Faregrounds Restaurant Up For Sale; Town Considers Purchase

The local favorite Faregrounds Restaurant & Pudley’s Pub is up for sale, and the town is among the entities considering purchasing the property.

Owners Bill and Kim Puder have put out a document to prospective buyers seeking offers on the property, and are selling it privately without a real estate broker. While the bid document set a deadline for offers of April 25, Bill Puder told the Current on Monday he expects that date to be pushed back, and that the restaurant will be open through the summer.

“We are pleased to announce that we have decided to sell our beloved restaurant, the Faregrounds Restaurant & Pudley’s Pub, and the real estate located at 27 Fairgrounds Road,” the Puders stated in the packet of information being distributed to prospective buyers. “This moment comes as bittersweet, as owning and operating the restaurant since 1997 has been one of the great joys of our lives and we have cherished serving the island’s community and hosting charitable events for over 25 years. However, at the present time, we are excited to see what the future provides for us as we embark on the next chapter of our lives.”

Bill Puder confirmed Monday that he and Kim are seeking offers on the property and that there was already significant interest with at least a dozen potential buyers exploring a deal.

“We’re feeling it out, but we’re not in a hurry,” Puder said. “We’re taking our time with this, and we can say ‘no.’ So we’re looking to see who’s interested.”

After 25 years in business, he said, the conditions on the island have made it increasingly difficult to operate a year-round restaurant, especially around staffing and housing.

“It’s just getting harder and harder to run a business,” Puder said. “I’m working doubles all this week.”

The Puders took over the restaurant property in 1997 when it was known as The Pines. After a naming contest, it was dubbed The Faregrounds Restaurant & Pudleys Pub after the Puders’ pot bellied pig. The property has a long and colorful history as a local restaurant going back to 1948 when Parker Gray opened The Knotty Pines Bar-B-Q.

Faregrounds has long been a beloved favorite of island residents - one of the few year-round staples of the dining scene - as well as visiting dignitaries such as President Joe Biden, who has for decades ordered his Thanksgiving dinner from the Puders' restaurant during his family's annual visit.

Among the interested buyers is the town itself. The Select Board will meet in executive session on Thursday to consider the “purchase, exchange, lease, or value of real property” of the Faregrounds property.

The 1.5 acre lot is located next to the town’s new affordable housing project, as well as the nearby public safety facility, making it attractive as a potential municipal acquisition, Select Board member Dawn Hill Holdgate said.

“With the project going on next door, it was worthy of us having a discussion about the potential,” Hill Holdgate said. “It could be up to six buildings. We’ll all miss it, but with the price tag I don’t think it’s feasible to as a restaurant anymore.”

Hill Holdgate added that she understood the starting asking price is around $6 million, although the bid document does not identify a price.

“We are going to have a discussion about a potential acquisition,” town manager Libby Gibson said. “Apparently it’s on the market and we are looking at basically everything we can - doesn’t mean it will happen, just means we’re looking at any and all options.”