They might be his concepts, but Frank Bonanno is out of the Milk Market.<\/p>\n
The prominent Denver restaurateur has sold the food hall he opened in 2018 in the Dairy Block project at 1800 Wazee St. to Sage Hospitality.<\/p>\n
Denver-based Sage, which owns and operates the Dairy Block\u2019s Maven Hotel, took over operations Aug. 10.<\/p>\n
\u201cOur sales were half of what they were before the pandemic,\u201d Bonanno told BusinessDen Thursday. \u201cIt just economically did not make sense anymore.\u201d<\/p>\n
Bonanno said he and Walter Isenberg, CEO of Sage Hospitality, have known each other for 30 years. They both said the deal was a mutual decision, and said discussions about a sale started in June.<\/p>\n
\u201cThey\u2019re better equipped to deal with something that big,\u201d Bonanno said. \u201cThey\u2019re a big organization, so they probably see things and are able to fix things we\u2019re unable to. They have a lot of experience behind them.\u201d<\/p>\n
\u201cWe wanted to make sure the legacy of that business remained intact,\u201d said Walter Isenberg.<\/p>\n
In addition to the hotel, and now the food hall, Sage operates two restaurants \u2014 Kachina Cantina and Poka Lola Social Club \u2014 in the Dairy Block. It also operates dozens of other hotels and restaurants in Denver and other markets.<\/p>\n
Bonanno said he\u2019s wanted out of the 17,000-square-foot hall since the pandemic, when lunch sales, previously the Milk Market\u2019s busiest hours, evaporated. Even with more people back in offices, he said, it\u2019s still an inconsistent crowd.<\/p>\n
\u201cWhen there\u2019s not a consistent flow of people like we needed, that\u2019s what becomes very challenging,\u201d Bonanno said. \u201cIt varied widely, just week to week.\u201d<\/p>\n
At most food halls, the various stalls are individually owned and operated, and the food hall owner runs a central bar. At the Milk Market, however, all 16 stalls were owned and operated by Bonanno \u2014 and now by Sage.<\/p>\n
Bonanno said he originally wanted the food hall to operate more like a market, where more people would pick up fresh produce or meat rather than meals, which is why he decided to own and operate all of the stalls.<\/p>\n
\u201cWe just thought it would be more cohesive and that would be a \u2026 different take on the typical food hall,\u201d Bonanno said.<\/p>\n
Some of the concepts were new, like Albina by the Sea, while others had previously existed, such as Bonanno Brothers Pizzeria, which\u00a0operated for a time in Park Meadows mall.\u00a0Since its opening, he said he\u2019s switched a few stalls, but the hall has largely remained the same.<\/p>\n
Despite it being home only to Bonanno restaurants, Isenberg said Sage has no plans to change the food hall, stating it\u2019ll be \u201cbusiness as usual.\u201d<\/p>\n
Bonanno still owns a number of Denver restaurants, including Mizuna, Luca and Vesper Lounge in Cap Hill. He recently took over the helm of the historic El Rancho in Evergreen.<\/p>\n
Sage, Grand American and McWhinney developed Dairy Block.<\/p>\n