Leland’s Riverside Inn (302 East River Street, Leland, $2,125,000) went on the market yesterday, offering a rare opportunity to carry on the legacy of a beloved Leelanau restaurant and B&B overlooking the Leland River.

Listing agent Robin Vilter, of Coldwell Banker Schmidt Realtors of Leland, is the sister of Kate Vilter, who has been the nostalgic property’s passionate owner-operator since 1997.

Robin Vilter says, “it’s currently operating as a chic, fine dining restaurant and B&B. But even with everything Kate has accomplished here, the waterfront property offers so much more potential.”

Some thoughts on that 107 feet of riverfront? “Using the existing second bar license to add a waterfront beer garden; offering kayak rentals; creating opportunities for dockside food and beverage to-go, such as all-day charcuterie,” riffs Vilter.

“All of these would be great for the town,” she adds. “And are things my sister had hoped to do someday.”

Vilter tells the Leelanau Ticker, “She is not selling because of the [2018] fire, or the impacts of COVID on the restaurant. After 24 years she is ready to do something new…and I think everyone will be excited to see what dreams she has in store next.”

The property dates back to 1902 and has been a destination for generations of locals and visitors to the county. Under current zoning (C-2), it could work as an owner-occupied business, or all of the building could be converted to a private residence. It now consists of 3,600 square feet of restaurant space on the main floor, a 1,700-square-foot upper level with four guest suites and office — this could be converted to private living quarters, says Vilter — a riverfront deck, a terrace and a dock. The sale would be completely turnkey: real estate, business, inventory, furnishings, and all licenses.

Vilter adds, “Kate fully intends to open this spring if it hasn’t sold by then. This is such a unique opportunity; I don’t know that it will sell in 30 days. So, the plan is, either way, to move forward and have an amazing summer.”

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Property Watch is sponsored by Venture Properties in Leland. For more must-see Leelanau properties, check out their active listings, including a ready-to-build parcel with views of North Lake Leelanau listed at $89,000.