The University of Colorado Boulder won approval on Thursday to purchase the property that’s home to the El Rincón Cocina y Tequila restaurant in Boulder for about $3.9 million.

The University of Colorado Board of Regents approved the proposed property acquisition during its regular meeting on Thursday at its Colorado Springs campus. CU Boulder does not yet have a timeline or plan for developing the property at 2350 Arapahoe Ave.

El Rincón Cocina y Tequila leases the building from the current owner, CMT Colorado LLC. The family that owns the restaurant told the Daily Camera they plan to continue to lease the building through CU Boulder as long as the university allows it. The university plans to lease the building to the restaurant until it has a plan, which could include redeveloping the

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