entertainment company to new ownership, Davis says, “I want to see this survive, so I’m going to stick it out for as long as it takes.” Scandals Nightclub, he says, was founded 36 years ago by Art Fryar, the building’s previous owner. SVN Blackstream Real Estate was the broker for the sale. like6.5 K viewsBusinessCommunity NewsNewsAsheville YWCAGrove HouseGrove Street YWCA SHARE initSocialJS(); loadLikeButton();loadMobilePremiumBoxAd();loadPremiumBannerAd(0); About Virginia DaffronManaging editor, lover of mountains, native of WNC Follow me @virginiadaffronView all posts by Virginia Daffron → Older PostAsheville shuts door on short-term rentals Newer Post County approves $5M sale of Ferry Road property Before you comment The comments section is here to provide a platform for civil dialogue on the issues we face together as a local communityXpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participateXpress editors are determined to moderate comments to ensure a constructive interchange is maintainedAll comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be bannedSee here for our terms of serviceThank you for being part of this effort to promote respectful discussion. 12 thoughts on “Historic Grove House sold to Ohio investors for $2.9M” Becky 3 days ago I had no idea there was a pool thereWill it become part of a nightclub where the patrons can use it? That would be a cool conceptThere’s nothing around like it. Reply Virginia Daffron 3 days ago Becky, the pool has been unused for many yearsIt was built for the YWCABut based on what I’ve been told by friends who have seen the space and by Jeff Davis, it’s unlikely that it would ever be usable for swimming again. Reply Becky 3 days ago Hi Virginia, Thank you for the infoIf they can’t use the existing pool, maybe they can install a new one? It would be unique and funHave a band or DJ on the pool deck and a tiki barIt would be awesome if the top would open in the summerWould love something like this. Reply Enlightened Enigma 3 days ago maybe they can recreate an adult Plato’s Retreat type place for the playful … Reply Becky 3 days ago That would be cool :) Reply Curious 3 days ago Was this building a school at one time? Reply Virginia Daffron 3 days ago Hi Curious, Jeff Davis told me the building was the Newfound School for several years, maybe in the late 1960s and early 70s. Reply Tina 3 days ago It was 70s and closed in 1980It was such a cool schoolI went there. Reply John Ager 2 days ago I taught history at the Newfound School through most of the 1970’s It was a great experienceI also coached the basketball team, such as it was!! Reply Curious 2 days ago Thank you for that info. Reply real original 3 days ago How exciting, another brewery/restaurant in the near futureThis joke is not funny any longer. Reply Becky 3 days ago I agreeWe don’t need another breweryDo something unique. Reply Leave a Reply × To leave a reply you may Login with your Mountain Xpress account, connect socially or enter your name and e-mailYour e-mail address will not be publishedAll fields are required. Or login with Facebook, Google or Yahoo! 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