For Sale: Ely, MN (Businesses)

Ely, Minn., is seeing the most amount of commercial real estate for sale all at once in more than 10 years, including several popular restaurants such as Chocolate Moose, Taste of Ely, Sir G’s Italian Restaurant and Boathouse Brewpub & Restaurant.

The city’s national historic register landmark Community Center building also is being sold, for only $85,000. The city is discussing this Wednesday whether to approve rezoning it to become residential property. Currently, it’s a beautifully preserved auditorium, office center, restaurant/common area and former library facility. It’s made of Mankato stone and has marble floors, brass rails, walnut doors and other features rarely found in the 21st century.

Meanwhile, other businesses are up for grabs and include a well-located gas station, silk-screen print shop and funeral home, while several buildings are up for lease including the State Theater facility.

A variety of factors are playing a role in all of this. Chocolate Moose is being sold due to a conflict within its ownership team. Others are being sold as owners are looking to receive a return on their investments and/or retire while times are still good. Another reason: current owners’ anticipated interest in Ely property as Twin Metals eventually becomes a reality and generates an anticipated 1,300 spinoff jobs to the town’s residents.