Stanton Makes a Bid for the Mill Race Inn Property

• Editor's note: This is the first in a series of articles on Geneva business and development, based on an interview with 2011 Wood Award winner Joe Stanton—Geneva businessman, landlord and developer.

News Flash: Joe Stanton has made a bid on the Mill Race Inn property.

And he's not alone.

"I actually have an offer in on the Mill Race property, as do a few other people," Stanton said during an interview after Monday's City Council meeting.

The property has gone into foreclosure, so the price has dropped by more than $1.3 million from its listing a year ago.

"I think the bank has been realistic on what they want on it, so I would assume a deal would be forthcoming pretty soon," Stanton said.

Stanton has no illusions about the challenges of developing the site, which very likely suffered some additional damage in the Great Flood of 2013.

"You have a building next to the river that’s been vacant, and without air conditioners or heaters on. The wood’s not in good condition, the boardwalks, the Gazebo, those have been under water one too many times.

"You buy that property—even if you buy it for the value of the land—you have a building that you have to rip down, you have asbestos to abate, you’ve got to deal with the Army Corps of Engineers. There’s no topos (topography maps) on the property—and after all that you have to build a new building on it."

And there's the historic preservation element to consider, as well.

Stanton was the developer who first suggested tearing down the Pure Oil Building but later came up with the plan to save it, after the demolition was rejected by the Geneva Historic Preservation Commission and ultimately the City Council. It is now a part of Geneva Bank & Trust and has been nominated for listing on the National Register of Historic Places.

"I don’t see how the building could be saved," Stanton said about the Mill Race building. "There’s portions of the original blacksmith shop there. I think it’s very possible and very reasonable to save those portions. My preference would be to just expose (the historic blacksmith shop) and plaque it. I think that would be the way to go."

What does Stanton consider to be the highest and best use of that property?

"My heart says I want another restaurant there—I’d like to see a Joe’s Crab Shack or a Bob Chinn’s, something along that line—(but) my head ... I’m not sure if the arithmetic works.

"So while my heart would want to see a restaurant there, my head says it should be high-density riverfront living—(something that would) bring new people to the downtown. So I put the offer in there, and that’s what I think it’s (right) for. I don’t know how the city feels about it. It is zoned B-2, so you’d have to get a zoning change. The master plan, starting with the property just to the south is residential—high-density condos."

But Stanton holds out hope that a restaurant investor, perhaps a large chain, might be willing to invest the $2 million or $3 million necessary to improve the site or rebuild.

"I would actually walk away from a deal if somebody came in and said, ‘We want to put a restaurant there,’ " Stanton said. "I would walk away and say, ‘I will pull my bid.’ Because I would love to see a restaurant there."

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