Homebuilder pays $14M for 25 acres of Loretto Heights campus – Denver, Colorado

Denver, Colorado 2021-10-12 07:04:47 –

The blue highlights on this map show the land purchased by Thrive Home Builders on the Loretto Heights campus in South Federal Boulevard. (((Provided by Westside Investment Partners).

The owner of the former Loretto Heights campus in the southwestern part of the city sold about one-third of the site to a Denver-based homebuilder.

Gene Myers

According to public records, Thrive Home Builders paid $ 14.4 million for what CEO Gene Myers described as about 25 acres along the north and west ends of the campus.

The company plans to build 322 homes, some of which are detached homes and some of which are town homes.

“Our hope is that this will be a real asset in the neighborhood,” says Myers, and construction could begin in mid-2022.

Glendale-based Westside Investment Partners, led by Andy Klein, has purchased a 72-acre Loretto Heights campus.$ 16.5 million in 2018..

Campus education has its roots in the 1890s, when the Loretto Heights Academy for Girls, run by the Catholic Order Sisters of Loretto, was located. The primary and secondary education program was phased out in the 1940s, and the school became known as Loretto Heights College.

The school was closed in the late 1980s and was purchased by the Teikyo University Group in Japan and operated as Colorado Heights University until 2017.

The land was redeveloped in May, paving the way for major redevelopment. One project is already in progress. The 72-unit Pankratia Hall has been refurbished for use as an income-restricted home and is expected to open by the end of the year.

Former Loretto Heights Campus in South Federal Boulevard. (((BusinessDen file photo).

More than 200 meetings have been held to allow residents to comment on development plans over the past few years, Klein said.

“The opinions from the community were overwhelming and amazing,” he said. “We envision a neighborhood plan created by the community and a process that facilitates discussions with the neighbors.”

More transactions are in progress. Grand Peaks, a Denver-based housing complex developer, will be closed elsewhere on campus later this month. Klein said the deal hasn’t been finalized yet, but he’s also considering bringing in a grocery store.

Andy Klein

Klein said he hopes a total of 1,000 homes will be built on the Loretto Heights campus.according to Development contract In the city, at least 12 percent of all residential units on the land must be income-restricted. Thrive is expected to keep around 14 of the units it builds within its low price range.

In addition, Denver voters will be asked to decide in November whether to spend $ 30 million on the rehab of the 1,000-seat Mavon Phils Stanton Theater, also on campus.

“I didn’t even know this when we bought it, but the Loretto campus is a big part of the lives of many people,” Klein said. “Many people were involved and went to campus for various weddings and events.”

Westside is also trying to develop the former land Park Hill Golf Club, Closed in 2018. This effort led to the introduction of Westside-sponsored ballots and double-sponsored ballots for individuals who want to keep the course as some form of open space in November of this year.

Homebuilder pays $14M for 25 acres of Loretto Heights campus Source link Homebuilder pays $14M for 25 acres of Loretto Heights campus

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