Changes are expected in the Village near Ball State campus after a large chunk of it was bought in a bankruptcy auction Monday.
The University Square building, which spans the south side of University Avenue from Dill Street Bar & Grill to Fusion Japanese restaurant, was bought by Kicheol Lee for $1.3 million, Martha Lehman, who represents a bank involved in the bankruptcy, said.
Lee, who owns a chain of sushi restaurants that is expanding across the state, could not be reached for comment on the purchase.
Local real estate developer Mike Lunsford said he is optimistic about the sale of the property.
"Its positive, as long as you got someone in there who's going to do something with it," he said. "Obviously it needs to be renovated and to have something done with it."
A bankruptcy judge ordered the auction of the building as a part of bankruptcy proceedings for local property owner Myles Ogea.
Ogea filed for bankruptcy late last year after his company, Mylo Inc., lost a foreclosure judgment of more than $500,000 to the Bank of the West.
Ogea couldn't be reached for comment and his lawyer, Ed Hopper, refused to comment on the auction of the building.
After seeing a number of different businesses go in and out of the building, Ball State students said they are ready for a new business to grab hold in the Village.
Freshman journalism major Brandon Pope said he hopes whatever businesses take over the piece of real estate that they will help unite Ball State campus with the Muncie community.
"Maybe move the Boys and Girls Club in that area or move a community center there," he said. "I think if you really want something beneficial you want something that's going to unite the community and strengthen that bond that they have. There's a divide between the campus and the students that go here and the people in the community"
Freshman nursing major Chelsea Ritenour said she hopes to see more national chain restaurants such as McDonalds or Arby's open up the village.
The University Square building has been home to businesses in the past like Buffalo Wind Wings, Borics and LaBamba.
The auction is only a part of the bankruptcy process that faces Ogea, who's properties are valued at a total of $5.7 million.
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