John Elway wants to pass.
The legendary retired Denver Broncos quarterback is seeking to sell an Uptown retail building that he took possession of in November.
Elway, represented by brokers at CBRE, is asking $3.68 million for the 14,295-square-foot building at 1665 N. Pearl St.
The structure, previously home to Tavern Uptown, was renovated in 2018 when the adjacent Amli at Uptown apartment complex was built. It has sat empty since.
The building was previously owned by local restaurateur Frank Schultz, who took out a loan from Elway in 2022. But Schultz ended up being unable to refinance and pay it off. Elway extended the loan into 2024 and, last year, filed to foreclose.
“Itap not ideal for me and him, but he’s been a great friend,” Schultz told BusinessDen last year. “He’s still a good friend through all this.”
A broker marketing the building for Elway didn’t respond to requests for comment.
The building is still in shell condition, meaning it doesn’t even have finished floors. But CBRE’s marketing plays up the neighborhood’s walkability and density.
“A highly differentiated feature is the 49 deeded garage parking spaces, an exceptionally scarce amenity in the urban core, enhancing appeal for medical, retail, and creative office users alike,” a marketing brochure states.
Elway will likely lose money on the deal. He lent Schultz $5.4 million, according to their loan agreement.
To get his desired price of $3.68 million, Elway will have to hope prices have recovered. Schultz tried to sell the building before giving it to Elway, originally starting at just under $4 million.
“Haven’t even had an offer at $3 million,” Schultz told BusinessDen in July 2025.
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