It’s the kind of gain that sounds like lore.
The former owner of a strip of undeveloped land in RiNo can boast of an eye-popping return: a 10,000 percent gain in 16 years.
Kalamath Industrial Park Inc. sold a 0.36-acre plot along 38th Street between Walnut and Blake streets last week for $2.51 million, according to property records.
The company purchased the site in June 2002 for $24,000.
Kalamath was registered by Charles Carlberg of Evergreen, according to state records. Attempts to reach Carlberg for comment were unsuccessful.
City records refer to the parcel as 3853 Walnut St. Unit Vcnt. The land was sold to Denver-based developer Formativ, which needs the lot for World Trade Center Denver, a massive planned mixed-use development.
The first phase of the project, forecast to cost between $175 and $200 million, is slated to include 250,000 square feet of coworking and traditional office space, as well as a conference center and 200-room hotel, according to the Denver Post.
Formativ’s website says the project was supposed to break ground in the fourth quarter 2017, although that did not happen.