Unusual Ownership Group Selling Their Fox Point Bar in Providence—For $379,000
GoLocalProv News Team and Kate Nagle
Unusual Ownership Group Selling Their Fox Point Bar in Providence—For $379,000
The bar located at 12 Governor Street in the heart of the Fox Point section of Providence was listed for sale this week for $379,000.
It is known as ‘Round the Corner’ and it has a rich past -- and unusual ownership.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe listing by Re/Max agent Brenda Rebello-Reyes describes it as a turnkey operation, and for Rebello-Reyes, the sale is much more personal.
“There’s a little story behind this bar,” said Rebello-Reyes, when reached for more information about the sale. “There’s 22 of us now.”
Twenty-two owners that is.
Rebello-Reyes told GoLocal about being part of the collective group of owners, who are “all a little older now," and have now decided it is time to sell the neighborhood establishment. The group opened in the early 1990s.
The real estate listing tells the facts, “Well known neighborhood bar in the heart of Fox Point and seconds to the East Side and Downtown Providence. Sale includes building and business — great opportunity for an ambitious owner to take this existing business to the next level!
Buyer to [do] due diligence in respect to the future or additional usage options. Call for more info! Please do not disturb employees/customers-currently in a residential area but operating lawfully as a commercial business."
Deep History in Providence -- Three Rules for the Owners
Peter Palumbo, the Treasurer of ‘Round the Corner, Inc., spoke with GoLocalProv about his history with the bar — which he said predates him.
“I came in in 1999, but there was an original group that goes back way further,” he said. “It used to be next door, and before that they were by the Hot Club.”
According to Palumbo, there were three “rules” as they were known.
“So originally there were 33 of us. We all hung out there, drank there, and everyone knew each other,” said Palumbo, who said each of the owners paid $2000 to be part of the business, which has always been open to the public.
"There were three rules — one, was that we were not going to put any more money into it. We were younger then and had kids,” said Palumbo. “Two, you had pay for your own drinks — just because you were an owner didn’t mean you didn’t have to pay.’
And the third rule?
“Abide by the first two rules,” said Palumbo.
Palumbo said in the early years, the bartenders were all owners who got paid, and that over time, the 33 original owners eventually went down to 22.
“Now that everyone’s older — the youngest owners are in their mid-50s — we decided it was time to sell,” said Palumbo, who noted some of the retirees spent more time at homes in Narragansett, and that there was a group that “stopped drinking altogether.”
“We started doing ‘Thanksgiving breakfasts’ ten or fifteen years ago, and some of us would head there early under the guise of going to the [football] game. Well, we would get back home around 1, let’s just say the wives weren’t too pleased,” said Palumbo.
Palumbo also told the story of how back before cell phones, wives would call the bar looking for their husbands who would "wave their hands" to let the bartender know they “weren’t there” — until one time, a wife called from a payphone just outside — and caught her husband sneaking out.
“I think times have changed,” said Palumbo. “People are much more conscientious about going out for a few hours and [driving] home — even for Sundays and games. So now, they’ll watch the game from home. We have four TVs, we always had the games on, and local coaches would come by after games.”
“We talked for about a year now about selling it,” said Palumbo, of discussions with owner and President Shawn Chafee and the other owners. “We’ve kept up all the licenses, workers comp, the bar is well maintained. If a single person or a couple people came in, they could probably do more with the [small] kitchen and food.”
“It’s one of those places that you could drive by and not know was there,” said Palumbo, of the bar’s location set back off the street. “But once you went in, you always came back.”
Palumbo said that that all the owners got their original money back "and then some," but "no one's going to get rich off the sale."
"No one's going to live off this," said Palumbo. "But there should be enough to take a nice vacation."
The "Cheers" of Rhode Island
Co-owner Bob Dillon said the following on Thursday, about the bar -- and experience
"From its inception, the 'Corner' has been a welcoming, enjoyable, and safe place for all that entered the front door. It was a cross-section of Americana at its finest," said Dillon. "A typical crowd would consist of people from all spectrums of life up and down the economic scale, customers who would identify as white, black, Cape Verdean, or somewhere in between."
"You were always welcome regardless of your gender or sexual preference. It was a unique establishment where you could disagree or advocate on politics, sports, etc. and the only harm was who would pick up the next round," he added. "It truly was the Cheers of Rhode Island."
Updated Thursday 2:22 PM