Geneva's former Little Owl building back on the market for $1.575M

The new owner of the former Little Owl tavern building in Geneva put it on the market this week for $1.575 million, according to the commercial listing agent.

Nick Smith of the Karas Restaurant Group, and director of "Munger Road," bought the historic building at 101-105 W. State St., on the corner of routes 31 and 38, in September 2019. Geneva Township property records show Castle Investment Properties Inc., the legal entity created to buy the property, paid nearly $1.1 million for it.

Smith, who owns Alexander's Cafe in St. Charles and the Old Republic Kitchen + Bar in Elgin, said he put a lot of time and money into the Geneva location. But he had to give it up because the Elgin location grew so much and needed his attention.

"I was really excited about it," Smith said of the former Little Owl. "We were coming along with construction, even during the pandemic of 2020."

The plan was to have a second location for the Old Republic brand in Geneva, he said.

"Because of the challenges and navigation required, it's in our best interest to let somebody else take a stab at that corner," Smith said.

"Because Geneva has been so patient, I don't think they want to see that building boarded up for a minute longer," he added. "I think that either the right person or the right company would be able to focus on it and bring it back to life better, because of our focus in Elgin."

Jace Murray of Murray Commercial in St. Charles said the property was listed for sale this week. In addition to the Little Owl, the building housed the former Flagstone Crafts and Cocktails.

"They've done the heavy lifting for it to be ready for the next player to come in and complete it," Murray said. "It's a great opportunity for the next chapter."

Murray said the work included infrastructure, shoring up floorings and additional space, as well as demolition inside to create a wide-open dining space, though the Little Owl and Flagstone areas are still on two levels.

"We are going to do our best to find another great player to bring in here," Murray said.

The two-story Little Owl building was built in 1925 and operated by the Arbizzani family from 1947 - with Flagstone as an addition in 2007 - until it closed in August 2019.