John Elway’s trust is officially trying to cash out of a long-silent Uptown corner, putting a foreclosed retail shell on the market years after the taps went dry at Tavern Uptown.
The 14,295-square-foot space at 1665 N Pearl Street, the former home of Tavern Uptown, is listed for roughly $3.68 million. That ask sits well below the nearly $5.4 million loan that led to the foreclosure, and neighbors who have watched the corner sit quiet since 2016 are likely to see a new wave of interest now that the property is formally for sale.
Listing and property details
CBRE is marketing the retail condo, with the broker package pegging the list price at $3,680,000, or about $257 per square foot. The materials describe a 2018-renovated shell that will be delivered vacant, with 49 deeded garage parking stalls and roughly 2,019 square feet of rooftop patio space.
According to marketing materials on LoopNet, the condo is integrated into the AMLI at Uptown complex and carries zoning that can accommodate a mix of uses, from retail to medical or creative office. The listing pitches the address as a flexible redevelopment play for either owner-users or investors willing to build out the interior.
How Elway's trust ended up owning it
Documents and prior reporting show the John A. Elway Jr. Revocable Trust moved to foreclose on a loan tied to the property after restaurateur Frank Schultz fell behind on payments and triggered other loan defaults. As reported by BusinessDen, the debt swelled to nearly $5.4 million, and the trust ultimately acquired the building at auction with a roughly $3 million bid, taking possession in November 2025.
Schultz told BusinessDen in earlier coverage that he and Elway had discussed a deed-in-lieu of foreclosure and that the process was at least partly a "friendly" resolution between longtime acquaintances, even if it ended with the trust taking the keys.
A stop-start history
The corner has already seen a couple of big ownership swings. The property sold for about $11.5 million in 2015 to a developer that planned apartments, then was sold back in 2021 to an LLC tied to Schultz for roughly $3.6 million after preservation pressure scuttled those plans.
The space is now wrapped by what is known as AMLI at Uptown. Tavern Uptown closed in 2016, leaving the retail condo dark for years while the surrounding project filled in. Those details were laid out in prior reporting by The Real Deal.
What buyers will see
At the current asking price, Elway is likely to take a haircut compared with the roughly $5.4 million in debt that preceded the foreclosure. The unusually large bank of deeded parking and the sizable rooftop patio are the star features in the marketing pitch, along with the zoning flexibility.
According to CBRE materials posted on LoopNet, buyers can rework the shell into medical, office, or retail space, depending on what pencils out. How strong the demand is for costly interior build-outs in Uptown will likely determine how quickly the property actually trades.
What comes next
CBRE has the condo actively on the market, targeting both owner-users and investors. A sale would close the book on years of uncertainty for the corner and could finally deliver the long-promised active storefront on this stretch of Restaurant Row.
Local brokers and potential tenants are expected to keep a close eye on the listing and on Elway’s trust to see whether a buyer steps up at or near the $3.68 million ask. A broker marketing the building did not immediately respond to a request for comment, according to BusinessDen.
