A Denver development trio hooked a RiNo parcel for its third redevelopment last week.
Tributary Real Estate bought a small lot at 3655 Brighton Blvd. last week for about $1.2 million. Company co-owner Jamie Roupp said they’re planning a retail build-to-suit project for a tenant Tributary has teed up.
“The next wave of users is ready to locate there,” Roupp said. “Brighton has its own identity and a lot of auto traffic, and as that boulevard is transformed and becomes safer to walk and bike, it will become a destination.”
Tributary Real Estate is a three-man partnership between Roupp, Ryan Arnold and Bill Parkhill. Roupp and Arnold are commercial real estate brokers at JLL, and Parkhill also runs Parkhill Development Co.
The 3655 Brighton site currently hosts a 3,000-square-foot, 65-year-old building. Smoke shop Secret Stash Gifts currently takes up shop in the building. Roupp said Tributary will build a new building as opposed to renovating the current structure.
Construction is slated to start in the first quarter of next year, and Roupp estimated it would take between 12 and 18 months to complete.
The property is Parkhill, Roupp and Arnold’s third acquisition. The trio first teamed up in 2014 to redevelop a building at 1415 Park Avenue West for Thrive Workplace. They decided to launch a formal real estate development company after carrying out that first deal.
“Through that process we identified that we each have some complementary skills, and we wanted to put more of a systematic box around our partnership,” Roupp said.
In May, Tributary Real Estate, acting under a Parkhill-managed LLC, bought a 50,000-square-foot warehouse at 32nd and Walnut. In September, Parkhill said he plans to renovate that building for a mixed-use development. Tributary added a vacant lot next door at 32nd and Blake in September.
Brighton Boulevard is no stranger to heavy construction machinery.
The Source Hotel is under construction next to The Source market. Great Divide just opened a new brewery, and Blue Moon has one under construction a block off of Brighton. And at least four 200-plus-unit apartment buildings are coming up on Brighton’s western edge.
Brighton Boulevard is also gearing up for a city-subsidized revamp that will add sidewalks, bike paths and other pedestrian-oriented improvements with construction planned for 2016.
Roupp said the planned improvements were part of what drew him to the property, but he added that construction could be an obstacle for businesses already located on the block.
“One of the challenges we’re all waiting on and watching is how reconstruction of Brighton Boulevard will be staged, and how it affects businesses on the boulevard,” he said. “Our project will be less impacted because delivery will be more aligned with completion of the streetscape.”