Nichols Partnership closes on purchase of Platte Street parking lot for $13M

A rendering of One Platte, the five-story project planned for 1701 Platte St. in Denver. (Images courtesy Nichols Partnership)

Denver-based developer Nichols Partnership has closed on the purchase of one of the last parking lots along Platte Street in LoHi, where it plans a five-story project.

The company’s acquisition of the 1.45-acre lot at 1701 Platte St. for $13.5 million closed last Thursday, according to county records. The deal works out to $213 a square foot.

Nichols plans to build a 252,000-square-foot building dubbed One Platte, which will have about 12,000 square feet of retail space on the first floor and office space above. Melissa Rummel, project manager for Nichols Partnership, said the building’s large floor plates — approximately 60,000 square feet — will make it unique.

One Platte will have retail space on the first floor and office space above.

“It can attract larger tenants,” she said. “We’ll be delivering something a little different than the other buildings on Platte Street.”

Rummel said no tenants have committed to the building, and that the company wants to have leases signed before it breaks ground. Jamie Gard, Jeff Castleton and Laura Sperry with Newmark Knight Frank are handling the office leasing.

“It will not be built fully on spec,” she said.

Rummel said they hope to break ground in the fall. The expected 27-month build would be completed at the end of 2021. Beck Group is the project architect and general contractor.

The lot was sold by the city, which selected Nichols Partnership following a request for proposals (RFP) process that began in 2015. City Council approved the sale last April.

“It was a unique parcel for the city because it was platted, it wasn’t zoned,” Rummel said, explaining the lengthy journey from RFP to close.

Another applicant that responded to the RFP, Zocalo Community Development, subsequently criticized the city in an interview with Westword for picking a project that did not include an affordable housing component, given the fact that city leaders tout that as a priority.

Nichols Partnership is familiar with Platte Street. The company developed the nearby four-story structure at 1644 Platte St., whose tenants include Galvanize and restaurant Brider. Its other local projects include Turntable Studios next to Mile High Stadium and downtown condo tower Spire, according to its website.

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