The Subway at the corner of 5th and Broadway has left after over three decades onsite. (Courtesy Alex Khandelwal)
Alex Khandelwal is excited about the vacant building he just bought on the corner of Broadway and5th Avenue.
“We’ve always had our eye on this property,” he said. “We acquired the adjacent parcel in 2016.”
The University of Colorado Boulder graduate, along with his father Brij — who together run a realestate firm called Halogen Capital — purchased a former Subway on a 9,400-square-foot lot at 472N. Broadway for $1.25 million last month, according to public records.
That works out to $133 a square foot for the land situated a few blocks south of Speer Boulevard.
Khandelwal sees redevelopment potential. Adding the latest buy to Halogen’s adjacent holdings —he and his dad bought 430-470 Broadway next door for nearly $5 million a decade ago — means henow controls a full acre.
“It’s an acre site with pretty high-density zoning, so there’s a lot of options,” he said. “There aresome large-scale multifamily projects in the entitlement process within one block now.”
The Subway onsite left last month, before the sale, after a 35-year run. While no immediate rede-velopment plans are in the works, Khandelwal won’t sign a lease longer than five years.
“It’s pretty turnkey for a food and beverage or a driver-thru operator,” he said.
The previous owner of the property was Charlotte Burke, who owned it for decades and passedaway in 2023. She donated the building upon her death to the Children’s Hospital ColoradoFoundation, the nonprofit behind Children’s Hospital Colorado, records show.
The property was then transferred to Sharing Connexion, a LoDo nonprofit that assists nonprofitswith their real estate holdings. It tapped Corey Sandberg of Pinnacle Real Estate Advisors to mar-ket the property.
“Subway was in the building on a very, very old lease,” Sandberg said. “Subway worked with us toterminate the lease which was actually super helpful.”
That helped establish the property’s true value as a redevelopment play, he added.
“Once that happened, we knew what we were selling,” Sandberg said.
The real estate was listed around Christmas. The Khandelwals bought it in an all-cash deal.
Khandelwal is also the co-owner of the South Broadway Country Club, an indoor golf facility andbar that first opened at 2265 S. Broadway in 2017. It has since expanded to three locations, withone along Tennyson Street and another in Fort Collins.
