Corktown Property Housing Lady of the House Lists for $3.4M, But the Restaurant Is Safe #DetroitFood

Lady of the House. | Michelle and Chris Gerard

The property last sold in 2016 for $710,000

The building housing Lady of the House listed for sale on Tuesday, raising questions about the future of the restaurant. However, Kate Williams nationally acclaimed restaurant appears to be safe for now.

Greystone Bel Real Estate listed the property at the corner of Bagley and Trumbull in Corktown for a mere $3.4 million. The 3,200-square-foot property last sold to Bagley and Trumbull, LLC in November 2016 for $710,000, according to city land records. Prior to Lady of the House, brick and stone building was home to St. Cece’s. The new property listing touts developments in Corktown including the forthcoming Ford campus at the Michigan Central Station depot.

In a statement provided by a representative, Lady of House chef Kate Williams says that the restaurant has a “long lease with extension options” at the property. “We look forward to continuing to grow and evolve within the space over the years to come.”

Nick Kirby, a realtor handling the property listing for Greystone Bel, further confirms that Lady of the House’s lease would carry over under new ownership. The restaurant has a seven-year lease with two additional five-year options to extend. “For the lady of the house specifically, it doesn’t have any impact on the restaurant,” he says.

The many changes to the Corktown neighborhood, including apartment and condos and the new Ford Campus have caused a rapid increase in property values. Many longtime business owners are looking to cash-in. Last summer, PJ’s Lager House listed for sale at $2.2 million with owner PJ Ryder citing the desire to pursue other projects.

• 1426 Bagley St. [Loopnet]
• Kate Williams’ Lady of the House Takes Over St. Cece’s Space in Corktown [ED]

from Eater Detroit - All