Canvas Credit Union is set to open its new branch at 2345 E. Evans Ave., where the beloved Pete’s University Park Café once served meals for over 30 years. The café closed earlier this month, with the Contos family citing the need to support their other restaurants during tough economic times.
The credit union is relocating from just down the street, moving into a spacious 2,225-square-foot location. This change marks a significant shift in the community, as places that once served familiar meals transition into financial institutions.
Alex Barakos, who manages the family’s restaurant operations, shared that business at Pete’s Kitchen fell by 12% recently, primarily due to construction affecting foot traffic. As public spaces evolve, local businesses face challenges while adapting to new realities.
Interestingly, this isn’t the first time a diner has been replaced by a bank. In 2023, Chase Bank took over the former site of the Denver Diner. Such trends reflect broader shifts in urban development, where rising costs and changes in consumer behavior often pressure small businesses to close while larger corporations move in.
The history of Pete’s University Park Café holds sentimental value for many locals. Patrons fondly recall its famous souvlaki skillets and hearty breakfasts. As the community adjusts to yet another loss, the conversation about preserving local establishments continues.
Recent data indicates small restaurants are struggling more than ever. According to the National Restaurant Association, about 20% of restaurants that closed during the pandemic have not reopened. This highlights a growing concern for local economies reliant on small businesses.
While the Contos family still owns the building where Pete’s was located, it remains unclear whether they are renting to Canvas Credit Union or selling it outright. The credit union did not provide any comments regarding the move.
As neighborhoods evolve, the balance between maintaining community flavors and accommodating new developments remains a topic of debate. How we shape our cities may depend on how we preserve the essence of local culture alongside necessary progress.
For more on similar developments in the area, check the details here.
