Rocky Mountain News: June 3, 2006

Bookstore viewed as a feather in Colfax's cap

By John Rebchook

When developer Scott Menefee learned that the Tattered Cover was opening a bookstore on East Colfax AVenue, two blocks from his company's $225 million Pinnacle at City Park South high-rise development, he had to pinch himself.

"We felt like we had won the lotto," said Menefee, senior real estate director for Opus Northwest, the co-developer of the Pinnacle, which is under construction with two high-rise condo towers and a luxury townhome development.

"If we could have picked one retailer to be near us, it would have been the Tattered Cover -- it's such a Colorado institution," said Menefee, a longtime Denver resident.

"It's just a home run for us. We emphasize very strongly to all of our prospective buyers that the Tatered Cover will be an easy walk from us. It's a great amenity for all of our buyers, as well as for the entire neighborhood."

Indeed, he is so enthused about it that Opus, one of the nation's largest development companies, will be pitching in when Joyce Meskis, the owner of the Tattered Cover, moves the store from Cherry Creek North to its new home in the Lowenstein Theater in Greektown, at East Colfax and Elizabeth Street, later this month.

The Tattered Cover will help establish that swath of Colfax into a "neighborhood place," said John Huggins, economic development director for Denver.

"I think it will be more like West 32nd and Lowell than LoDo," Huggins said. "There's already a number of interesting businesses, restaurants, stores and boutiques in that vicinity of Colfax."

A few blocks away, former concert promoter Jesse Morreale is turning a rundown motel at Colfax and Milwaukee Street into a trendy night spot.

"I can't wait until we get Joyce up here -- it's going to be awesome," Morreale said.

Restaurants in the area include Mezcal, Goose Town Tavern, Cafe Star, Atomic Pizza and old-timers such as Pete's Kitchen.

Huggins said it is too early to quantify the economic impact of the re-development of the Lowenstein, which will include not only the Tattered Cover but a Twist & Shout record store, the Denver Folklore Center and a small, locally owned movie house called Neighborhood Flix Cinema & Cafe.

Charlie Woolley, developer of the Lowenstein, said the Tattered Cover is going to help "re-establish" the neighborhood to the south, as well as draw people to the area who may not be familiar with the ongoing revitalization of Colfax.

"The impact of the Tattered Cover is going to be huge, obviously," said Wolley, principal of the St. Charles Town Co. "It's a different kind of well-respected retailer. And the second thing is that bookstores draw large crowds for special events, which can have a pretty amazing impact."

Although there is sure to be added traffic in the neighborhood, he said the Lowenstein will be providing about 300 parking spaces, 1 1/2 times more than typically required.

Woolley said the redevelopment of the Lowenstein is already spurring more improvements to the neighborhood; he cited the renovation of a small apartment unit next to it.

The 18-unit Lodge Boutique apartment at 1443 Elizabeth St. is 100 percent occupied, said Zvi Rudawsky, a partner of Portus, a private real estate investment fund, which bought the building in October 2004.

At the time, owners knew the Lowenstein -- whose parking lot was a drop-off for prostitutes -- would be redeveloped, but they didn't know Tattered Cover would be an anchor.

Craig Sklenar, a 24-year old urban planner and designer at EDAW, who rents at the Lodge, said the Tattered Cover "was the selling point for me," and it has created a "buzz in the air with neighbors and people that I talk to daily about Tattered Cover coming to Colfax...I think the Tattered Cover will bring back a prestige to Colfax that once was there and will help spur new development."

He's a bit worred the area could become a bit too upscale.

"My only concern is how we can keep the funky culture and not get too uppity," Sklenar said.

"Colfax shouldn't be Clayton Lane. I don't want it to become Cherry Creek, or the Tattered Cover will need to move again."

But he said there is no doubt that Tattered Cover will be a good neighbor.

"I look forward to sitting at the outdoor cafe, drinking a latte, looking down the Esplanade to City Park," Sklenar said. "It will be a true urban experience."

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