A group of residents and investors is trying to raise $7.25 million to purchase Hungry Jack’s in Wilson, using a community-owned business model. So far nearly 150 parties have commited to buying “membership units,” which cost $25,000 each.
A group of residents and investors is trying to raise $7.25 million to purchase Hungry Jack’s in Wilson, using a community-owned business model. So far nearly 150 parties have commited to buying “membership units,” which cost $25,000 each.
The next stretch of the real estate relay race is on for the community-owned business initiative hoping to buy Wilson’s beloved mercantile, Hungry Jack’s.
On Dec. 14, Hungry Jack’s Company, the committee orchestrating this complex purchase, committed the first payment of earnest money. Wilson resident and committee organizer Marc Hirschfield could not disclose the sum but said it is significant. The group is aiming to raise a total of $7.25 million to buy the business and property.
The earnest payment “gives the seller confidence that we’re moving this along and doing everything to the best of our ability to get this deal done,” Hirschfield said.
Hirschfield and a team of Wilson residents and investors have been working for just over a month to save Hungry Jack’s with a community-owned business model. The next payment of earnest money is due Jan. 10.
The group has a lot of work to do to seal the deal, but the feedback from the community has been overwhelmingly positive, Hirschfield said.
So far nearly 150 parties have committed to buying “membership units,” or shares, in the venture. Each unit costs $25,000. The high level of interest is a testament to the people of Wilson but also shows a high degree of confidence in the future of Hungry Jack’s, Hirschfield said.
The store can be a “viable alternative” to the national chains in Jackson, he said.
Interested parties and potential shareholders have told the board everything from recalling when the store stood across the street, where Nora’s is now, to being horrified that a potential hotel or condos could be built in its place if the store is not saved.
“People recognize that this store is our community, that our Main Street is our community, and we need to preserve it while we can,” Hirschfield said.
Other emails to the board included requests. One person asked that the store not get too fancy and remain a locals’ place. Another said that as long as the spirit and character of Hungry Jack’s remained intact, that person was open to upgrades.
“We have a lot of momentum,” Hirschfield said. “We have had a lot of great feedback and participation and, you know, it just says a lot about the community that we have this many people on board.”
Some potential investors are interested in purchasing more than one share, and some are willing to buy more and bridge the gap for the remaining shares. The maximum number of membership units an entity can purchase is five.
Hirschfield is looking for more interested parties.
“Yes, we’ve raised a significant amount of money, but we still have more to go,” he said. “We want to keep the urgency up in the community.”
Questions and inquiries can be emailed to hungryjacks company@gmail.com.
Seems expensive for a small grocery store. I love Hungry Jack's and don't want to see it change. How does that happen at a $7.25 price tag? I don't blame the owner for asking what the market will bear. I also don't blame people who have wealth wanting to pay a premium to preserve a beloved neighborhood store. Is this like when the community pitched in to save the Hardeman fields from development? It basically comes down to whether people with a lot of money are willing to spend big to preserve the character of the community they love. I'm ok with that. I'm also ok with Jackson Hole being preserved by and for the rich. I just want it preserved. I'm grateful for rich people's preservation efforts. On the other hand, paving over South Park, or putting 16 unit apartment buildings in single family neighborhoods in Town in order to house rich people's servants is massively destructive. Help us preserve all of JH not just the rich people's enclaves and lifestyles. The only reasonable place for dense development is in the commercial corridor of Town.
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Seems expensive for a small grocery store. I love Hungry Jack's and don't want to see it change. How does that happen at a $7.25 price tag? I don't blame the owner for asking what the market will bear. I also don't blame people who have wealth wanting to pay a premium to preserve a beloved neighborhood store. Is this like when the community pitched in to save the Hardeman fields from development? It basically comes down to whether people with a lot of money are willing to spend big to preserve the character of the community they love. I'm ok with that. I'm also ok with Jackson Hole being preserved by and for the rich. I just want it preserved. I'm grateful for rich people's preservation efforts. On the other hand, paving over South Park, or putting 16 unit apartment buildings in single family neighborhoods in Town in order to house rich people's servants is massively destructive. Help us preserve all of JH not just the rich people's enclaves and lifestyles. The only reasonable place for dense development is in the commercial corridor of Town.
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No political attacks. Refrain from using negative slang when identifying political parties.
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