A real estate developer purchased a historic building in Denver, planning to demolish it for redevelopment.
The building at 1301 S. Pearl St. was home for over two decades to Hanson’s, a neighborhood restaurant and bar. Doug McKinnon, a real estate professional, purchased the property for $2.9 million in cash last week. McKinnon plans to demolish the building immediately. The site spans 12,500 square feet, making the deal worth $232 a square foot for the land. The seller, Greenwood Village-based real estate developer Cadence Capital, bought the property in September 2020 for $2.6 million.
Cadence filed plans to convert the building into office space, but those plans never materialized. Over a dozen groups expressed interest in purchasing the property, with proposals ranging from a hotel to a coworking space. McKinnon's offer proved to be the most appealing. McKinnon hasn't decided what will replace the restaurant building. The site is zoned for up to three stories, but could reach four with income-restricted housing. McKinnon has no plans to rezone the land. The building, constructed in 1911, was once reportedly home to apartments
Real Estate Development Demolition Denver Historic Building
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