Lone Tree closes on purchase of vacant Treo nightclub property
A long-vacant nightclub property in Lone Tree is now owned by that city.
The municipality closed last week on the purchase of 9070 Maximus Drive, which has sat unused since restaurant and nightclub Treo closed in 2009.
The city paid $3.85 million for the 14,500-square-foot building on 3.36 acres. The Lone Tree City Council approved the purchase in September, saying the move would allow the city to control redevelopment of the property, which is within the city’s established entertainment district.
The property was sold by MRJ Holdings LLC, led by Hemal R. Jhaveri, which paid $3.3 million for it in 2007, records show. The building was originally constructed in 2001 to be a Bahama Breeze Island Grill, according to the city.
JLL brokers Sam Zaitz and Jeff Feldman represented the seller, and noted there had been other efforts over the years to sell the property, which was recently appraised at $4.3 million.
“This property was under numerous contracts over the years but couldn’t close as the parties could not come to a resolution with the City on approved use and incentives,” Zaitz said in a statement.
Jhaveri, who lives in Lone Tree, said he plans to donate a portion of the proceeds from the sale to the Sky Ridge Medical Facility, where his grandsons were born and where his mother passed away.
“We are thrilled for the City to be able to utilize this property as part of the Entertainment District plans and thank Mr. Jeff Holwell, Director of Economic Development and Public Affairs for the City of Lone Tree, for his efforts over the years,” Jhaveri said in a statement.
Lone Tree, meanwhile, said it is putting together a request for proposals, or RFP.
“For more than a decade, we have heard from Lone Tree residents and visitors about their desire to see something done with this space,” city spokesman Nate Jones said in an email. “We are thrilled to announce that we are starting the process of requesting proposals from interested restaurant and entertainment operators on ways to redevelop the property.”
BusinessDen staffer Maia Luem contributed reporting.
This story was reported by our partner BusinessDen.
A long-vacant nightclub property in Lone Tree is now owned by that city.
The municipality closed last week on the purchase of 9070 Maximus Drive, which has sat unused since restaurant and nightclub Treo closed in 2009.
The city paid $3.85 million for the 14,500-square-foot building on 3.36 acres. The Lone Tree City Council approved the purchase in September, saying the move would allow the city to control redevelopment of the property, which is within the city’s established entertainment district.
The property was sold by MRJ Holdings LLC, led by Hemal R. Jhaveri, which paid $3.3 million for it in 2007, records show. The building was originally constructed in 2001 to be a Bahama Breeze Island Grill, according to the city.
JLL brokers Sam Zaitz and Jeff Feldman represented the seller, and noted there had been other efforts over the years to sell the property, which was recently appraised at $4.3 million.
“This property was under numerous contracts over the years but couldn’t close as the parties could not come to a resolution with the City on approved use and incentives,” Zaitz said in a statement.
Jhaveri, who lives in Lone Tree, said he plans to donate a portion of the proceeds from the sale to the Sky Ridge Medical Facility, where his grandsons were born and where his mother passed away.
“We are thrilled for the City to be able to utilize this property as part of the Entertainment District plans and thank Mr. Jeff Holwell, Director of Economic Development and Public Affairs for the City of Lone Tree, for his efforts over the years,” Jhaveri said in a statement.
Lone Tree, meanwhile, said it is putting together a request for proposals, or RFP.
“For more than a decade, we have heard from Lone Tree residents and visitors about their desire to see something done with this space,” city spokesman Nate Jones said in an email. “We are thrilled to announce that we are starting the process of requesting proposals from interested restaurant and entertainment operators on ways to redevelop the property.”
BusinessDen staffer Maia Luem contributed reporting.
This story was reported by our partner BusinessDen.
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