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Tre Lounge to close this week

January 04, 2017

The location at 601 W. 33rd St. is for sale, and the restaurant will go out of business Saturday.

It’s owned by Tim Olson of Pinnacle Hospitality.

The restaurant was Tre for the last 10 years.

“When Tre opened we were trendsetters,” said Randy Derheim, a retired partner in Pinnacle who spoke on Olson’s behalf. “It was a completely re-imagined property. It’s at that time in its lifespan where it’s probably due for the next reinvention, and it will not happen with our company. But it’s such a great destination spot, and we feel the property has great potential for future use.”

It’s on the market with NAI Sioux Falls for $1.95 million, which includes a liquor license.

“There’s been interest,” Derheim said. “We think the property might lend itself well to an out-of-town buyer.”

The restaurant was built decades ago originally as a seafood concept called Maine Lobster. It then became Theo’s and 601 Arota before Tre in 2007.

Tre gift cards will be accepted at Callaways, which Olson also owns.

“That’s an Olson family legacy. That property remains vibrant and thriving,” Derheim said.

Foleys, which Pinnacle also owned, was sold to Sioux Falls-based Vanguard Hospitality last year and is being renovated and rebranded as Morrie’s Steakhouse. It’s scheduled to reopen next week.

“This is exciting. When these legacy properties get transformed I look at it as a positive and not a negative,” Derheim said.

He said the same is possible for the former Tre.

“We’ve had such a loyal customer base there. We still see future buyers having that same loyalty, because of where it’s located in the community. But we want to thank people who liked what we did. We appreciate them and thank the employees and customers who helped make Tre what it is.”

Courtesy of Jodi Schwann, Sioux Falls Business Journal