A onetime burger joint in Platt Park is coming down.
“I don’t suppose the community has been very appreciative of the present standing of the development,” stated Doug McKinnon.
The actual property skilled, who runs McKinnon & Buddies, spent $2.9 million in money closing week at the 1301 S. Pearl St. assets. The development sits on the southwest nook of Pearl Boulevard and Louisiana Street, and was once closing house to Hanson’s Grill & Tavern, which closed on the finish of 2019.
However McKinnon isn’t after the development. He stated he plans to knock it down “in an instant.” The web page spans 12,500 sq. toes, making the deal value $232 a sq. foot for the land.
The vendor, Greenwood Village-based actual property developer Cadence Capital, purchased the valuables in September 2020 for $2.6 million. The corporate filed plans to make the development into administrative center house, data display, however that by no means took place.
Cadence didn’t reply to a BusinessDen request for remark Monday. The company employed Blue West Capital to marketplace the valuables on the market in Would possibly this yr. No record value was once specified.
“It’s just like the eBay impact: When competing, other people will push the worth or the associated fee … With no need a value proven, everybody can underwrite it in accordance with what they wish to do with it,” stated Blue West spouse Robert Edwards.
Edwards labored the care for colleague Josh Lorenzen. He stated over a dozen teams have been critically fascinated by purchasing the valuables. One proposed a lodge, any other sought after to check out coworking. However McKinnon had the most productive be offering.
“It’s an overly outstanding infill web page that folks have been tripping over themselves to procure,” Edwards stated.
McKinnon isn’t certain what is going to cross up within the eating place development’s position. The web page is zoned for as much as 3 tales, however may cross as much as 4 with income-restricted housing there. McKinnon stated he has no plans to rezone the land.
The development was once built in 1911 and as soon as reportedly housed residences. However in fresh historical past, it’s been a cafe and watering hollow for the Platt Park and West Wash Park neighborhoods.
Earlier than Hanson’s opened within the early aughts, it was once house to a Mexican spot, and earlier than then was once the Oak Alley Inn, which attracted “an eclectic mixture of College of Denver scholars, Gates Rubber Corporate staff and the strange coke broker, all drawn by means of the inexpensive beer, inexpensive atmosphere and in reality reasonable companionship,” Westword as soon as wrote.
McKinnon’s different Denver holdings come with 3 corners alongside Colorado Side road that he’s branded “Cherry Creek Gateways.” He bought a fourth closing yr.
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