A onetime burger joint in Platt Park is coming down.
“I don’t assume the neighborhood has been very appreciative of the present standing of the constructing,” mentioned Doug McKinnon.
The true property skilled, who runs McKinnon & Associates, spent $2.9 million in money final week on the 1301 S. Pearl St. property. The constructing sits on the southwest nook of Pearl Avenue and Louisiana Avenue, and was final house to Hanson’s Grill & Tavern, which closed on the finish of 2019.
However McKinnon isn’t after the constructing. He mentioned he plans to knock it down “instantly.” The location spans 12,500 sq. ft, making the deal value $232 a sq. foot for the land.
The vendor, Greenwood Village-based actual property developer Cadence Capital, purchased the property in September 2020 for $2.6 million. The corporate filed plans to make the constructing into workplace house, information present, however that by no means occurred.
Cadence didn’t reply to a BusinessDen request for remark Monday. The agency employed Blue West Capital to market the property on the market in Might this 12 months. No listing worth was specified.
“It’s just like the eBay impact: When competing, folks will push the worth or the value … With out having a worth proven, everybody can underwrite it based mostly on what they wish to do with it,” mentioned Blue West accomplice Robert Edwards.
Edwards labored the take care of colleague Josh Lorenzen. He mentioned over a dozen teams have been significantly concerned with shopping for the property. One proposed a lodge, one other needed to attempt coworking. However McKinnon had the most effective supply.
“It’s a really distinguished infill website that folks have been tripping over themselves to amass,” Edwards mentioned.
McKinnon isn’t positive what is going to go up within the restaurant constructing’s place. The location is zoned for as much as three tales, however might go as much as 4 with income-restricted housing there. McKinnon mentioned he has no plans to rezone the land.
The constructing was constructed in 1911 and as soon as reportedly housed residences. However in latest historical past, it’s been a restaurant and watering gap for the Platt Park and West Wash Park neighborhoods.
Earlier than Hanson’s opened within the early aughts, it was house to a Mexican spot, and earlier than then was the Oak Alley Inn, which attracted “an eclectic mixture of College of Denver college students, Gates Rubber Firm employees and the odd coke vendor, all drawn by a budget beer, cheaper atmosphere and actually low-cost companionship,” Westword as soon as wrote.
McKinnon’s different Denver holdings embrace three corners alongside Colorado Boulevard that he’s branded “Cherry Creek Gateways.” He bought a fourth final 12 months.
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