Tim Finholm and Sam Leger of Unique Properties bought the Esquire Theatre at 590 N. Downing St. for $2.1 million. (Courtesy of Unique Properties)
The Esquire Theatre’s projectors and popcorn stands are poised to give way to ovens and office space.
The two-story, two-screen movie theater at 590 Downing St. operated by California-based Landmark Theatres, will shut its doors for good in July, President Kevin Holloway said in a statement Wednesday.
Holloway said the decision came after an evaluation of “this market and our long-term business strategy.” Landmark still owns three other Denver-area theaters.
The theater on Downing Street has operated for nearly a century. The building was first constructed in 1927 as the Hiawatha Theatre. The Esquire name was given in the 1960s. Landmark bought the theater in 1980.
The closure isn’t a surprise. BusinessDen broke the news in November that the property’s owner had submitted plans to redevelop the structure, suggesting the theater would close.
Property owners Sam Leger and Tim Finholm reiterated in a Wednesday news release that they plan to turn the building into a mix of office and retail/restaurant space. An addition on the south end of the structure, cutting into the existing parking lot, would bring the structure to 15,800 square feet.
Renderings of the proposed redevelopment alongside, at upper left, a photo of the existing building. (Courtesy photo)
The “Esquire” signs on the building’s north and west sides would remain in place. A plaque commemorating the theater’s history will be on display somewhere in the building as well, said Wendy Aiello, a spokeswoman for the owners.
The three marquee signs outside will also remain, along with the existing theater doors.
Two 3,675-square-foot retail units are planned for the building’s first floor, at least one of which would be a food and beverage operator. On the second floor would be about 8,500 square feet of office space, complete with a conference room and balcony. Skylights would be installed on the roof and the building’s mezzanine would be demolished. Neo Studio is the project architect.
“The goal is to really turn it into a walkable neighborhood spot. The sidewalks are going to be made wider. They’re going to be eight feet,” Aiello said, adding planters and trees will also green up the property.
The building suffered a major setback in 2018, when a water main break caused the theater to shut down until the following year. Soon after, the pandemic hit and the theater stopped paying rent. The building was then listed for sale in 2020 by Finholm and Leger, both brokers with Unique Properties. The duo decided to purchase the building for themselves in 2021 for $2.1 million.
“Most people looked at wanting to redevelop the property but there was too much lease term left on the lease for a developer,” Finholm told BusinessDen in July 2021. “They wanted to go around and redevelop the property now rather than wait out the tenant.”
The pair must now begin the lengthy process of gaining city approval. There’s no timeline in place for when the building might reopen again with new tenants, Aiello said.
Tim Finholm and Sam Leger of Unique Properties bought the Esquire Theatre at 590 N. Downing St. for $2.1 million. (Courtesy of Unique Properties)
The Esquire Theatre’s projectors and popcorn stands are poised to give way to ovens and office space.
The two-story, two-screen movie theater at 590 Downing St. operated by California-based Landmark Theatres, will shut its doors for good in July, President Kevin Holloway said in a statement Wednesday.
Holloway said the decision came after an evaluation of “this market and our long-term business strategy.” Landmark still owns three other Denver-area theaters.
The theater on Downing Street has operated for nearly a century. The building was first constructed in 1927 as the Hiawatha Theatre. The Esquire name was given in the 1960s. Landmark bought the theater in 1980.
The closure isn’t a surprise. BusinessDen broke the news in November that the property’s owner had submitted plans to redevelop the structure, suggesting the theater would close.
Property owners Sam Leger and Tim Finholm reiterated in a Wednesday news release that they plan to turn the building into a mix of office and retail/restaurant space. An addition on the south end of the structure, cutting into the existing parking lot, would bring the structure to 15,800 square feet.
Renderings of the proposed redevelopment alongside, at upper left, a photo of the existing building. (Courtesy photo)
The “Esquire” signs on the building’s north and west sides would remain in place. A plaque commemorating the theater’s history will be on display somewhere in the building as well, said Wendy Aiello, a spokeswoman for the owners.
The three marquee signs outside will also remain, along with the existing theater doors.
Two 3,675-square-foot retail units are planned for the building’s first floor, at least one of which would be a food and beverage operator. On the second floor would be about 8,500 square feet of office space, complete with a conference room and balcony. Skylights would be installed on the roof and the building’s mezzanine would be demolished. Neo Studio is the project architect.
“The goal is to really turn it into a walkable neighborhood spot. The sidewalks are going to be made wider. They’re going to be eight feet,” Aiello said, adding planters and trees will also green up the property.
The building suffered a major setback in 2018, when a water main break caused the theater to shut down until the following year. Soon after, the pandemic hit and the theater stopped paying rent. The building was then listed for sale in 2020 by Finholm and Leger, both brokers with Unique Properties. The duo decided to purchase the building for themselves in 2021 for $2.1 million.
“Most people looked at wanting to redevelop the property but there was too much lease term left on the lease for a developer,” Finholm told BusinessDen in July 2021. “They wanted to go around and redevelop the property now rather than wait out the tenant.”
The pair must now begin the lengthy process of gaining city approval. There’s no timeline in place for when the building might reopen again with new tenants, Aiello said.
