Local real estate broker Patrick Finney aims to knock down a pair of 20th century retail buildings along old South Pearl and build a $6 million workplace development, according to BusinessDen.
Calling the neighborhood's market for coworking "underserved," Finney plans to bring down the spaces of Gaia Bistro and the Greentree Cyclery, which closed in June, along the 1500 block of South Pearl Street.
Finney purchased Gaia Bistro's property in May 2015 for $930,000. But as the development's plans progressed, Finney encountered some structural issues within the cyclery next door. Speaking to BusinessDen, he cited the potential collapse of Greentree's basement due to the development of the adjacent space. He eventually purchased Greentree for $1.07 million.
The impending development is Finney's first commercial project after 13 years of residential work in the Denver area. He plans to organize the 17,000-square-foot space between 2,500 square feet of Finn Real Estate and 14,500 square feet for coworking. He aims to start the demolition of the century-old buildings within six or eight months and estimates that the working space will be open for business within 18 months to two years.
According to their website, Gaia Bistro plans to move to a new, yet-to-be disclosed location.