On the eve of a deadline to close the deal, Borderlands Books owner Alan Beatts confirmed that a grassroots crowdfunding campaign brought in enough cash to purchase the building at 1373 Haight St.
"We made our fundraising goal with no days to spare," Beatts wrote in an email. "As of now, we've 49 lenders and $1.9 million in the bank."
Initially announced earlier in the month, the deal between the genre bookshop and the building's owner—also the proprietor of tenant Recycled Records—is scheduled to close on November 14th, Beatts said.
After that, Recycled Records will have an estimated two weeks to move out, "although I'll give him more time if he needs it," Beatts said.
And because Borderlands still has three more years on its Valencia Street lease, Beatts said he'll be doing some preliminary renovation and seeking a short-term tenant to occupy the space at 1373 Haight.
"I hope to find someone who would like to start a retail business but who doesn't want to commit to a three- or five-year lease," he said.
"If I don't find that person by the time the work on the building is done, I'll be moving the bookstore there and sub-letting the space on Valencia."
We're reaching out to Recycled Records owner Bruce Lyall to learn about his plans for closing down the shop, which first opened in North Beach in 1977 before relocating to Haight Street.