Richoux Building sells for $1.2 million

A deal to sell the historic Richoux Building at 302 N. Third St. downtown has closed for $1.2 million. The building—well-known for its neon Coca-Cola sign—was purchased by local businessman Mike Crouch on Thursday from attorney Danny McGlynn, who acquired the midcentury building in 2005 and tried unsuccessfully to redevelop it. As reported by Daily Report, Crouch is negotiating with Raising Cane’s, which is interested in opening its first downtown restaurant in the building’s 8,000-square-foot ground-floor space. Raising Cane’s founder and CEO Todd Graves confirms the company is looking at the space and is committed to opening a downtown location. Crouch also previously told Daily Report he has a restaurant tenant lined up for the 3,000-square-foot upstairs space. “It’s a historic landmark,” Crouch says of the building. “It’s going to be a very viable and useful space—and we are going to keep the Coca-Cola sign.” —Stephanie Riegel