DENVER (KDVR) -- Lone Tree may soon be home to a new pet-friendly indoor and outdoor entertainment destination.

City Council on Tuesday approved a purchase and sale agreement for a new development at the former Treo site, where the Texas-born company Truck Yard plans to develop an indoor and outdoor gathering space with a bar, restaurant and entertainment venue.

Truck Yard was established in 2013 and now has five locations across Texas and Oklahoma, each featuring large outdoor patios with decorations designed by local artists and rotating food trucks that bring a variety of local culinary talent.

The whole family is welcome at Truck Yard, even pets, and there will be plenty of entertainment with yard games and free live music every day.

“During my visit to a Truck Yard location last fall, I saw firsthand the kind of vibrant atmosphere and unique experience it will bring to our community," Lone Tree Mayor Marissa Harmon said in a press release. "It will be a truly special addition that enhances the revitalized vibrancy of our entertainment district.”

Harmon said redevelopment of the city's entertainment district is a priority, and this approval is a step toward making Lone Tree a place with something for everyone.

The city plans to sell the property to Truck Yard for $2.2 million, a drop from the $3.85 million that the city paid for the property in November 2023, which the city said is a "strategic investment" to advance the city's vision of a vibrant entertainment district. The city added that sales taxes generated by the development will allow the city to recoup its investment relatively quickly.

The agreement secures the 3.3-acre property located at 9070 Maximus Drive for Truck Yard, but the sale will not be finalized until the company completes inspections and other necessary steps like a site improvement plan detailing the vision for the property, the city said. Plans will then need to be approved by City Council, a process which the city said is expected to take about six months.