The new owner intends to tear down the former Hanson's building in Platt Park.

There's been a lot of buzz in Platt Park lately as a well-known burger joint is set to be demolished. Doug McKinnon, a real estate professional, recently purchased the property for $2.9 million in cash. The building, located at 1301 S. Pearl St., has been a staple in the neighborhood for years, but it seems like it's time for a change.

In an interview, McKinnon expressed his thoughts on the current state of the building, stating that he doesn't believe the neighborhood has been very appreciative of it. He plans to demolish it right away, as he's more interested in the land it sits on. The lot spans 12,500 square feet, making the deal worth $232 per square foot.

The previous owner, Cadence Capital, had bought the property in 2020 for $2.6 million with plans to turn it into office space. However, those plans never came to fruition. When asked for a comment, Cadence did not respond to inquiries. The company had enlisted the help of Blue West Capital to market the property for sale, but no specific price was listed.

According to Blue West partner Robert Edwards, the property garnered a lot of interest from potential buyers. Over a dozen groups were seriously interested, with various proposals such as a hotel or coworking space. Ultimately, McKinnon had the best offer and acquired the property. Edwards also mentioned the "eBay effect," where competing buyers drive up the price without a set list price.

McKinnon is undecided on what he'll do with the land, but the current zoning allows for up to three stories. However, with income-restricted housing, it could potentially go up to four stories. He has no plans to rezone the land at the moment. The building was built in 1911 and has a rich history, previously serving as apartments, a Mexican restaurant, and a popular watering hole for the nearby neighborhoods.

This isn't McKinnon's first venture in Denver, as he also owns three other properties along Colorado Boulevard, which he has branded as "Cherry Creek Gateways." He sold a fourth property last year. As for the Platt Park property, before it became Hanson's Grill & Tavern in the early 2000s, it was a Mexican restaurant, and before that, it was known as Oak Alley Inn. According to Westword, the Oak Alley Inn attracted a diverse crowd, including university students, workers from the nearby Gates Rubber Company, and even a few shady characters.

McKinnon's plans for the property are still up in the air, but one thing's for sure - the Platt Park neighborhood is in for a big change. Stay updated on the latest real estate and business news by subscribing to our weekly newsletter, On the Block.

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