Two summers ago, Olive Restaurant opened its doors at 518 S. 3rd St., a space that housed Ava for some time. Earlier this year, the Mediterranean BYO closed its doors for good, and the property went on the market, originally for an asking price that approached $500K.
You can’t argue with the property’s location, in the thick of the Society Hill neighborhood and just a half a block off of South Street. And with a large second floor kitchen, a dining area that hovered around 1,000 sqft, and a parking spot, we can understand why the building could have been attractive to a restauranteur seeking a space to call their own. On the other hand, with a dining room looking ripe for an episode of Restaurant Impossible, we can understand why potential buyers balked at the price.
After many months on the market, the property finally sold a couple of weeks ago for a more reasonable $375K, according to the Office of Property Assessments. Records don’t yet provide the specifics about the party purchasing the property, so we can’t even speculate on their identity or plan for the space. But one thing that seems clear- with new owners, this space won’t stay vacant for long. It could remain a BYOB, the new owners could seek a liquor license, or attempt to get permission to convert the building into a residential use. We’ll keep our eyes peeled, and will pass along if we hear any hot tips about what might be going on here in the future.