The board of directors of the Creekside Co-op in Elkins Park announce that they have sold the building to EP Village 1, LLC for $825,000.

In a letter issued to members, the board writes:

EP Village 1 is currently planning to create a farmers market in the building that is similar to the market in Chestnut Hill. Vendors in that market currently include a deli and sale of local beer, wine and spirits. We are confident that the new owner is working in the best interest of our community.

The sale allows the Co-op to pay off their secured debt and avoid bankruptcy. The Co-op anticipates it will repay its unsecured debtors no more than two cents on the dollar.

Read the full text of the letter here.