The block that anchored a revitalization of the South Broadway neighborhood several decades ago has been sold to a South Dakota real-estate development firm for $6.8 million. The block includes the historic Mayan Theatre.
Rapid City-based Northwestern Engineering Co. has not yet determined what it will do with the property, which also includes three parking lots, a Walgreens and a Key Bank office building and drive-through.
The Mayan’s designation as a Denver landmark saved it from the wrecking ball in 1984. Operated by Landmark Theaters since 1986, the Mayan is one of the country’s three remaining theaters designed in the Art Deco-Mayan Revival style. It has been converted into a three- screen palace with one large auditorium. The upstairs area houses two cozy theaters that feature stadium seating, a cafe and a lobby seating area.
Because of a quirk in city ordinances, the 76-year-old building still could be demolished, said Kathleen Brooker, president of Historic Denver Inc. Landmark status only gives buildings a one-year protection unless they are in a historic district. Broadway separates the Mayan from the Baker Neighborhood Historic District.
Historic Denver is working on changes to city ordinances that would prevent structures such as the Mayan from being demolished, Brooker said.
Northwestern will make minor improvements to the buildings as it monitors other development activities in the area, said Jim Adelstein, vice president of the company. Adelstein said he is attracted to the South Broadway area because it offers a funky alternative to more upscale shopping districts in Cherry Creek and downtown.
The area is ripe for redevelopment, said Tim Finholm of Unique Properties LLC, who brokered the deal. In the last year, he has sold at least two other properties in the area – One Broadway Plaza, a 36,000- square-foot office and retail building, and the building at 22 Broadway that is occupied by the Blue Ice bar.
“Between the redevelopment of the Golden Triangle and the development of the Gates Rubber site, I believe that whole area is going to take off,” he said. “There are a lot of people hunting up and down Broadway for larger pieces of property.”
Developer Agatha Kessler is leading a team that will develop 90 condominium units near Fourth and Broadway. Thirty-five of the units are under contract. An existing historic building on the site is likely to be redeveloped as a bed and breakfast or restaurant.
“People are seeing this as truly an area of renaissance and gentrification,” said Tina Loofbourrow of Re/Max 3000, who is marketing the property.
Denver printing scion Barry Hirschfeld recognized the area’s potential at least six years ago, when he started the 48- unit Baker Commons project at 277 Broadway. All the condos have sold, and all the retail space has been leased.
“That project might have been a catalyst for others in the neighborhood to fix up what they have,” Hirschfeld said. “It’s kind of considered the gateway to the Baker neighborhood.”
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
