The council gave initial approval for the condemnation despite protests from the owner of the restaurant, D Diamond. Diamond has operated the restaurant for the past four years and holds a 15-year lease on the property. The city, however, negotiated with the Landies family, which owns the land.
Mile High Properties, which plans on developing the new mixed-use complex for the city, is offering Diamond two years of free rent in the new facility. After that, she'd pay the market rate of $35 per sf.
Diamond fears that will drive her into bankruptcy. She now pays $11 per sf, or $4,400 per month. She says at $35 per sf, her rent would jump to $15,000 a month.
Some council members questioned why Diamond signed a 15-year lease when it was common knowledge that the city was considering taking over that property since the late 1980s.
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