Loss Of Larimer Looms As New Owner Runs Restaurants, Retailers Out Of The Historic Heart, Soul Of Downtown Denver
by Glen Richardson
Bitter End: Exit of a steady stream of restaurants-retailers spells end of Larimer Square, City’s oldest commercial block. Charlotte, NC firm, Asana Partners, paid $91.49 million for the district at end of 2021.
Larimer Square — the Mile High City’s first historic district — first landed on the National Trust for Historic Place’s list of “most endangered historic places” in 2018. As 2022 draws to an end, a steady stream of restaurants and retailers on the city’s oldest commercial block have disclosed they are closing their doors.
Among the restaurants and retailers announcing their departure or closure since the purchase by Asana Partners are award-winning French restaurant Bistro Vendome and renowned local jeweler Gusterman Silversmiths. More: Chef driven restaurant group Bonanno Concepts is closing both Russell’s Smokehouse and Green Russell. Other retailers shuttering Larimer spaces thus far are Victoriana Antique & Fine Jewelry and Pendleton Wool Shop. The overhaul of buildings along the Square by Asana — including the 1880 Sussex Bldg. where Bistro Vendome is located — foretells the impending, untimely closure of additional businesses.
The empty storefronts will be more than just depressing eyesores; they also threaten the economic viability of the remaining businesses. The 2023 flight of companies from Larimer Square not only threatens the beating heart of Denver, it also likely spells serious consequences for downtown’s struggling comeback.
Loss Of Larimer
Historic New Look: Like new owner Asana Partners’ Harvard Square, Larimer Square is expected to be boarded up as firm awaits juicy leases from lucrative national chains.
Charlotte, N.C.-based Asana Partners paid $91.49 million for the district located on Larimer and Market streets between 14th and 15th streets, plus an adjacent parking garage at the end of 2021. The purchase is comprised of 25 properties including 22 historic buildings, some dating back to the 1880s.
Previous owner Jeff Hermanson — who controlled the city’s most recognizable and popular commercial district for 27 years — brought celebrated restaurants and renowned retailers to the district. Developer Dana Crawford originally owned many of Larimer’s buildings and was the driving force behind its historic designation. She sold the Square to San Diego-based Hahn Co. in 1986. Hermanson bought it from Hahn in 1993. After almost two decades as a Larimer Square staple, award-winning restaurant Bistro Vendome was the first to announce its departure. That was followed by Bonanno Concepts’ announcement that it would be closing both its high-end barbecue space Russell’s Smokehouse and underground speakeasy Green Russell for the same reason, Asana’s up to three-year renovation of the Sussex building that houses the trio.
Forcing Businesses Out
Larimer’s Last Draw: Chalk it up to communal gluttony, community events such as the Chalk Art Festival are being wiped out just like the businesses along Larimer St.
Valley residents had high hopes that the sale of the commercial blocks to Asana wouldn’t cause much of a change. Indeed, that seemed to be the message of newspaper and TV reports when the sale was first announced. However, a check by the Chronicle of historic mixed-use sites the firm owns and operates in the U.S. is troubling: Following purchase, tenants at Asana-owned properties grapple with high rents, resulting in huge turnovers.
Historic Harvard Square in Cambridge, Mass., is quite comparable to Larimer. The real estate firm arrived at the plaza in 2017, paying $108 million. Retailers-restaurants at the site were still intact and business was booming at the time of purchase. Less than three years later, numerous local businesses had either moved or were shuttered — and all but one of them replaced by national chains. Papered-over storefronts and “for rent” signs have marred the appearance of Harvard Square and are threatening the heart of Cambridge.
After Asana took over, local businesses relocated or closed as their leases ran out, citing a breakdown in negotiations or unsustainable rent hikes. Bottom Line: The sky-high rents at the square have forced out small businesses, sparking concerns among community leaders and earning Asana mixed reviews from proprietors and patrons alike.
Restaurants Rattled
French Kiss Goodbye: After almost two decades on Larimer Square, Best French Restaurant Bistro Vendôme is relocating to Park Hill.
After almost two decades at Larimer Square, Bistro Vendôme — named Best French Restaurant, Top Brunch, and Best French Fries — is moving to 2267 Kearney St. in Park Hill. Owners have negotiated a lease for the new site — where closed eatery Tables was located — that could last though 2039.
Restaurateurs Jacqueline and Frank Bonanno are closing both Russell’s Smokehouse and their speakeasy-like bar Green Russell beneath Larimer Square after 12 years. New Year’s Eve will be the last day for both.
Jacqueline says they were originally told “it was a permanent infrastructure.” Later Asana said it was temporary, “invited us back in two years when the work is done and we could renegotiate the lease, which we’re not going to do.” She describes their relationship with Asana as distant at best.
The Bonannos are eager to find a new spot and reopen the barbecue eatery. Should they locate a space, it would again be headed by Chef Bryan Rosen, albeit the name could change. The speakeasy, however, won’t be resurrected. Asana indicates it plans to turn the Green Russell space into a boiler-maintenance room.
Retail Roulette
The beloved Gusterman Silversmiths — a nearly six-decade fixture on Larimer —under the ownership of Mary Eckels since 1978, closes. The shop’s patrons included actress Debbie Reynolds, author Clive Cussler, and Senator Gary Hart. She had completed a dozen four- and five-year leases, but the next renewal would have been under Asana. “The proposal they gave me to stay was not something I could commit to,” Eckels declares.
Dana Crawford helped start Victoriana Antique & Fine Jewelry in 1984. She later sold it to David & Veronica Prebble. The couple had planned to sell Victoriana to its current manager, Zach Burk. But Asana told them the store would have to move to a location off Larimer with half of its current 832-sq.-ft. space. “It was a totally unworkable situation,” David Prebble says. “They have the right to make me move, but they’re supposed to provide me with a comparable space. But they said there was no comparable space available.”
When Portland, Ore., based retailer Pendleton Wool Shop’s Larimer Square lease expired, the shop was relocated to the River North Art District. New address for the wool company is 2650 Walnut St.