A rendering of the proposal Capital Grille. (Public records)
A restaurant pad on the edge of Park Meadows mall could go from surf to turf.
Plans submitted to the city of Lone Tree call for the former Red Lobster at 9067 Westview Road, which abruptly closed in mid-May, to be demolished and replaced with a new building where steakhouse chain The Capital Grille would operate.
It would be the second Capital Grille in Colorado, joining one on Larimer Square. The chain has over 60 locations and is owned by Darden Restaurants, which also owns Olive Garden and LongHorn Steakhouse.
The new building would be built by Illinois-based S/Point Ventures, which said it develops retail, medical and mixed-use projects. Founder Andy Stein declined to comment.
Records show S/Point bought the property from Barry Shemer, the owner of Greenway Property in Arizona, for $4.75 million last month.
“It was good for a time,” said Shemer, who bought the lot in 2016 for about $5 million. “But when Red Lobster moved out, we ended up having to pay a lot of bills because they were no longer responsible for anything after they filed for bankruptcy a couple days later.”
Shemer, the former owner, said he found out about the closure from a texted picture of restaurant equipment being loaded into trucks for auction. Because the bankruptcy left him on the hook for several utilities, the Phoenix resident sought a quick exit.
“I think a Cap Grille is the perfect use for that property,” he said.
Red Lobster ultimately came out of bankruptcy in September with a new owner, former P.F. Chang’s CEO Damola Adamolekun.
Plans for the new 9,000-square-foot building still need Lone Tree’s approval and are in the public review stage. They will then move onto the planning commission, which will recommend a decision to the city council.
“Lone Tree prides itself on being very business-friendly, and we expect this to go through (the city) in Q1 of 2025,”planning manager Roshana Floyd told BusinessDen.
Documents indicate the project could be completed by 2026.
A rendering of the proposal Capital Grille. (Public records)
A restaurant pad on the edge of Park Meadows mall could go from surf to turf.
Plans submitted to the city of Lone Tree call for the former Red Lobster at 9067 Westview Road, which abruptly closed in mid-May, to be demolished and replaced with a new building where steakhouse chain The Capital Grille would operate.
It would be the second Capital Grille in Colorado, joining one on Larimer Square. The chain has over 60 locations and is owned by Darden Restaurants, which also owns Olive Garden and LongHorn Steakhouse.
The new building would be built by Illinois-based S/Point Ventures, which said it develops retail, medical and mixed-use projects. Founder Andy Stein declined to comment.
Records show S/Point bought the property from Barry Shemer, the owner of Greenway Property in Arizona, for $4.75 million last month.
“It was good for a time,” said Shemer, who bought the lot in 2016 for about $5 million. “But when Red Lobster moved out, we ended up having to pay a lot of bills because they were no longer responsible for anything after they filed for bankruptcy a couple days later.”
Shemer, the former owner, said he found out about the closure from a texted picture of restaurant equipment being loaded into trucks for auction. Because the bankruptcy left him on the hook for several utilities, the Phoenix resident sought a quick exit.
“I think a Cap Grille is the perfect use for that property,” he said.
Red Lobster ultimately came out of bankruptcy in September with a new owner, former P.F. Chang’s CEO Damola Adamolekun.
Plans for the new 9,000-square-foot building still need Lone Tree’s approval and are in the public review stage. They will then move onto the planning commission, which will recommend a decision to the city council.
“Lone Tree prides itself on being very business-friendly, and we expect this to go through (the city) in Q1 of 2025,”planning manager Roshana Floyd told BusinessDen.
Documents indicate the project could be completed by 2026.
