Home High Five Repairs for Cusina site costly

Repairs for Cusina site costly

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High Five
Thursday, January 14, 2010

Before closing his highly scrutinized Greek Cusina restaurant in Portland, former owner Ted Papas submitted a $500,000 remodeling plan that was approved by city officials.

The plan would have reversed several modifications Papas made to the building that frequently put him at odds with city bureaus and fire inspectors.

Some work had actually started before Papas shut his restaurant down and gave keys to the building to Capital Pacific Bank on Monday, Jan. 4. The bank initiated foreclosure proceedings against Papas last fall, saying he was failing to make payments on a $1.4 million loan on the building. In late December, bank officials convinced Papas to transfer the title to them. The terms of the settlement have not been disclosed.

Now bank representatives have begun meeting with city officials to determine how much work needs to be done before the building can be put on the market. It is valued at a little more than $2 million. At a minimum, fire officials want the alarm and sprinkler systems reconfigured to better cover two shafts Papas created inside the building without permits – a three-story atrium and adjacent five-story dumbwaiter.

Read the full story at the Portland Tribune.

{biztweet}Greek Cusina $500,000{/biztweet}

 
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