After a half-century of holding Denver property, a local real estate firm is getting in the development business.
Sarkisian Properties, the real estate company headed up by the owners of a the rug and antique shop bearing the same name, has brought on Denver-based Elevation Development Group to develop a hot corner of Cherry Creek North at Third Avenue and Josephine Street.
“Sarkisian Properties is a company that has operated in Denver for probably 50 years now, and we have this piece and some other interesting pieces around town,” Sarkisian Properties owner Tor Sarkisian said. “We’re looking to learn from this experience, which is why we brought in a partner that is very experienced.”
The deal concerns a 0.43-acre property at the southeast corner of Third and Josephine, currently home to rug retailer Shaver-Ramsey. Sarkisian Properties LLC sold the site to 3rd and Josephine LLC for $7 million, city records show; Sarkisian said his firm is a large part of that new ownership group.
Sarkisian forwarded questions about the development plans to Elevation, which didn’t return a phone message by press time.
BusinessDen could not confirm precisely how long Sarkisian Properties has owned the Cherry Creek land, but the company has held it since at least 1988, according to the oldest recorded sale on the city assessor’s website. Zoning on the site allows for five stories worth of development.
Elevation Development Group is a Denver-based real estate firm headed up by Brent, Brad and Gregg Farber. The firm is no stranger to Cherry Creek development after entitling a site at 245 Columbine St. for a major hotel development that is currently under construction.
The 245 Columbine site sits on the same block as Sarkisian and Elevation’s property.
Elevation’s latest project is the Moto Apartments in Cap Hill. That 64-unit building opened last year at Sherman Street and Eighth Avenue. Elevation also co-developed 16M, an office and residential building with ground-floor retail along the 16th Street Mall.
Tor Sarkisian also heads up Sarkisian’s, a long-standing art and furnishings shop at Speer Boulevard and Pennsylvania Street. He said that while his firm has owned Denver properties for 50 years, the Third and Josephine site will be its first foray into large-scale development.
The Sarkisian Properties portfolio also includes a retail strip at Sixth Avenue and Washington Street; nearly 1 acre of land at 10th Avenue and Bannock Street; and the Sarkisian’s furnishings store at 693 Speer Blvd.
“We have other property holdings, some in the Golden Triangle and some in the Alamo Placita neighborhood,” Sarkisian said. “From here we’re probably going to be looking at more development opportunities.”