Folsom St. Coffee Co. has closed its central Boulder coffee shop after eight years in business.
Owner Chris Warner said the café, located at 1795 Folsom St., took some hits to sales as customers cut back during the economic downturn. The business, although typically bustling with customers, was not able to recover, he said.
"It was always full," Warner said Thursday. "There seems to be a difference between full and being busy. I didn't have the sheer amount of numbers."
Warner said he decided the best move would be to close the shop and sell the property that has been in his family for 50 years.
"It was a heartbreaking decision, but one that ultimately couldn't be avoided," Warner said. "At some point, you have to cut your losses."
Warner reached an agreement to sell the property -- which includes the coffee shop and the adjacent Folsom Street Laundry coin-operated laundry -- to Boulder-based developer Stephen Tebo for an undisclosed sum. The deal is expected to close next week, Tebo said.
Tebo said he intends to eventually redevelop the site once the existing leases expire. Folsom Street Laundry has "several" years remaining on its lease, Tebo said.
"It's a prime, prime property," Tebo said.
In the near-term, Tebo said he plans to re-lease the coffee shop space to another tenant for a minimum of five years.
Warner's two other coffee shops -- Winot Coffee Co. in Niwot and Folsom Street Coffee-CU on campus -- will remain open.