Phantom Canyon is located in the heart of downtown Colorado Springs in the historic Cheyenne Building. The three-story brick structure was built in 1901 and housed the Chicago Rock Island and Pacific Railroad.
In 1909, the building was re-opened as the Cheyenne Hotel. After the hotel shut down, the building changed hands a number of times and was used for a variety of business ventures. Saved from the wrecking ball in 1993, the historic site was purchased by John Hickenlooper who restored the property and opened Phantom Canyon Brewing Co.
Today the restaurant is one of the most popular dining spots in the city and is credited with the revitalization of the downtown area.