JLL Secures Buyer for El Rancho

DENVER, Sep. 15, 2025 – JLL and Observatory Holdings today announce that an agreement is in place for long-time local bicycle shop Evergreen Bicycle Outfitters to purchase the relocated landmark El Rancho building. The business plans to move its current shop to the main floor of the El Rancho space as well as reinstate the original brewery and upstairs lodging to bring this iconic structure back to life. Local developer Observatory Holdings is seeking metro district approval from the county to implement plans accordingly. The approval means that El Rancho can be relocated across Highway 40 to join The Observatory, a development that will include food and beverage and retail concepts as well as a 112-key Marriott hotel.

“As longtime residents and small business owners in Jefferson County, we are honored to restore El Rancho, one of the county’s most cherished and iconic landmarks,” said Jake Signet, at of Evergreen Bicycle Outfitters. “This new location at The Observatory offers a chance to preserve the spirit of the building and its place in our community. We are committed to honoring the legacy of this building, and urge the Board of County Commissioners to approve the metro district, which will be essential for us to accomplish this goal.”

More than just a bike shop, Evergreen Bicycle Outfitters has become a hub for local riders, a place for families, and a steady supporter of community events. It has operated for 23 years.

While the restoration of El Rancho is privately funded, the metro district will help finance the public infrastructure – roads, utilities, sidewalks, and other community-serving elements. Long term, these will ultimately be funded by the development, with no cost or risk to taxpayers. Without the financing vehicle, the project will be far costlier, making it impossible to preserve and relocate El Rancho.

The decision on the metro district goes before the Jefferson County Board of Commissioners on Sept. 30.

“We strongly believe that this approach represents a true win for the community: saving a historic structure, supporting local small businesses, and generating long-term economic and cultural value – all while ensuring that public infrastructure is built and maintained responsibly,” said Signet.

“With The Observatory, we plan to offer a mix of uses that address the needs and wants of the community,” said Jack Buchanan on behalf of Observatory Holdings. “Evergreen Bicycle Outfitters’ vision for the future of El Rancho is exactly what we imagined – combining the past, present and future of Evergreen in one iconic venue. Receiving county approval to move forward with the metro district will allow us to make the next chapter of El Rancho a reality for Evergreen.”

Developers state that without metro district approval, the development will still move forward, albeit without the El Rancho building. “Moving that structure comes at a tremendous cost of time and resources, and is not economically viable without a metro district,” Buchanan said.

Located along I-70, The Observatory will feature a standalone retail or dining concept, a 112-key hotel, an 8,000-square-foot building equipped for restaurant operators or other retail concepts, as well as the pad designated for the relocation of the 16,000-square-foot El Rancho venue. JLL, which is marketing lots for sale or lease on behalf of Observatory Holdings, is pursuing both national and local users for the project.

“With premier visibility along I-70, The Observatory is a one-of-a-kind opportunity in Jefferson County,” said JLL’s Steve Markey. “This development will be pivotal for Evergreen, nearby communities and travelers along I-70.”