Lodo’s Bar & Grill, a chain of bars synonymous with the neighborhood where it started, officially changed hands this week, but devotees shouldn’t worry about any drastic changes under the new ownership.
One of the buyers has insight into what it takes to build a brand in Denver’s Lower Downtown district. His dad co-owns the Colorado Rockies.
Kenneth Monfort, son of Charlie Monfort, and partners Jason Marcotte and Matt Runyon of Summit Capital Venture Group, officially assumed control of the three Lodo’s locations — downtown, Highlands Ranch and Westminster — on Friday. The partnership, MCSV Holdings I LLC, bought the bars and the 4.4 acres of combined real estate they sit on from Lodo’s founder Chris Myers and his parents for an undisclosed sum.
Monfort, 26, is the director of development for Monfort Companies. The real estate firm has focused most of its energy on retail projects in smaller suburban and rural markets, but, inspired by established entertainment districts around other ballparks (think Wrigleyville) and sports venues across the country, Monfort now is zeroing in on the area around Coors Field.
“We want to create a district around this one focal point outside of the 81 days of baseball each year,” Monfort said. He believes Lodo’s is at the epicenter of that vision. “Not only for the history behind it, but also the geography and its name.”
Myers opened the first Lodo’s in a once-dilapidated warehouse at 1946 Market St. in 1994, a year before the Rockies moved into the neighborhood. He tried running it as country western-themed steakhouse for a short time before transitioning to a sports bar/neighborhood watering hole concept.
“I’m not a huge country music fan, and I’m not really good at the two-step,” he cracked.
The transition — and arrival of the Rockies on Blake Street — generated more business at the bar know for its expansive, rooftop patio. With success came expansion. Myers renovated the Mattie Silks building next door in 1998 and turned it into a private event space. In 2004, he opened a Lodo’s at 8545 S. Quebec St. in Highlands Ranch. A Westminster location followed at 3053 W. 104th Ave. in 2007.
When asked why he chose to get out now, Myers didn’t point to the hiring challenges, rising minimum wage or increased competition. Several well-known downtown businesses like Paramount Cafe and the Old Spaghetti Factory closed their doors in 2018, with some pointing to those issues as contributing factors.
“This is younger man’s business with late nights,” the 55-year-old Myers said. “It made sense to pass it along to these guys because they are really excited about taking Lodo’s to a new level in the location that we have, and they have a lot of youth and energy to get that done.”
Myers won’t be leaving the Lodo’s picture immediately. He plans to stay on and help with the transition to new ownership. Between its three locations, Lodo’s has roughly 150 employees today. That has gotten up to 300 during select baseball seasons, he said.
This isn’t the only investment in the LoDo area connected to the Monfort family in recent years. In 2017, the Rockies secured a 99-year land lease for the state-owned “West Lot” parking area at the corner of 20th and Wazee streets as part of a deal to keep the team playing at Coors Field long term. This summer, the franchise and its design partners unveiled a vision for a two-building project centered on an open-air entertainment plaza. It would include condos, office space, a hotel and the Rockies hall of fame.
Site work there has already begun.
The “West Lot” project is expected to include more than 87,000 square feet of retail space. Kenneth Monfort decline to comment on what involvement if any his Monfort Companies would have there.
Related Articles
- September 25, 2018
Rockies’ “west lot” a parking lot no more in Denver’s Union Station neighborhood
- June 12, 2018
A Rockies hall of fame in LoDo? Baseball team has big plans for a Coors Field parking lot
- September 5, 2018
Minimum wage hikes, increased competition played roles in closure of Paramount, three other Denver dining staples
This week, Monfort and his partners have kept the focus trained on Lodo’s, particularly the downtown location.
“We look forward to working side by side with our neighbors in the LoDo area to create a more connected, vibrant city together,” partner Matt Runyon said in a statement.
Monfort highlighted the Market Street building’s side parking lot as a potential opportunity to improve the guest experience.
“What we are excited about is building upon the legacy that has been created,” he said. “There is a character to the neighborhood and there are things that don’t need fixing and don’t need changes.”
