One of Denver’s most unique landlord-tenant relationships has come to an end.
The owner of Ace Eat Serve, a restaurant serving Asian cuisine with a modern twist, bought an uptown property from his previous landlord, the Denver Housing Authority.
Built in 1931, the 9,079-square-foot building sits on 0.29 acres at 501 E. 17th Ave. Owner Josh Wolkon bought it for $5 million (about $551 per square foot) in late June.
Ace Eat Serve has been operating at this property for 10 years.
“It wasn’t on purpose. I actually just recently re-signed a five-year extension to my lease. Mentally speaking, I have the full intention of being there at least five more times, hopefully more.” However, they came to us and asked if we were interested in purchasing.
DHA spokesman Keo Frazier said the facility was a “one-off” for the organization. DHA bought the building in early 1982 with the intention of converting it into affordable housing.
The building was used as an automobile repair shop before Ace. Frazier was unable to explain why the property was never used for residential purposes and how he ended up leasing the property to a restaurant in the first place.
The acquisition is the latest in a series of moves Mr. Wolkon has made to restructure his restaurant holdings. He spent his time downsizing and consolidating his business during the pandemic, going from four restaurants to just his two, Ace and Stueben’s, next door.
Wolkon’s original restaurant, Vesta, closed in 2020. The following year he closed his second location in his Stueben in Arvada.
“Community and philanthropy have played a huge part in looking after our staff. is much easier,” says Wolkon.
The Vesta space has since become a gay bar. Arvada Stueben’s is currently leased from Wolkon. The 5,725 square foot building at 7355 Ralston Road was built in 1989 and sells for $26 per square foot.
This story was reported by a partner business den.