The building at 9070 Maximus Drive in Lone Tree has sat vacant since 2009. (Google Street View)
The city of Lone Tree may soon be taking over a blighted one-time nightclub.
Last week, Lone Tree’s City Council approved the purchase of the property at 9070 Maximus Drive, which has sat vacant since the former nightclub and restaurant Treo closed in 2009.
The city agreed to pay no more than $3.85 million for the 3.36-acre site, which holds a decades-old, 14,536-square-foot building. City spokesman Nate Jones said Lone Tree is still in active negotiations with the seller, MRJ Holdings LLC.
Hemal R. Jhaveri, the person behind the entity, purchased the property in 2007 for $3.3 million, according to property records.
In 2015, six years after the restaurant closed, the businessman pleaded guilty to fraud after the federal government said he siphoned money from a government small business program to his tech business, SoftTec Solutions, then diverted those funds to the nightclub and other personal ventures. He was sentenced to six months in prison and fined $250,000, The Denver Post reported.
City documents state the vacant lot, which is within Lone Tree’s Entertainment District, has been a repeat cause of concern for residents and that city employees have spent hundreds of hours addressing violations, concerns and reviewing potential site plans.
“Ultimately the plan to acquire this property is to accelerate redevelopment … In addition to controlling the redevelopment process, we would have the opportunity to clean up the site, eliminate blight, demolish the building, and make it site ready for another user,” city documents state.
In the 14 years it’s been vacant, the suburb south of Denver said it has received numerous proposals for redevelopment, including a hotel and a pickleball court, but nothing has come to fruition because of “site conditions and the asking price.”
Jones said Lone Tree would like an entertainment or restaurant user for the site.
The city’s interest in the site pairs with its approval of an Urban Renewal Authority last week, which will first focus on revitalizing Lone Tree’s Entertainment District.
The building at 9070 Maximus Drive in Lone Tree has sat vacant since 2009. (Google Street View)
The city of Lone Tree may soon be taking over a blighted one-time nightclub.
Last week, Lone Tree’s City Council approved the purchase of the property at 9070 Maximus Drive, which has sat vacant since the former nightclub and restaurant Treo closed in 2009.
The city agreed to pay no more than $3.85 million for the 3.36-acre site, which holds a decades-old, 14,536-square-foot building. City spokesman Nate Jones said Lone Tree is still in active negotiations with the seller, MRJ Holdings LLC.
Hemal R. Jhaveri, the person behind the entity, purchased the property in 2007 for $3.3 million, according to property records.
In 2015, six years after the restaurant closed, the businessman pleaded guilty to fraud after the federal government said he siphoned money from a government small business program to his tech business, SoftTec Solutions, then diverted those funds to the nightclub and other personal ventures. He was sentenced to six months in prison and fined $250,000, The Denver Post reported.
City documents state the vacant lot, which is within Lone Tree’s Entertainment District, has been a repeat cause of concern for residents and that city employees have spent hundreds of hours addressing violations, concerns and reviewing potential site plans.
“Ultimately the plan to acquire this property is to accelerate redevelopment … In addition to controlling the redevelopment process, we would have the opportunity to clean up the site, eliminate blight, demolish the building, and make it site ready for another user,” city documents state.
In the 14 years it’s been vacant, the suburb south of Denver said it has received numerous proposals for redevelopment, including a hotel and a pickleball court, but nothing has come to fruition because of “site conditions and the asking price.”
Jones said Lone Tree would like an entertainment or restaurant user for the site.
The city’s interest in the site pairs with its approval of an Urban Renewal Authority last week, which will first focus on revitalizing Lone Tree’s Entertainment District.
