Landmark Restaurant Site on Block for $2.5 Mil

DETROIT-One of Detroit’s famous landmark eatery properties is up for sale. Chuck Mady, chief executive officer of Exclusive Realty of Detroit, tells GlobeSt.com the2.2-acre property where the former Jim Muer Oyster House Restaurant stood, is an ideal development site.

“Detroit’s a very precarious and unusual commercial market,” Mady says. “Go and try to find more than one acre of available property. There’s only a handful, and barely any on high traffic streets, or so near an expressway.”

The land is on Gratiot Avenue, one of the city’s strongest thoroughfares.Muer started his popular restaurant on Oct. 28, 1929, the day before the Wall Street crash. Despite a seemingly unfavorable beginning, therestaurant has continued to prosper for more than a half century.However, the Jim Muer restaurant declared bankruptcy in 1998, and since itowed the most money to Michigan National Bank, the bank took it over.

RiteAid Corp. of Camp Hill, PA bought the property a year later.2000 Gratiot Associates LLC purchased the land in August from Rite Aid, Mady says. The restaurant was demolished in October. Now Mady says he’s looking tosell the property for the owner for $2.5 million.