A Cherry Creek developer scooped up another lot with plans to add condos next to a recent office development.
The Pauls Corp. bought a former Cherry Creek FirstBank branch at 149 Steele St. from FirstBank for $3.8 million last week. The shuttered bank building is on the same block as 100 Saint Paul, a new 150,000-square-foot office building where FirstBank opened a branch last year.
The site FirstBank just sold to The Pauls Corp. sits just behind the 100 Saint Paul office building fronting Steele Street. The site totals about 0.40 acres, according to figures on the city assessor’s website, which pegs the sales price at about $216 per square foot of land.
FirstBank sold the site for 100 Saint Paul to The Pauls Corp. about three years ago. At the time, that building had another one-story FirstBank branch. That 1.40-acre site sold for $10.575 million.
With FirstBank settled into its new branch at 100 Saint Paul, the company is playing a little defense as it unloads 149 Steele St. The deed, which was recorded last Friday, came along with a use restriction that prevents another bank from opening up shop on the spot as long as FirstBank has a branch within one-half mile.
Representatives for The Pauls Corp. did not return phone messages seeking comment on the deal by press time Monday, but the company website lays out a 155-condominium development the company has planned for the Steele Street site.
According to a brief project summary, The Pauls Corp. plans on beginning condominium presales in summer 2017.