Thelma’s general store and the property around it were sold at auction for just over $2 million to a McLean real estate developer who intends to take advantage of the property's residential and commercial mixed zoning opportunities.
The live auction for the land and the buildings on the property drew about 100 people to the site at noon on May 12. Many in attendance are active in local citizens organizations or live near Colvin Run Mill and were interested to see what became of the property. There were 12 registered bidders for the land and buildings, but bidding was slow.
Ultimately, developer Alan Shams had the successful bid at $2,150,000. Auctioneer Steve Karbelk tried to initiate the bidding at $4 million but had to go down to $2 million to get the auction started. He also had to change the closing date from 30 days to 45 days after the auction, when bidding slowed to a crawl.
The 3.56-acre parcel is located on Colvin Run Road and has three existing structures, including two operating businesses with leases that convey to the new owners, and it is zoned C-8 and R-1. Karbelk described the property as having “incredible potential.”
Shams said he plans to develop the property in the future but will build something “fitting with the community.” He added, “I always get a good return on my investment.”
Sham said he was “surprised it went for very low,” and that he “was expecting it to be much higher.”
Sham may have to increase his bid to finalize the sale. Sham said he would consider raising his bid to get the property if necessary. The auctioneer had indicated that the sellers were looking for a higher bid. “There is no land [in Great Falls] to buy. There just is no other land,” said Shams.
Under the terms of the auction, the seller has extra time to accept the bid because one of the three partners who own the land lives in Paris and was not immediately available to sign off on the deal.
AS FOR THELMA’S general store, which has been a mainstay of multiple generations of Great Falls residents, Shams is not sure what he will do with the property. “I don’t know now what I’m going to do. I will work it out afterwards,” said Shams.
Some residents in the community have suggested moving Thelma’s to a separate location in Great Falls to hold onto that part of the town’s history. Shams was unable to comment on whether he would be amenable to that idea because the sale is still pending. During the auction, however, Shams said he planned to “do something for the community.”
Among the people attending the auction were several observers who have grown up in Great Falls. David Olin, the current president of the Great Falls Citizens Association, came to witness the passing of an era through the sale of Thelma’s. Olin said that the GFCA would be monitoring the development of the site as it progressed. He and several other residents attending the auction said that although the event was sad, it was not unexpected. “This was inevitable,” said Olin.