The original location of Elway’s steakhouse in Cherry Creek is closing at the end of this month, the restaurant announced on Thursday.

Open for 20 years, Elway’s is closing because of the proposed Cherry Creek West project, according to a message the restaurant posted on its website.

Its last day will be Aug. 31.

“The ongoing Cherry Creek Mall construction project requires our closure,” the announcement said.

Elway’s is owned by Denver Broncos Hall of Famer John Elway and his partner Tim Schmidt. It has locations in Vail, downtown Denver and two within Denver International Airport’s concourses.

The decision to close the restaurant comes a day after the Denver Planning Board unanimously approved the rezoning of the west end of Cherry Creek Shopping Center for a huge redevelopment that could bring seven office and apartment buildings — some to 13 stories high —  on a site where the old Bed Bath & Beyond store now overlooks University Boulevard.

“It is what it is,” Schmidt told The Denver Gazette. “The project is exciting for the city of Denver. It’s a huge project.”

Still, the closing “feels melancholy,” the co-owner added.

The restaurant held many memories for him and his family, Schmidt said, from wedding rehearsal dinners to baby showers for his grandchildren. 

Schmidt said he remembers his children, nine and 10 at the time, holding big signs for the restaurant’s opening, as Elway shook hands for three straight nights of parties celebrating the debut.

Some of his favorite times included Elway’s Summer Concert Series held on Wednesday nights for 15 years until it shut down for the pandemic and never relaunched.

The restaurant could have stayed open until the fall when preliminary construction and utility work needed to begin, Schmidt said, but they decided to close at the end of August to move out while the weather was still nice. 

“It was time to go,” he said.

The proposed Cherry Creek West development would add more than 1.6 million square feet of housing and office spaces in a commercial corridor that is successfully bucking trends that downtown Denver has experienced since the pandemic. Indeed, brokers have said the proposed 600,000 square feet of offices could command top dollar at a moment when companies, some of them in downtown, are anxious to lure employees back to the office in more attractive settings.

Cherry picking: Cherry Creek draws employers from Denver downtown

It’s precisely that draw that is leading some to worry about the project’s potential impact on the city’s efforts to revitalize downtown Denver, arguing that limited resources, such as money for transportation infrastructure, is best allocated toward the struggling area — not to Cherry Creek, which, they argued, is best left alone.

Residents and neighborhood groups criticized the zoning change for not setting limits on building sizes or the number of buildings. Others voiced worries about how the project could lead to traffic congestion. Many are skeptical about whether the high density development would be a boon to the area.

Supporters countered that congestion worries are overblown and that the project would lead to more housing, as well as a source of new revenue for the city.     

The project would encompass the area between First Avenue and the Cherry Creek bike trail currently home to the closed Bed Bath & Beyond store, low-rise stores, parking and the Elway’s steakhouse.

The first phase of construction is set to begin summer 2025.

While Elway’s original location is closing, the steakhouse’s owners said they are working on finding another spot.

“Our plan is to continue to work with our development partners to determine a post-construction location,” the announcement said.

Schmidt said they’ve considered other locations but added Elway’s is working to reopen within Cherry Creek West. 

The development’s website also said on its Frequently Asked Questions page that its goal is to “keep the restaurant in our neighborhood long term.”

“We’ve been looking around Cherry Creek North,” he said, “but haven’t found anything to our satisfaction.”

If it reopens again, Schmidt said they’re considering having half the restaurant a steakhouse for special occasions and the other half for casual dining to serve a wider variety of customers.

But as construction progresses and Elway’s has other locations, Schmidt said, “There’s no hurry to do anything right now.”