West Valley Inn – a Rhode Island favorite for banquets, wedding receptions, and great soup and sauce, which looked like it would carry on into the indefinite future – is back on the market for “only $1.5 million.”

While West Valley is closed and approximately 20 full-time and 40 part-time employees have been laid off, Jeff Butler, who has been managing the sale for the Correia family, says it’s all there and ready to go.

“We’ll listen to offers,” Butler said Tuesday. And he offers several suggestions as to how the 12-acre property in West Warwick with 50,000 square feet in two buildings could operate.

“We have had many inquiries for leasing parts of the building, some variation of the four businesses. The facility is well cared for, code compliant, and generally in very good shape. Investors may be interested in buying as an investment and lease to various experienced operators,” he writes in an email.

Should, for example, a buyer be primarily interested in the catering business, Butler pointed out that other facets of the business – including the banquet hall, take out, and family restaurant – could be separately leased. Or some of the functions could continue while others are introduced.

“In addition to the West Valley Inn businesses they were designed for, the buildings are adaptable to many uses such as senior or child daycare, church, school, warehouse, or they could be converted to housing,” the email reads. “The acreage could be developed for one or several housing concepts from single story to high-rise. Depending on how developed, this site could take approximately 100 units. The 11.88-acre property is subdividable, has city sewers, water, and gas, and significant town road frontage.”

While Butler has plenty of thoughts on uses for the West Valley Inn, he’s at a loss why the deal announced on Aug. 26 with Frank DiBiase Jr., the owner of the Atwells Restaurant Group, fell through.

“He was hot and heavy,” Butler said of DiBiase, who according to press releases issued on behalf of West Valley was going to maintain operations, “and then poof, he’s gone.” He said the deal came apart the day before it was meant to close.

Butler believes it wouldn’t be too difficult to put portions of the business back on track. He suspects former employees will collect unemployment, and a new owner or leaser could easily call them and restart operations.

David Cascioli of the Rocky Point Clam Shack on Post Road in Warwick – one of four bidders on the property – said the announcement that the deal had fallen through came as a surprise to him. Cascioli and his group wanted to maintain West Valley operations without interruption if that was possible. Cascioli said the group offered the $1.5 million asking price, but was not chosen.

He said he has not heard from Butler or West Valley since the announcement that it is back on the market.

On Sept. 3, Tapestry Communication of Cranston confirmed the sale with DiBiase “has snagged,” and that “we remain hopeful on behalf of our past employees, our business vendors, and all those Rhode Islanders who responded to our positive news with excitement and best wishes, that there will be a positive resolution. There are other offers to purchase West Valley Inn.”

Ever the optimist, Butler writes: “This property could be leased for cash flow while a proposed development plan is going through approval process, it could be built out in phases, or portions could be sold off. There are a myriad of possibilities this property offers. Anyone with interest in leasing, investing, operating, or developing all or a portion of the property should view the listing on Butler Realty Group.”