Boston, MA - South Boston’s seen a tremendous amount of changes over the past twenty years; so tremendous that it has become virtually unrecognizable. Now, it may face the loss of one of its most venerable restaurants: Amrheins. The landmark restaurant may change ownership and is reported to fetch up to $20 million should it go on the market.
Amrhein’s broker, Newmark Knight Frank, stated that several top developers have expressed an interest in purchasing the West Broadway property which would include the restaurant, an adjacent apartment complex and the 55-space parking lot accompanying it.
“In particular, we’ve received interest from residential, office and life science developers,” said Thoms D. Greeley, Managing Director of Newmark Knight Frank. As for the $20 Million price tag (16 times the amount of its estimated value according to city records,) Greeley failed to confirm. “We’re not listing it at a price. We’re going to let the market determine the value.”
Amrheins—which has continuously operated since 1890—has been one of the few holdouts in the changing landscape of Southie. Historically known for having the oldest hand carved bar in America and the first draft pump in Boston, the local institution has become known not only as a popular neighborhood haunt; but also as a function hall named after former Mayor James Michael Curley, who served four terms between 1914 and 1950—including one while in prison for mail fraud.
“This is the southern gateway of the Seaport and all that is happening there today,” said Greeley, referring to the West Broadway neighborhood. “[Amrheins] is a marquee development site”
Owner Steve Mulrey has not publicly stated whether or not he is planning to sell the property, Greeley added, stating only that he has no intention of closing the restaurant. “There are a lot of different outcomes that could transpire here,” he said. “His first priority is to make sure he takes care of his loyal staff and customers.”
Greeley said that he aims to have a buyer in place by this fall. The sale could commence as early as the Thanksgiving season.