A retail building just west of Mile High has changed hands for the first time since the 1990s — and the buyer appears to be thinking creatively.
The 1660 Federal Blvd. property sold this week for $6.25 million to 1660 Federal LLC, according to public records. The 0.64-acre site is zoned for up to five stories and has a building previously used by a furniture store on it.
Kaufman Hagan Commercial Real Estate brokers Will Scherman and Brandon Kaufman represented the seller in the deal. In a news release, the company described the buyer’s plans as an “entertainment venue” and “event space.”
“This legacy piece was prime for vertical development, however, a local investor has the vision to keep the existing structure and turn the property into an entertainment venue,” Kaufman said in a statement.
“There have been a lot of conversations surrounding the Mile High Stadium redevelopment over the last several years and this future event space aligns well with the master plan laid out for the area,” Scherman said in his own statement.
State records show that the purchasing entity was formed by Barrett Toan. Toan, who listed a New Mexico address, was CEO of St. Louis-based health care company Express Scripts from 1992 to 2005.
Toan couldn’t be reached for comment. Contacted by BusinessDen, Scherman said Toan’s child, who lives locally, “is going to be the one running point.”
“It’s kind of going to be a Meow Wolf-themed space,” Scherman said, later clarifying he didn’t intend to imply a formal affiliation.
Frankie Toan, who worked on Meow Wolf’s Denver location, creates large plush sculptures, interactive works and immersive installations, according to Toan’s personal website. Toan did not respond to requests for comment prior to publication but said in an email Thursday morning that “we are not emulating Meow Wolf.” Toan declined to discuss plans further.
The Ponce family, which previously operated Ponce Furniture at the site, sold the Federal Boulevard property. The late Frank Ponce purchased the property in 1994 for $410,000, records show.
Editor’s note: This story has been updated with a comment from Frankie Toan.