LOWELL -- In 1974, Greek immigrant
Stavros Panagiotopoulos and his three brothers bought a little
Irish pub on Market Street and remodeled it into a Greek
restaurant called the Athenian Corner.
Save for a few cosmetic
upgrades, the place has remained the same ever since. But that's
all about to change, as
developers prepare to rehab the building and turn the top three
floors into about 20 condominiums. As part of the deal, the
Athenian Corner will more than double in size, expanding into an
adjacent parking lot.
When the city's condo boom took
off a few years ago, the Athenian Corner property became
extremely valuable. Developers offered to buy the land, but
Stavros, who became the restaurant's sole proprietor in 1981,
resisted.
"This is his life's work," said
Stavros' son, Teddy. "This is what allowed him to establish
himself in this country."
Business is OK at the Athenian
Corner, said Teddy Panagiotopoulos, who runs it now. But there
are significant problems -- the kitchen is too small, the only
bathrooms are at the top of a flight of stairs, and the heat and
air conditioning are inadequate. A second-floor banquet room has
been rendered unusable because of a lack of temperature control.
Panagiotopoulos and Sam Poulten,
a regular customer at the eatery, got to talking about the
future of the business. They devised a plan to overhaul the
restaurant while adding condos upstairs. Poulten, a Realtor at
ERA Morrison in Lowell, brought in two partners and agreed to
pay for all renovations in exchange for control of the upstairs.
"It's a no-lose situation,"
Panagiotopoulos said. "We'll get a nice, brand-new building, and
all we gave up was rooms we don't use upstairs."
A preliminary submission to the
Planning Board shows a 2,177-square-foot addition to the
Athenian Corner's existing 1,898 square feet. An additional
2,000-square-foot retail space, also to be owned by the
Panagiotopoulos family, would be added at the corner of Market
and Shattuck streets, where the parking lot currently sits.
Panagiotopoulos said he hopes to keep at least a few parking
spaces intact.
The plans show seven condos on
each of the top three floors, ranging from 842 to 1,167 square
feet, but Poulten said the size and quantity of the condos has
yet to be determined. The residences will likely be sold for
between $250,000 and $350,000, he said.
Poulten declined to offer an
estimate on the cost of the renovations, but said he and his
partners are making a "substantial investment." The move mimics
ERA Morrison's strategy of building and selling high-end
residential space in the city -- the company just moved its
corporate headquarters to Market Street from Westford.
"We're really ready to put a
large contribution into the city of Lowell ... so when an
opportunity came to develop another piece of property, we
thought it would be very appropriate," Poulten explained.
Panagiotopoulos said an
expanded kitchen, new bathrooms, updated ventilation systems,
and a new cocktail lounge and more seating will allow the
Athenian Corner to compete with more modern establishments such
as Caffe Paradiso and Fortunato's.
"It'll be old-world values in a
new-world setting," he said.
He's also toying with some
other ideas: wireless Internet access, sidewalk seating, new
dishes on the menu, hosting business functions, and holding
Greek wine tastings.
Panagiotopoulos is excited
about the prospect of the Athenian Corner contributing to the
revitalization of downtown Lowell.
"We want to be able to meet
(customers') needs," he said. "We're not looking at tomorrow ...
we're looking at years down the line."
Poulten said that once the
permitting process is complete, construction should take between
six and eight months.
(c) The Lowell Sun, August 30,
2006
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