Denver's Historic El Jebel Shrine Building Faces Auction: What You Need to Know

Denver El Jebel Shrine Auction building at dusk with city lights.

Denver's Landmark El Jebel Shrine Building Set for Auction

The historic El Jebel Shrine building, a prominent fixture in Denver's Uptown neighborhood since its completion in 1906, is heading to auction. A recent ruling by Denver District Court Judge A. Bruce Jones paved the way for the property, located at 1770 Sherman St., to be sold through the Crexi platform due to significant unpaid property taxes and chronic maintenance neglect.

This five-story structure, originally built by the Shriners as a meeting hall, boasts a substantial size of 46,000 square feet. Over the years, it has become synonymous with the city's cultural heritage, holding a conservation easement that safeguards both its exterior and interior, thanks to Historic Denver — a local nonprofit dedicated to preserving the city’s landmarks.

Challenges Faced by Current Owners

Since 2016, ownership of the El Jebel Shrine has been under the management of attorney Robert Lubin and his affiliates, who acquired it for $12.4 million. Their purchase was funded through EB-5 investors, allowing foreign nationals to secure U.S. green cards via job-creating investments. However, the building fell into foreclosure earlier this year following a series of financial missteps, including a reported $8.1 million loan from Fairbridge Strategic Capital.

The Path Ahead: Seeking New Ownership

As the auction approaches, the property is currently leased by Non Plus Ultra, which offers it as an event venue. However, operational challenges, such as a malfunctioning elevator, have hindered full utilization. The upcoming auction may also attract particular interest from developers eyeing the adjoining parking lot, which has had previous interest from various investors over the past two decades.

Implications for Denver's Real Estate Landscape

Potential buyers will consider not just the historic Shrine itself, but also the property's significance in Denver's real estate market. With rising property values and demand for unique venues, the upcoming auction presents a significant opportunity for those looking to capitalize on this famous landmark. The eventual buyer will hold a unique position—to either rehabilitate a cherished piece of history or explore new development pathways in a continually evolving neighborhood.

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Denver's Historic El Jebel Shrine Building Faces Auction: What You Need to Know

Denver's Landmark El Jebel Shrine Building Set for Auction

Challenges Faced by Current Owners

The Path Ahead: Seeking New Ownership

Implications for Denver's Real Estate Landscape

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