For his new concept in Five Points, a Denver restaurateur with a trio of breakfast joints is branching out from the most important meal of the day.
Tim Doherty, owner of local breakfast chain Syrup, has leased space for a new restaurant concept at 2737 Welton St. He’ll take the first floor of a planned office and restaurant redevelopment, building co-owner Clay Carson said.
“The owner of Syrup has signed a lease for the bottom floor,” Carson said. “It’s not going to be a Syrup, but it’s going to be another concept he has.”
Carson heads up development firm Champa Street Holdings alongside partner John Pirkopf. The duo bought 2737 Welton St., a 109-year-old single-story building, in March for $400,000. The building previously housed a barber shop and salon.
Pirkopf and Carson plan to scrape the current structure and replace it with a new two-story building. By the time the land acquisition closed, Carson said they were close to finishing a deal with Doherty.
“We started shopping the lease before we closed; we had two parties that were interested,” Carson said. “So we didn’t quite have the leased signed before we closed, but it happened shortly thereafter.”
Doherty’s restaurant space totals about 2,400 square feet, Carson said. The second story will have between 1,200 and 2,000 square feet of office space. That space does not yet have a tenant.
The Welton Street restaurant will be Doherty’s fourth Denver eatery. He currently owns Syrup restaurants in Cherry Creek and downtown and is working on a third Syrup at the former Le Peep restaurant space overlooking City Park.
In an October interview, Doherty told BusinessDen he was working on a comfort food concept in Five Points tentatively named Five Points Public House. Doherty did not return a phone message seeking comment on Wednesday afternoon.
Carson said he hopes to break ground on the Welton Street project near the beginning of 2016 and plans to have construction finished by that summer. Denver-based Sy-Bazz Architecture is designing the project, and Altitude Construction Services is the general contractor.
Champa Street Holdings has not yet finalized a construction loan for the development.
Welton Street is already one of Denver’s busiest hard hat rows.
Star Mesa Properties is planning a $1 million retail-and-office renovation project a block from Carson’s plot at 2801 Welton St. Pediatrician-turned-developer Maude Lofton is working on a jazz club, retail and apartment deal on the same block.
The Five Points Plaza retail center, the recently redeveloped Denver DMV, is directly across the street from Carson’s building.
Palisade Partners is building $21 million of apartments and townhomes at Welton and 25th streets; Century Real Estate Advisors has a $43 million apartment project under construction at 2300 Welton St.; and Trammell Crow Residential has proposed another 358 apartments at 2200 Welton St.
Carson said the action already happening on Welton and the street’s easy access to transit made his property a promising investment.
“It’s going to be a really hot area in the coming years,” Carson said. “Especially with the light rail running right down the street.”