Already knee-deep in its own apartment project next door, Denargo Market’s master planner kicked a major chunk of its RiNo redevelopment to a local real estate investor.
Brue Capital Partners bought an 11-acre development site at Denargo Market for $31.95 million in December, according to city records. The site sits at 2809 Delgany St. and is the largest remaining plot in the 30-acre Denargo complex near the edge of downtown.
The deal came in a group of sales recorded Dec. 24. Brue Capital also bought a 0.68-acre lot at the southeast corner of Denargo and Delgany streets for $1.48 million and a patch of green space at 2700 Wewatta Way for $23,400.
The seller in each case was Denargo Market master developer Cypress Real Estate Advisors, which has developed and sold slices of Denargo Market in recent years. Denargo was a market along the Union Pacific railway that opened about 75 years ago and at its height had more than 500 retailers.
Since about 2007, Cypress has been putting together plans to redevelop the space to house more than 2,000 residential units and more than 125,000 square feet of retail space.
Most recently, Cypress sold its own Yards at Denargo Market apartment building for $72 million and a 3-acre apartment development site at 1809 28th St. for $14.65 million.
Mill Creek Residential Trust is building 362 new apartments on the 28th Street site. Cypress has another new apartment building of its own dubbed The Crossing under construction at 2525 Wewatta Way.
Development on the Brue Capital site could tower over everything built at Denargo Market. The property includes one high-rise plot along Delgany Street approved for a building between 180 and 220 feet tall.
Brue Capital head Chad Brue did not return phone messages left last week seeking comment.
Brue’s firm has been developing since 2011, according to its website. Its previous projects include The Lab on Platte office building and the Oxford Station apartment complex in Englewood.