The Bonannos purchased the property on the corner of Seventh and Grant streets for $8.59 million from the previous landlord who had earlier applied for a demolition permit for the buildings. The landlord had toyed with the idea of putting the property on the market for potential apartment development.
“We were struggling with the pandemic, and what were we going to do?” Frank Bonanno told Denver Business Journal. “Being a part of the Capitol Hill community for 22 years, it didn’t seem right that this building would become another high rise — not that they’re bad because those (residents) are the people who eat here. But we had a history here.”
While the couple is now paying more for their mortgage than they were for their rent, they’re certain the eventual pay-off will outweigh any current financial imbalance. They hope “the money will go to paying off their debt and allowing them to own the land free and clear.”
Frank and Jacqueline currently lease the spaces that house their Denver Milk Market, French 75, and Green Russell cocktail bar. It’s currently unclear if the duo plans to make more purchases.
