Smithfield’s Town Council has received two bids to purchase the town-owned Smithfield Times office at 228 Main St.

The council voted on July 1 to solicit sealed offers for the 3,300-square-foot building. Town Clerk Lesley King opened the bids in a public meeting at 4 p.m. July 31, an hour after the submittal deadline.

Jay and Amber Hassell, who co-own the Hamtown Mercantile multi-retailer venue across Main Street from the Times, submitted a bid of $400,000. Hallwood Enterprises CEO Mark Hall, who owns multiple commercial properties in town, submitted the other bid, at $325,000.

The Hassells’ written proposal includes an “escalation” clause pledging to pay $10,000 above the highest competing bid, not to exceed $475,000.

The Hassells say they envision transforming the Times building into a “hangout spot” for locals and tourists.

“Amber and I are humbled and energized by the opportunity to be considered for purchasing 228 Main St. A commercial building with this much presence rarely becomes available on Main Street. …. Yes, we have great food and shopping, but lacking entertainment and a place to ‘chill,’ ” Jay Hassell said. “That is the void we plan to fill; a responsible, vibrant, family-friendly activities and event venue. We will work with the town and community to ensure it fits and keeps the vibe and traditions of the historic district.”

“While the stand-alone building has a truly iconic presence as The Smithfield Times, everyone familiar with it would likely agree that it is mostly underutilized,” Jay Hassell said. “Don’t get me wrong, I love that The Smithfield Times has a presence on Main Street. I believe visitors and those that frequent downtown enjoy the presence of the town paper being on Main Street. The Benjamin Franklin statue out front only adds to that tradition, which I’d like to see remain in the downtown corridor.”

The Hassells’ bid proposes a “vibrant and family-friendly recreational and community event center in the heart of Smithfield” offering “a diverse array of food and beverages, coupled with exciting activities that celebrate our local community spirit.”

Their offer, according to the written proposal, is contingent on obtaining a loan for 80% of the proposed price, and paying the remainder in cash.

Hall, in his written proposal, said he plans to reconfigure the building at an estimated $150,000 to $200,000 cost to accommodate multiple tenants such as boutique clothing and home decor retailers, art studios and professional offices.

“As we have so few commercial buildings left in the historic district, every single property should be operating at its highest and best use. The highest and best use for any property in our district is almost always one which interacts with the public daily,” Hall wrote, contending “major properties which languish in private hands for no reason, for purely private purposes, or perhaps no current purpose, are not contributing to cultural nor economic vitality.”

Hall told the Times he frequently receives calls from people looking to rent event space.

“And they only want to be on Main Street,” he said.

Town Manager Michael Stallings said the Town Council planned to discuss each offer in closed session at its Aug. 6 meeting. Before the council can vote to accept either bid, state law requires the body hold a public hearing on the matter, which to date has not been scheduled. The town has the option of rejecting one or both bids.

Both offers are below the $425,000 the town paid Times Publisher Emeritus John Edwards for the building in 2020.

The town has recouped a portion of the cost over the past four years by leasing a portion of the building for $1,200 per month to Smithfield Newsmedia, which publishes the Times, Slice of Smithfield magazine and related digital products. Smithfield Newsmedia owner Steve Stewart purchased the newspaper, but not the real estate, from Edwards in 2019.

Stewart said he offered to buy the building from the town at appraised value in February 2023 and reconfirmed that offer when contacted by the town in February of this year. He said he missed the July 31 deadline for bid submissions due to a family emergency that afternoon.

“I’ve had a lot of regret about not purchasing the building from John at the same time I purchased the newspaper,” Stewart said. “Other business obligations at the time caused me to pass on buying the real estate. My wife and I moved to the Historic District shortly thereafter and came to more fully appreciate the iconic place that is ‘Times Square.’ The Times would be honored to remain on the site the newspaper has occupied for a century.” 

The Times, which was founded in 1920, has operated on the site since at least 1928. The oldest section of the current building dates to 1950.

The town had planned at the time of its purchase to renovate the building into additional space for government offices, but later determined the plan wasn’t feasible, according to Stallings.

Stallings said last month that the town had the building independently appraised but declined to disclose the appraised dollar value on grounds that it could have negatively impacted the sealed bid process. Isle of Wight County collectively valued the building and quarter-acre lot at $397,000 during its 2023 reassessment of property values, according to the property’s listing on the county GIS map.

According to the invitation for bids, the town will reserve a permanent easement on the lawn of the property and the 37-foot-wide Main Street Square stage where the Isle of Wight Arts League and the Times host the Downtown Smithfield Summer Concert Series on Friday evenings. The stage is also used for other community events throughout the year.