Denver Broncos Legend Seeks Buyer for Foreclosed Building

John Elway is looking to offload a long-vacant Uptown Denver retail property he seized through foreclosure, setting up a likely loss on the deal.

The Denver Broncos legend’s trust listed the 14,295-square-foot building at 1665 North Pearl Street for nearly $3.7 million, or roughly $257 per square foot, after taking possession of the property in November, the Denver Business Journal reported. The property, once home to Tavern Uptown, has sat empty since the sports bar shuttered in 2016.

John A. Elway Jr. Revocable Trust moved to foreclose last summer on a nearly $5.4 million loan tied to the property, citing missed payments and other defaults by the borrower, local restaurateur Frank Schultz, according to public records cited by the Business Journal. Schultz, through Tavern Hospitality Group, had pledged the building as collateral for the 2022 loan, but none of the balance was repaid. The trust ultimately acquired the building with a $3 million bid at foreclosure.

Schultz’s Tavern Hospitality Group once operated 14 bars before collapsing in the late 2010s. He sold the Pearl Street property for $11.5 million in 2015 to a development group planning to build apartments, but later bought it back for $3.6 million in 2021 after preservationists pushed to save the historic structure. Despite reacquiring the building, Schultz never reopened Tavern Uptown, and the property has remained dark ever since. The developer proceeded to build the apartments, now known as Amli at Uptown, surrounding the building.

The listing pitches the property as a redevelopment play, delivered vacant and in shell condition with 49 deeded parking spaces and a rooftop patio, “offer[ing] a flexible canvas for customization.” CBRE is marketing the site.

Elway owns or operates a variety of residential and commercial properties across the country, including mansions across Colorado and car dealerships in Colorado and California through his John Elway Dealership Group. The retired Super Bowl champ’s net worth is currently pegged at roughly $145 million.

— Chris Malone Méndez