Gold's Gym To Close Permanently On Saturday
Jan 16, 2015 02:33PM ● Published by Bill Gilman
Gym owner Daniel Cudak announced the closure in a letter to his estimated 1,000 members, many of whom were caught by surprise. Cudak told the members his decision is difficult and has been a long time in the making.
"It has become increasing(ly) apparent over the past few months that it is impossible to offer our members the best experience at our current location," Cudak wrote. "The building and parking lot are in need of an exceeding amount of updates and repairs. It is just impossible to make these costly repairs and still have funds available to update our facility and equipment."
According to an article published in the Town Crier, Cudak said the building has significant interior and roofing issues that would carry a cost of $600-700,000. The property has a value of $1.5 million but Cudak already has a $2 million mortgage, making new financing impossible.
According to Town records, the 40,000 square foot building at 540 Main St., was built in 1960 is located on a 2.37 acre parcel of land that was once home to the Astro Circuits Corporation. Cudak took occupancy of the property in 1988 and opened Universe Gym. That transitioned to East Coast Fitness and ultimately Gold's Gym.
Cudak bought the property in 2000.
Another burden for Cudak has been mandatory environmental testing. The property is classified as a "waste site" because of contaminants found in the soil from its days as Astro Circuits. While the property gets annual testing, it is not considered to be hazardous.
Cudak told the Town Crier he doesn't know what his plans are for the property.
As for the Gold's Gym members displaced by the closure, they have the option of canceling their memberships or transferring their memberships to Blast Fitness, located across the street, next to Ocean State Job Lots. Blast Fitness management has agreed to honor the Gold's Gym memberships.