Four buildings in the Village owned by Myles Ogea — University Square, mt Cup, Mugly's Pub and Eatery and Jimmy John's — are targets for mortgage foreclosures, some of which date back to 2007.
Ogea was not available for comment and has instructed employees and managers at those businesses not to comment.
Students sat on the outside patio at mt Cup on Monday dejected about the businesses targeted for foreclosure. The coffee shop, located at 1606 W. University Ave., will be auctioned at a sheriff's sale May 12.
Junior anthropology major Kevin Blanchard said he's not sure why Ogea was having financial problems. The business makes money, and students will demand it stay open, he said.
"Muncie doesn't have anything to begin with, so let's take away the only thing we have," he said sarcastically.
Blanchard and a group of students were meeting at the mt Cup for a training session to work with Repower America, a group dedicated to improving the economy, national security and the environment through clean energy. Senior creative writing major Justin Brown said he had been using the coffee shop as a temporary headquarters for the group, but he'll be gone for the summer by the time the auction takes place. If the businesses are foreclosed, he said, corporate businesses like Starbucks will probably take over.
Blanchard said he hopes the unique venues in the Village can stay open, even if ownership of the buildings changes hands.
"It's going to be lame [if corporate businesses come in]," he said. "We're college kids, indie-hipster folks."
Derek Edwards, owner of White Rabbit Used Books, said he's seen the Village go through good and bad times in the 20 years he's owned the store adjacent to the coffee shop. He said it was going through a similar slump with empty store fronts when he opened the bookstore. Times were good during the 1990s, but the Village is seeing another downslide.
Edwards' landlord is the same man who owns the building for Greek's Pizzeria. Edwards said he's never had any problem with him.
Storefronts have changed a lot over the years. University Square, the largest property to be foreclosed, is now mostly vacant except for the Madhatter.
Ron Crouch, owner of Crave Hair Studio, just a few stores down from the White Rabbit, sat outside of his store Monday trying to attract customers. He said business is a little slow, but he's making due. Born and raised in Muncie, Crouch said he still can't put a finger on the reason for the Village's decline.
"I don't know if it's the economy or parking or prices," he said. "I really don't know the reason."
Crouch said customer relations and location are key for a business to succeed. University Square has been mostly vacant for about a year, he noted.
"If [Ogea] couldn't fill it, that's bad," he said. "If he wouldn't, that's bad business practice."
Local real estate agents see the value in the location but say it's risky business to get involved with at this time.
Mike Lunsford, real estate agent and developer of Coldwell Banker Commercial Lunsford, said he expects more bars, restaurants and bookstores to fill the possible vacancies after the four buildings are foreclosed.
He said the Village has been struggling for years, and the businesses should cater to more than just students.
"At some point, I think good things could happen there," he said. "It's good for the community. It's good for Ball State."
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