Davis Market and Cafe, in Hope, Idaho, has been a part of the community since 2018, operating out of a historic building that has been serving the community for over 100 years. Their store offers groceries, a restaurant, and, more importantly, a community gathering place.
Before beginning the leasehold improvements to fix up the old building, the Davis’ entered into a lease to own purchase agreement with the current owner. In 2020, the Davis family were set to purchase, but then the pandemic hit and their commercial funding fell through before closing. They thought they received an extension, but when they proceeded this year to finalize the purchase, it turns out that this is not the case and the original purchase price is no longer on the table. Now, with only 2 months of warning, unless someone else purchases the property and extends the lease, the market and cafe will be evicted in August.
As a landmark historic building and a community hub, the Davis’ have come up with an idea. Why not create a community cooperative? Then the building and historic cabins are preserved and community members become the caretakers, preserving the history and legacy of this place well beyond one family at one point in time. We have two options we are pursuing. 1. The community cooperative purchases just the building, cabins, and property and they lease out the building to the market. In this scenario, they are investing in real estate only and getting passive income on rents. Option 2. The community cooperative buys the building, cabins, property AND the store, and the entire business becomes a community-owned cooperative.
This place is special, and there is very little time to waste to save it. The Davis family is prepared to move on, grateful for a wonderful experience; but the store and its impact on the community is something so much bigger than one family, and it deserves every effort to preserve it. The community can rally and own a piece of history together.
In addition to community investors joining the co-op, we also need help from real estate and legal experts. For more information, please email us at davisgroceryinhope.com