Developer pins hopes on SoBo bowling, diner
Published: October 28, 2010
Restaurant developer Robert Thompson hopes to strike it big with his latest concept the Punch Bowl bowling alley and diner in Denvers Baker neighborhood.
Thompson recently signed a 25-year lease for the 23,700-square-foot former Big Lots store at South Broadway and West First Avenue, which he plans to convert to Punch Bowl.
The restaurateur expects to start construction on the new dining spot in early 2011, and open it next August. He plans to employ 70 people there.
If Punch Bowl takes off in Denver, Thompson wants to expand it to other parts of the country.
This is a national concept, said Thompson, president and CEO of Denver-based Seasoned Development LLC. If it does well here, it could go national.
Thompson said it will cost about $2.5 million to convert the former discount store to an eight-lane bowling alley and diner with lounge and bar. Thompson is raising capital, all equity, through an investor syndicate consisting of high-net-worth individuals and others.
Miles Cortez III of Aventine Capital Partners LLC, a real estate advisory firm with offices in Denver and Dallas, is advising Thompson on the projects capital structure and development. Cortez recently spent 18 months as in-house adviser to Aventine client Apartment Investment and Management Co. (NYSE: AIV) of Denver, one of the countrys largest owners of apartment properties.
This is a proven concept thats been developed successfully around the country, Cortez said. Denver is a great market for this concept, and the Baker district location is perfect.
Thompsons only operating Denver property is the Argyll GastroPub in the Cherry Creek North neighborhood. The restaurateur previously developed and owned metro-area restaurants such as Brasserie Rouge and B-52 Billiards, and Atomic Cowboy.
Punch Bowls design style will be updated Bohemian meets 1960s mid-century modern, with an eclectic decor featuring rich colors, according to Thompson. He designed the property, along with architect Shane Mettler of Legacy Partners CDS Inc. and StudioLEMONADE, to attract a family crowd from the neighborhood early in the day and the hyper hip set after 9 p.m., he said.
Thompson wants Punch Bowl to be open 24 hours, but getting a liquor license may hinge on having shorter operating hours, he said. If the property stays open all day, he plans to call the diner Baker24; if not, hell come up with a different name.
If Punch Bowl ends up with shorter hours, theyll likely be 7 a.m. to 2 a.m. for the diner, and 11 a.m. to 2 a.m. for the bowling alley.
The diner menu will feature items made from fresh, seasonal ingredients, Thompson said.
Planned breakfast items, priced at about $8 to $15, will include egg dishes such as a lobster-and-Swiss-cheese omelette; flapjacks; and banana bread French toast. Lunch and dinner offerings, costing $5 to $19, will include sandwiches, salads and soups as well as entrees such as Colorado buffalo meatloaf and chicken-fried steak.
Thompson thinks the popularity of bowling will help propel his new venture. More than 70 million people a year go bowling in this country, according to the U.S. Bowling Congress membership group of Arlington, Texas.
Punch Bowls bowling alley will cater to recreational bowlers, not serious league competitors. Prices for bowling havent been set yet.
Well be somewhere between Monaco Lanes and Lucky Strike not as expensive as Lucky Strike, but more expensive than Monaco Lanes, Thompson said.
Article is by American City Business Journals Inc.
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