Just months after the last pint poured at a Blake Street brewery, a developer with big apartment plans has closed an eight-figure land deal.
Lennar Multifamily Communities bought the former River North Brewery building and the rest of nearly a full block at 24th and Blake streets for $13.16 million, city records show. The deal closed Jan. 22, and Lennar has already submitted a development plan for 240 new apartments.
The site covers about 1.66 acres stretching northeast from the corner of 24th and Blake streets. It currently holds a 55,000-square-foot industrial building that will come down to make way for the seven-story apartment complex Lennar has proposed.
That building once housed River North Brewery and restaurant Spruce Tap House. The brewery found a larger building on Washington Street in Adams County. Company owner Matt Hess told BusinessDen in August that his brewery needed more space and may try to bring a retail taproom back to the River North neighborhood in the future.
Denver businessman Panayes Dikeou signed the sale deed on behalf of seller 2401 Blake LLC. Dikeou’s firm bought the real estate in June 2008 for $2 million. This month’s sales price translates to a nearly 25 percent appreciation rate for the 8.5-year hold.
The Blake Street site is also just four blocks up from a lot at 28th and Blake streets that sold earlier this month to Mill Creek Residential. Mill Creek is planning five stories and 182 apartment units.
Lennar representatives did not return phone messages by press time on Tuesday afternoon, but site plans the firm turned into the city last spring show a 240-unit apartment building standing seven stories tall. The drawings also include 7,400 square feet of retail space along Blake Street.
The proposed building will cover virtually the entire footprint of the lot, and the building itself will house about 243,000 square feet of residential space.
Lennar Multifamily is staying busy in Denver. The company is also working on an 18-story apartment tower at 21st and Welton streets in Five Points. That development would add another 329 apartments to the outskirts of downtown Denver.
Lennar’s other holdings around Denver include the Axis apartment building on 104th Avenue in Westminster and the Vallagio complex at Inverness in Englewood.