A group of local residents has a plan to provide a new, permanent home for The Meteor Guitar Gallery.

All they need to do is raise $650,000 by February 16.

The Meteor was booted from its longtime home in downtown Bentonville late last year.

At the same time, back taxes and overdue mortgage payments were piling up for the owners of The Ravington, an event venue in Centerton.

Now, a group that includes Les Key, who started The Meteor, sees an opportunity to solve both problems by merging both operations using a community-ownership model, meaning no bank loans are involved.

“The stars are aligning, it’s the perfect fit for bringing The Meteor to a new home and breathing new life into the Ravington,” Key said. 

He’s joined in the effort by two local real estate professionals: Beth Day with The Brandon Group and Ramsay Ball with Cignus Real Estate and Focus Commercial Real Estate.

If they can raise the money in the next two weeks, they will be able to pay off the back taxes and mortgage owed on the property and assume control of the venue.

If they can’t, the historic property will be auctioned off at the Benton County Courthouse a few days later. 

Two websites – www.savethemeteor.com and www.savetheravington.com – have information on getting involved. 

The group believed they had months, not weeks, to prepare, but negotiations with the bank to settle past debts were unsuccessful, creating a hurried timeline.

Those interested in getting involved can reach out to Day personally at [email protected] and (479) 685-5232.

The Ravington was originally built in 1909 and, at various points in its history, has been a grocery store, hardware store and a facility that processed “lucky” rabbit feet.

The property offers 7,100 square feet of interior space along with a 3,000-square-foot courtyard. The indoor space features exposed brick walls and restored original tin ceilings.

It’s located in Centerton’s small downtown strip. When current owners Amber and Eric Gustafson purchased it in 2015, the building was in serious disrepair.

The Ravington’s strongest revenue line is wedding rentals. On wedding website The Knot, the venue has 4.6 stars out of 5.

The Gustafsons said the business did well – until Covid-19 delivered blows they never recovered from. 

“We bought a house, we had some savings, we were living the dream,” Amber said. “And Covid hit. We lost everything.”

While they were trying to catch up, the bills were going up – day-to-day expenses and interest rates for business loans both increased significantly, they said. 

They’ve been looking for a new owner for The Ravington for two years, trying to find an option that would allow the weddings scheduled for the venue to continue as planned. (Under the community ownership proposal, they would.)

The Gustafsons expressed confidence in the new business plan, which includes hosting both weddings and concerts to diversify revenue.

“We had ideas like they have,” Eric said. However, the couple was unable to expand the types and frequency of events while managing the day-to-day of the venue’s operations.

The building has been appraised at $1.7 million, the Gustafsons said. The $650,000 fundraiser target is what’s needed to keep foreclosure at bay. They plan to owner-finance the rest to the new group for a total purchase price of $1 million.

The community ownership model is important because “no one can really afford the interest rate on a building like this,” Amber said. 

Even with the clock ticking, the Gustafsons say they still believe a solution will come together.

“We believe that somehow, miraculously, $650,000 is going to show up ... We believe it's going to happen,” Amber said. 

The Meteor, in its last iteration, was a community pillar, hosting small-to-medium events and helping launch artists’ careers.

In a seven-minute video, Day said The Meteor had to leave its former home because of gentrification. While the new ownership is community-minded, she said, it is also a business.

“This is not a charity. This is ownership of a real asset in a growing commercial corridor … Community development and financial performance are not in conflict here. They reinforce each other,” Day said.

Investors could receive invitations to investor-only events, priority seating at events and reduced venue rental fees.

In addition to drafting business plans, the project team has completed an environmental study, a survey and inspections. They also have preliminary plans for kitchen upgrades and adding a bar, Day said.

The first of many open house events was held at The Ravington on Saturday to allow community members to explore the venue and hear about the plans.

Open houses will be held daily through Friday, and possibly after that. A party with live music is also being organized for the 13th. More details on both are available online.