Update: Holy Souvlaki! Chason Affinity has officially purchased the Pano’s property today. Chason paid $2.1 million for the site. For comparison, in early 2009 Chason purchased the properties to the north where it is constructing the mixed-use 1111 Elmwood project for $2.06 million.

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For months, rumors have been circulating about various potential buyers of Pano’s Restaurant at 1081 Elmwood Avenue. After hearing about a number of different purchase scenarios, one thing was for certain – Pano Georgiadis was in the market to sell the property, and the business.

Now, Georgiadis is making his move. He has sold the iconic restaurant to Chason Affinity Companies, the developer that is tackling the condominium project site nearby at the corner of Elmwood and Forest Avenues. The buildings at that corner are now leveled, as construction awaits (see here).

The purchase of Pano’s extends Chason Affinity Companies’ portfolio at this prime Elmwood corner. “We are very excited to have purchased the iconic Pano’s Restaurant,” said Mark Chason, president, Chason Affinity Companies. “My family and I have enjoyed the restaurant for many years, and we look forward to continuing the long and storied tradition of Pano Georgiadis, one of our city’s finest and most successful restauranteurs.”

The sale of the restaurant will be completed this coming Friday. At that time, Pano’s will be closed for eight weeks, upon which time interior renovations will be underway, including a new kitchen and updated décor. The company is in the process of hiring an executive chef, and a new experienced management team.

“Our goal is to have as seamless a transition as possible and provide Pano’s long-time customers and our new patrons a great casual dining experience in an updated and improved landmark restaurant in the Elmwood Village,” said Chason.

Since the deal closed, Georgiadis has expressed that he is exited to see a local family taking over the reigns. “I have known Mark Chason, his family and his team at Chason Affinity for many years, and they are committed to the community and the long-term success and viability of the restaurant,” said Georgiadis. “After 41 years, I look forward to going to Pano’s as a customer.”

Georgiadis opened up his original restaurant in a tiny diner space closer to Bidwell Parkway, which he eventually outgrew. He then constructed a larger-than-life building that has accommodated all of his operational needs. One might say that, from the start, Pano has done it “well, very well!”

The restaurant will continue to operate under the name Pano’s moving forward.