Denver’s great destination: The ups and downs of historic Larimer Square

Denver native Keith Oelschlager has been going to Larimer Square since he was a teenager in the 1980s. It was the place where people in the neighborhood would hang out and shop. For him, that isn’t the case anymore.

“I think it’s missing anything that makes me want to spend any time there,” Oelschlager said.

“You have tourists walking down the street, and they’re taking pictures of the flags and lines and things that are kind of hanging up in the street, and then they just kind of leave. And most of the time, there’s just not that much going on.”

The historic shopping district, like many retail-heavy areas, was hit hard by the pandemic shutdown and subsequent spending malaise that existed as state, national and global economies began the slow road to recovery.

Several longtime Larimer Square tenants — such as The Market, Green Russell and Russell’s Smokehouse, Bistro Vendôme, Ted’s Montana Grill and Gusterman Silversmiths — either closed their doors permanently or moved to other locations in the past four years.

Despite the upheaval, other restaurants have slowly started to take over some of those vacancies, with more coming in the near future. And the owners of the block put millions into a restoration project that they hope, in part, brings loyal customers like Oelschlager back.

Current state of affairs

Larimer Square was the first historic district to be designated by Denver’s Landmark Commission in 1971 and was added to the National Register of Historic Places in 1973. In lower downtown Denver, the block features 24 buildings, some dating back to the late 1800s.

There are 29 active businesses and three are coming soon, based on Larimer Square’s website.

Many existing businesses have been longtime staples on the block, including Rioja, Comedy Works, Osterio Marco, Corridor 44, Tamayo and several others. Of the shops and restaurants that are operating, 12 were there before the pandemic and 16 are new additions, based on a Denver Post analysis of past Larimer Square directories.

“The exact number of tenants is flexible — Larimer Square can house between 40 to 45 retail and restaurant tenants at any given time depending on how spaces are combined or demised,” said Ashly McDonald, senior director of development at Asana Partners, owners of Larimer Square.

“We have approximately 143,000 square feet of restaurant and retail space across the block. Approximately 103,000 square feet is currently occupied and approximately 26,000 square feet is leased but not yet open for business, as the businesses are going through the plans and permitting process.”

Asana Partners purchased Larimer Square in 2020 for $92.49 million, and they gave the area a major facelift, including the addition of a pedestrian-friendly street.

“All any of us can hope for is kind of a return to where it was just pre-pandemic. You know, the fact is that it was a vibrant street with unique and interesting tenants who provided a serious attraction to both locals and tourists,” said John Imbergamo, who is president of The Imbergamo Group and has been a Denver restaurant consultant for over 30 years.

Some of his clients include Rioja, a Mediterranean restaurant that remains in Larimer Square, and Bistro Vendôme, a French Restaurant that relocated out of Larimer Square to Denver’s Park Hill area last year.

Imbergamo said Bistro Vendôme operated in Larimer Square for 20 years but the eatery could not renew its lease because of the renovations Asana Partners were about to begin on the building.

“They said that the work that they were going to do in that building was going to force us to leave. So, they allowed us to stay month-to-month, to month-to-month, until they were ready to get started on that work,” he said.

Denver chef Frank Bonanno said they were also faced with a month-to-month lease when Asana Partners took over for Green Russell and Russell’s Smokehouse, which closed their doors in Larimer Square following the exit of Bistro Vendôme.

“It was no hard feelings. There was nothing. It was just, you know, they were going to transform that space into what they needed to do for the structure above it,” Bonanno said.

“We thought, OK, great, it would be an improvement to the block. And, yeah, we’ll lose our space. But I mean structurally, the building we were in, I mean it’s old. I mean that basement was old and had plumbing issues and electrical issues so we understood what needed to be done.”

Bonanno is still operating Osteria Marco, an artisan Italian restaurant at 1453 Larimer St. He said they chose Larimer Square because it’s the go-to spot to grab a cocktail, shop and dine.

“I mean, I know there’s some empty storefronts, but essentially — if you go stay at a hotel downtown and ask any concierge, ‘Hey, where should we go?’ They’re pretty much going to tell you Larimer Square,” he said. “Go walk that. Go maybe to Union Station, but you know, it really is just the great destination that shows off what Denver has.”

A place like home

The Market, an all-in-one deli, cafe and bakery with blue striped awnings, heart-shaped wrought iron chairs and a warm festive atmosphere during the holidays, was Oelschlager’s go-to spot at Larimer Square. It opened in 1978 before closing in 2020.

“I liked that you could stay there as long as you wanted, and they were never trying to hustle you out the door or get you to buy more,” he said.

“Once I discovered the market, then that became like kind of a pretty typical — Saturday night, Friday night kind of hangout spot for my friends and I because we would go see a movie downtown somewhere, and then we would end up going to get coffee or dessert and things like that at The Market.”

Oelschlager said at one point he was at The Market every day when he was working for his master’s degree to become an art school teacher. Years later when he had his daughter, he recalled they would visit The Market all the time, creating memories and connecting over weekend breakfast.

It was a spot that felt like home.

When it comes to store turnover, Imbergamo said it is important to not have too many businesses go away at once and to focus on the local businesses not found anywhere else.

He said former tenants in Larimer Square, such as The Market, Cry Baby Ranch and Victoriana Antique and Fine Jewelry, brought uniqueness to the area and that those types of businesses are attractive to visitors.

Bringing workers back into downtown’s offices would also provide a boost to business.

“Without people in offices, you don’t do any lunch business and you don’t do any happy hour business because there are no bodies to come in for lunch and happy hour,” he said.

“That just, you know, tore a hole through the fabric of the economics of restaurants in downtown, and continues to do that, to some extent.”

A revival of a historic block

Asana Partners invested $20 million on historic restoration work, including updates to aging infrastructure systems to ensure sustained vitality of the historic block, according to a news release earlier this year.

“Larimer Square has completed the slated exterior restoration work for all 18 historic buildings fronting Larimer Street. In addition to exterior restoration work, Larimer Square has completed the overhaul of approximately 70,000 square feet of interior space exposing the original brick and timber character of the buildings,” McDonald said.

McDonald said renovations across an additional 25,000 square feet of interior space is expected to be complete by early next year.

“All disruptive work impacting the sidewalks and storefronts is now complete and has paved the way for vibrant re-openings of retailers and restaurants across the block,” she said.

With more than $7 billion of neighborhood assets under management, the firm is active in growth markets throughout the United States, according to their website. The firm has offices in Charlotte, Atlanta, Boston, Columbia, Denver, Los Angeles and New York.