The handoff is complete. Former Denver Broncos quarterback John Elway took ownership of the onetime Tavern Uptown building at 538 E. 17th Ave. in Denver through a foreclosure auction Thursday, records show. Elway took the property back from local restaurateur Frank Schultz after the latter defaulted on a loan Elway provided in 2022. Elway didn’t… Read more »
“It’s not ideal for me and him, but he’s been a great friend,” said the restaurateur, adding that Elway “knows I’m going to get him whole.”
And a DTC property is available again after a sale to Cherry Cricket fell through.
Whether the deal closes will depend on the cost of renovations.
“We had quite a few bites in a market that’s not so great,” he said.
The parcels span from LoHi to the DTC. “You’ve got to give them credit — they bought some nice properties,” their broker said.
Frank Schultz’s mother Terry Papay, meanwhile, claimed he “hasn’t worked” in recent years. “He plays golf, he travels.”
The restaurant group “is now at an existential crossroads,” co-owner Frank Schultz says.
Frank Schultz was sued for $7.75 million by his business partner-slash-parent on March 15. Now he is suing her.
Frank Schultz told BusinessDen he’s “disappointed” that mom “has made a years-long family dispute open to the public.”
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