MMC, Pizza Villa Owners Sign Purchase Agreement
July 25, 2018
FOR IMMEDIATE RELEASE
Contact: Matt Wickenheiser
207-662-6679 / email@example.com
PORTLAND, Maine – Maine Medical Center and the owners of 940 Congress St., the building that houses Pizza Villa restaurant, have entered into an asset purchase agreement.
Under the agreement, MMC would acquire the building and the business for an undisclosed sum with a closing in March 2019. MMC recognizes the importance of the business to the neighborhood and community. MMC does not have immediate plans to change the property. MMC is working in partnership with the owners of this iconic business to identify a new operator to continue Pizza Villa.
The property is within the boundaries of MMC’s institutional overlay zone (IOZ), approved by the Portland City Council in November 2017. This building is specifically identified in the IOZ as being in a “priority zone for community-oriented/retail uses.” As per the zoning, MMC-owned properties in these areas will be designed to “support the existence of neighborhood amenities such as restaurants and other retail uses providing services to local residents and employees both during the day and evening hours.”
“We went through a thoughtful and collaborative public process to develop the IOZ in partnership with the city of Portland. The result was a clear and predictable path forward for MMC, the neighborhood and the community,” said Jeff Sanders, MMC Executive Vice President and Chief Operating Officer.
Pizza Villa has been a Portland and neighborhood institution for more than 50 years. Owners Tony and Phil Regios said this agreement offers them a chance to plan for their retirement.
“We’ve been a part of this community for a long time, and we’d like to thank all our customers and friends who have come through our doors over the years,” said Tony Regios. “The medical center was the logical organization for us to sell to. They are very interested in seeing the business continue to operate and thrive.”
MMC was the first city institution to develop an institutional development plan in order to seek approval for an IOZ. The city process was marked by a thoughtful dialogue among MMC, neighborhood representatives and city officials, and was instrumental in the medical center’s development of a $512 million expansion and modernization plan, which is currently underway.
About Maine Medical Center
Maine Medical Center (MMC), recognized as a Best Regional Hospital by U.S. News and World Report for 2017-2018, is a complete health care resource for the people of Greater Portland and the entire state, as well as northern New England. Incorporated in 1868, MMC is the state’s largest medical center, licensed for 637 beds and employing nearly 8,700 people. MMC's unique role as both a community hospital and a referral center requires an unparalleled depth and breadth of services, including an active educational program and a world-class biomedical research center. As a nonprofit institution, Maine Medical Center provides nearly 23 percent of all the charity care delivered in Maine. MMC is a member of the MaineHealth system, a growing family of health care services in northern New England. For more information, visit www.mmc.org.
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