Local Realtor Laura Durham Of Mill Pond Realty Purchases Former Zing Building
Local businesswoman, Realtor and supporter of numerous national and local philanthropic projects, Laura Durham will soon be taking ownership of the former Zing restaurant building. She has big plans to make the Douglas property a “multi-use” building.
Durham is the owner of Mill Pond Realty in Saugatuck, MI.
The property holds many fond memories for Durham since it was the location of her first job as a 13-year-old child where she worked in the coffee shop at The Miro Restaurant for Joseph Migas, her great uncle.
Durham admired her great uncle’s strong work ethic and remembers him working as many as three jobs at one time. She has emulated that strong work ethic throughout her entire career.
The old Zing Restaurant property is located at 310 Blue Star Highway in Douglas and went to auction on March 13, 2018 after owner Jim Petzing closed the restaurant/martini bar in December 2015 and headed to Las Vegas to pursue his dream of being a professional poker player.
Petzing had purchased the building and property in 2011 when it was known as the Blue Moon Bar & Grill.
The building and property have remained on the market since that time with the original asking price of $799,000. Durham has offered - and it has been accepted - $379,000 for the building, its restaurant equipment and property.
The property was last listed by Coldwell Banker Woodland Schmidt, through Realtor Kevin Putnam, and was co-listed with Vick Kuiper of LASTBIDrealestate for $499,000 prior to the auction.
Petzing said the $379,000 purchase price is just enough to cover what he owes for his mortgage. He added he is relieved to have finally sold the property since it had become an added stress at a difficult time when he is undergoing a second round of chemotherapy for cancer.
Currently, the building is laid out as two bars and two patios with one spacious upstairs apartment plus one studio apartment. It comes with 85 parking spaces.
Final closing on the deal is contingent on Durham obtaining it’s Michigan Class C $10,000 liquor license which she anticipates being approved shortly. Durham has reportedly also paid a 10% buyer’s premium.
A total of 114 bids from 11 bidders, throughout five states, were received with Durham dominating the field.
According to Durham, “In addition to it being a good investment, it seemed like the purchase was the right thing to do; the seller needed the property to be sold.”
Her long experience in the Saugatuck-Douglas area coupled with her business intuition told her that there was just the right person out there looking for an opportunity to open their own restaurant business, but might not have the financial resources to purchase the building on their own.
Durham explained, “I believe the right person exists who has the gift, talent and passion to own and run their own restaurant at this location. I see this as an excellent opportunity for an energetic restaurant entrepreneur. However, I want to make it clear that I have no plans to be an owner or co-owner of any restaurant business.”
In addition to the 1st floor 1,300-square-foot restaurant space it also comes with a wonderful outdoor patio area and extensive kitchen. Plans for the balance of the 1st floor are currently undecided. Many different ideas are being discussed, but no final decisions have been made for the remaining portions of the 1st floor.
“We want to make sure that whatever goes into that space is a great fit and a positive addition to the community,” she said.
The one firm decision that has been made is that the two lovely separate apartments on the second floor will become rental units managed by Mill Pond Realty.
In conclusion Durham stated, “I am excited to see what unfolds in the coming months and who and what bests fits this space.”