Multifamily developer pays $6.2M for Racines property in Cap Hill
Thomas Gounley photo)
The sale of the former Racines restaurant property in Cap Hill has closed.
650 North Sherman LLC, an entity affiliated with Virginia-based multifamily developer AvalonBay Communities, purchased the 0.57-acre 650 N. Sherman St. lot last week for $6.16 million, according to public records.
That works out to $246 per square foot for the land.
Racines owners Lee Goodfriend and David Racine, who started the restaurant in 1983 with the late Dixon Staples, announced last April that they were under contract to sell the property to a developer, and planned to close the restaurant in January 2021.
The First COVID Dining Room Lockdown
In early March, the seriousness of the looming pandemic became more obvious as COVID cases, hospitalizations and deaths began to mount. Some restaurants began closing to protect their employees and customers even before it was mandated, but on March 17, Governor Jared Polis ordered every bar and restaurant in Colorado to suspend in-house dining, with only takeout and delivery sales allowed. That model continued until May 26, when businesses were allowed to reopen at 50 percent capacity.
Tavernetta has been packaging a rainbow of cocktail choices for takeout customer for most of 2020.
Tavernetta
Liquor To Go In a pandemic-inspired move that may stick around long after we ve dropped our masks, in March Governor Polis issued an executive order allowing takeout and delivery of alcoholic beverages