After less than two years in downtown Springfield, the owners of The Vault bar and restaurant have closed the business as they look for potential buyers.
The Vault, located at 400 South Ave., closed in July to begin renovations on the downtown space, co-owner Joe Zayac said. During what was supposed to be a temporary closure, the plans shifted. Zayac and his wife and business partner, Heather Hinkey, ultimately decided to sell the business. They are in the process of finding a buyer for the business.
One thing is for certain: Zayac and Hinkey will not reopen The Vault downtown once the space is renovated. The couple opened the downtown bar and restaurant in late 2023 with specialty bites like giant soft pretzels and alligator tail, and a full arcade and game lounge.
“We are grateful for the opportunity that we did have downtown,” Hinkey said by phone Aug. 26. “The following that we do have, we wish they come over to see us at (66 KIX).”
The Vault owners purchased another Springfield bar in late 2024
Zayac and Hinkey purchased 66 KIX, a sports bar and grill located at 1816 S. Glenstone Ave., in late 2024, according to previous Springfield Daily Citizen reporting.
Zayac cited hard economic conditions and increasing safety concerns downtown as the motivating factors for closing The Vault.
“The economy last year was just down all the way around,” Zayac said by phone Aug. 26. “It wasn’t that the bar side wasn’t making the money. There was a lot of factors in it, time being one of them.
“With all the crime and everything downtown we had decided we didn’t want to be there no more.”
Property owner aims to put new tenant into busy downtown building soon
The Vault was leasing the space on the southeast corner of the Walnut Street and South Avenue intersection. The just over 18,000-square-foot property was owned by LIPHT, LLC and was appraised at $1.2 million, according to Greene County Assessor’s Office records. The property was last sold in August 2024.
Philip Baird, co-owner of LIPHT, confirmed that his company is “parting ways” with The Vault and plans to put a new tenant into the property once the renovations on the building are complete. Those renovations should be complete in the next few months, Baird said by phone Aug. 26.
LIPHT owns a number of downtown Springfield properties and is involved in multiple downtown projects coming to fruition, like The Holler, a developing music venue that will also include a restaurant and up to three bocce courts.
