The project will use a vacant site along the South Platte Park Open Space in the RiverPark development at Santa Fe Drive and Mineral Avenue.
At the heart of the five-acre development will be a 15,000-square-foot restaurant offering Southern-inspired, Colorado-focused cuisine, complemented by five private dining rooms designed to accommodate a range of group sizes and community gatherings.
Plans for the project were discussed during a , where the economic development staff said they received an application from the seeking a partnership agreement with the city for the project.
The meeting agenda said Manning’s involvement is intended for promotional activities as well as the general use of his name, image and likeness.
“Mr. Manning’s financial involvement, along with other equity partners, has been intentionally limited by Gastamo Group to ensure they retain long-term ownership and management of the project, and to more adequately reflect the nature of Mr. Manning’s partnership and role with the project; not as a majority owner, but rather, as a promoter,” the agenda said.
In addition to the restaurant, the project includes a 13,000-square-foot “Field House” venue designed as a year-round facility capable of hosting weddings, corporate functions, concerts, fundraisers and community events.
The venue will feature a glass-enclosed event barn, indoor and outdoor gathering spaces, and a capacity of up to approximately 450 guests.
The site plan for 1st Street Farms includes a range of outdoor amenities such as a multi-use turf field designed for youth sports and community programming, landscaped gardens and walking paths, and open green space for informal recreation and seasonal events.
Gastamo Group will also provide a variety of community perks through a community benefits agreement, including art installations, first responder and teacher appreciation benefits and naming rights, among other offerings.
The project will cost $28 million, which includes site improvements for the public spaces, as well as the restaurant and event venue building, the agenda said. The costs also include acquisition costs for the two contiguous parcels that make up the five acres.
However, the site poses infrastructure challenges and high acquisition costs, creating a funding gap of $5.5 million.
Because of significant public-facing improvements, proposed community benefits, and an annual $35.2 million economic impact of the project, city staff requested the council’s consideration of a public-private partnership agreement to support the development.
In the event that a partnership agreement with the city is not reached, the Gastamo Group will not proceed with the development of the project.
Original plans for the site by RiverPark developer Evergreen Devco Inc. called for 270 residential townhome units. In the event the 1st Street Farms development does not proceed, the use would likely revert to the original plans, the document stated. Gastamo Group is led by founder Jean-Phillipe Failyau and CEO Peter Newlin. The company has a portfolio of successful restaurants.
Examples of the businesses included in Gastamo Group’s portfolio include Park Burger, Homegrown Tap & Dough, Perdida – Mexican Kitchen, Park & Co. and Lady Nomada.
Representatives from Gastamo Group did not respond to requests for comment at the time of publication.
This is a developing story and may be updated.
