Denver

Apartment developer pays $35M for Denver7 block at Speer and Lincoln – The Denver Post – Denver, Colorado

Denver, Colorado 2021-07-19 17:00:01 –

Two months after the Denver City Council refused to try to save part of the station building from the iron ball, the sale of Denver 7’s property ended.

The Developer Property Markets Group said Friday it paid $ 35 million to buy an irregularly shaped 2.3-acre block at 123 Speer Blvd. From the parent company EW Scrips, which is based in the television station Cincinnati.

That’s $ 348 per square foot. JLL broker Jamie Roupp represented the seller.

The New York and Miami-based PMG said in a statement that Toronto-based Graybrook Realty Partners plans to build a 600-unit “Society Denver” apartment complex that also includes retail space. PMG’s Society projects built in other cities include units leased in the traditional way and units leased in “bedrooms” called “communal living.”

PMG was previously involved in the development of X Denver, a large apartment complex in Union Station North that features communal living. But then that aspect of the business was spun off to another Chicago-based company, X Company.

BusinessDen announced in November last year the news that Denver7 is working to sell its real estate.

Earlier this year, three residents of Denver asked the city to designate the building on the corner of Speer Boulevard and Lincoln Street, specifically the five-story octagonal part, as a landmark. Denver7 and PMG opposed the effort, and in May the council unanimously passed a rejection of the groundbreaking application.

Denver7 is currently leasing back the property, but according to station general manager Dean Littleton, it will move to another location in the city, “as close to downtown as possible.”

“We have the time we need,” Littleton said of the deal.

Denver 7, also known as KMGH and Denver Channel, is located at 123 Speer Blvd. Since 1969.

Apartment developer pays $35M for Denver7 block at Speer and Lincoln – The Denver Post Source link Apartment developer pays $35M for Denver7 block at Speer and Lincoln – The Denver Post

Back to top button