Old Post Office under contract

The old post office building on the Fayetteville square.
The old post office building on the Fayetteville square.

— The owner of the old post office building in the center of the downtown square has agreed to sell the historic building to an undisclosed buyer, Mark Risk, listing agent with The Real Estate Consultants, confirmed Wednesday.

"It's under contract," Risk said. "There are some stipulations that have to be met that are being worked on now."

He said the two parties are still a couple of months away from closing.

Risk declined to provide any details about the buyer or the buyer's offer. The property has been advertised since September at $1.5 million.

Fayetteville lawyer Ron Bumpass' family has owned the 101-year old building since 1977. The building has housed a series of restaurants, the last of which, Urban Table Bar & Grill, closed its doors in January 2009.

For months, the Old Post Office was the subject of negotiations between Bumpass and members of the Fayetteville Advertising and Promotion Commission. Commissioners agreed in December 2011 to pursue a $5,000-per-month lease of the historic structure with an option to buy it for $1 million after one year. The building was envisioned as a meeting and event space and the new home of the Fayetteville Underground artists' collective.

The commission later offered Bumpass $730,000 based on a March 15 appraisal by Parrish Appraisal. They never reached an agreement.

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