By Michael S. Hoey
Correspondent
Mike Costoff, owner of Ace Hardware in Delavan for 20 years, purchased the former Millie’s property at auction on May 9 and closed on the purchase of the property June 25.
Millie’s Restaurant and Gift Shop, a fixture in the Delavan Lake area for over 50 years, closed in January for its customary winter break. The business usually reopens in March but never did.
Costoff said the owners, William Slater and family, said at the time the economy was part of the reason. Costoff said he was told the restaurant served 1,985 meals on Mother’s Day during its heyday, but those numbers had not materialized in recent years.
“The pie keeps getting split up a little more,” Costoff said about competitive hospitality business.
The Slaters could not be reached for comment.
Costoff and his wife Sue created MISU Enterprises LLC to purchase the property as an investment opportunity. Costoff said he has no experience in the restaurant business and is not looking to run a restaurant himself. He hopes to find someone else interested in leasing space from him.
Costoff said he is no savior for the former Millie’s, which would be willing to do whatever was necessary even at a personal loss to bring the restaurant back, but at least the property now has a local owner who wants to create an opportunity for a new business and return some jobs to the property. Costoff said about 80 people showed up at the auction but only one other serious bidder competed with him.
Costoff said if someone is interested in leasing space to open a restaurant under the Millie’s name he would not be opposed to it, but he has no firm commitments lined up yet. A completely new business could open on the site.
“I want to see if someone else with experience is interested,” he said. “It is the perfect venue for a restaurant.”
Costoff said the restaurant, gift shop, bar and banquet space that are available are possible assets to a new business owner. He also said the property itself has lots of room as well for many potential purposes.
Costoff said the closing of Millie’s was sad for him and many others in the Delavan area. He said many people in the community including his wife worked there in their youth.
Costoff, 57, said he plans to own the property for three to five years and then look for a buyer. If things go well, he could own it longer. He said the property is huge with lots of potential, though he doesn’t see the space being used exactly as it has been. Despite his own lack of restaurant experience, Costoff said he is open to the idea of running a small bar on the site himself if someone else takes over the restaurant.
Costoff said he purchased the property for about $250,000 and has been cleaning and maintaining it since the closing. He called the purchase a “valuation deal.” He said he had been looking at other properties in the area over the past couple of years and knows what they had sold for and the cost of this property seemed like a worthwhile investment.
The property is big, so Costoff said mowing and plowing will be an expense. He also said that while the buildings are not in horrible condition, they need some sprucing up. He said he does not have immediate plans to completely renovate any of the buildings.
Costoff said to his knowledge, the Stitchery, a quilting and needlework shop that has been leasing space on the site for decades, has no plans to move anywhere else. He said the business seems to be holding up well since the closing of Millie’s.
