After their restaurant, Lew’s Grill and Bar, became a success in the Waldo neighborhood of Kansas City, Mo., brothers Chris and Andy Lewellen decided to open a second location elsewhere in the metro. But it turns out they didn’t need to travel far to strike gold twice.
Known for its vibrant rooftop patio, chef-driven menu and friendly staff (made up of nearly 75 employees), the Lewellens’ second restaurant, The Well, is now highly regarded as one of the neighborhood’s top dining destinations. But just two years ago, this hot spot was the long-vacant former home of Kansas City’s famed Roscoe’s TV.
In February of 2008, after spending nearly two years looking at properties from Overland Park to the Northland, the Lewellen brothers decided on the Roscoe’s TV building, located just two blocks from Lew’s Grill and Bar.
“I would drive past it every night on my way home, and something about it spoke to me,” said Chris Lewellen. “It was such an ugly duckling—no plumbing, no electricity and no gas. We even had to dig the trenches for the sewer. But it meant something for us to be in this neighborhood. I wanted this business to be in my neighborhood; where I live and eat and go to church.”
Additionally, it was important to the restaurateurs that they owned the property in order to have complete control to do what was right for their business and the community.
Working with Tom Kenagy, Executive Director of the EDC Loan Corporation, and UMB Bank, the Lewellens secured one of the first loans in the country to take advantage of a newly available provision in the Small Business Administration (SBA) 504 loan program. With Kenagy’s help, the Lewellens structured a loan that included $577,000 of debt refinancing under the new SBA 504 regulations. The brothers were then able to invest $1.25 million of new money into completely revitalizing a run-down Waldo appliance store into Waldo’s place to be seen.
“When it came to getting the money we needed, Tom was such an out-of-the-box thinker for us,” said Chris Lewellen. “With him on board, we were getting 20-year loan agreements, instead of four or five years, and getting approvals in a matter of days not weeks. Fees were waived, terms were longer and interest rates were lower. It was simply a better process with Tom than without him.”
Completed and open for business in July 2009, The Well has transformed a blighted corner, known primarily as a metro bus stop, into a hot spot in Waldo. Kenagy, now a regular customer, shares the excitement of both the owners and the neighborhood.
“It’s amazing how The Well has helped to reinvigorate the neighborhood. You can see the change easily—from the parents who push their strollers from home for a family meal, to the group of UMKC students out for a great Saturday night. It’s been so rewarding to be a small part of the team who brought The Well to Waldo.”
