Maggie's on the River will be sold for $1 million to restauranteur leasing the building

Jul. 31—WATERTOWN — Maggie's on the River's is being sold for $1 million to the restaurateurs who took over the bar and restaurant a year ago.

Tyler Bartlett has run Maggie's and has leased the building since May 2021. He's now buying the building at 500 Newell St.

On Thursday, the Watertown Local Development Corp., also known as the Watertown Trust, approved a $200,000 loan to help finance the deal for the building that overlooks the Black River.

He's also getting a $650,000 loan from the Watertown Savings Bank and will kick in $150,000 of his own equity, according to the Watertown Trust.

Maggie's has remained popular under Mr. Bartlett's management, according to Watertown Trust CEO Donald W. Rutherford.

"They've been doing well," he said.

The restaurant and bar employs 34 workers, with plans to add 17 more over the next three years, according to the Watertown Trust.

He's purchasing the building from Reginald J. Schweitzer Jr. and Tommy and Christina A. Shultz.

According to Mr. Schweitzer, Mr. Bartlett has always planned on eventually purchasing the building from the three.

When Mr. Bartlett became involved in Maggie's last year, developer Jake Johnson was a partner. Mr. Johnson is no longer involved in the business.