One of Detroit’s oldest watering holes Jacoby’s has changed hands. Crain’s reports that the German-themed downtown Detroit bar and restaurant has sold to an investment group for $790,000 after sitting on the market for three and a half years.
With changes in ownership there’s always a fear of major alterations, but managing partner Larry Jacob says he intends to mostly “keep it the way it is.” There will be a few updates though. The partners plan to upgrade kitchen equipment and fix up the bathrooms along with a few other minor alterations. “We’re not looking to change it into a hipster place,” Jacob adds.
This isn’t the first time the bar has changed hands. The establishment has a long history reaching back to the early 1900s, when it was originally called Jake’s Tavern. In 1904, Albert and Mina Jacoby took over and renamed it Jacoby’s. Several generations of Jacoby’s operated the bar until the 1990s when it once again changed hands. Most recently, it was owned by a Chicago investor Wally Wolf.