Old Post Office Under Contract

— 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 a couple months from closing.

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

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 January 2009.

Bumpass didn’t return a phone call seeking comment Wednesday.

Members of the Advertising and Promotion Commission negotiated unsuccessfully for months to buy the building.

Commissioners agreed in December 2011 to pursue a $5,000-per-month lease with an option to buy it for $1 million after one year. Commissioners envisioned the building as meeting and event space and a new home for the Fayetteville Underground artists’ collective. Bumpass counteroffered with $7,500 a month and a sale price of $1.5 million.

Private appraisals have ranged from $730,000 to $2.1 million. The Washington County Assessor’s Office appraised the property for $541,550 in 2010.

The commission offered Bumpass $730,000 in April and he refused the offer.

Steve Clark, president and CEO of the Chamber of Commerce, said Wednesday a new use for the historic structure would be a boon for downtown.

“Whatever the business would be would help with what happens with merchants around the square,” Clark said. “It’s an important building. It’s an important part of our past and future.”

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