Hines, partner pay $21M for site next to RiNo concert venue; 10-story project planned

westfieldcomplex1

A rendering of the 392-unit apartment complex that Hines and Cresset plan to build. (Cresset Capital Management)

Westfield has sold a portion of its North Wynkoop site in RiNo to another developer.

Houston-based Hines and partner Cresset Capital Management paid $21 million last week, according to county records, for an approximately 2.5-acre site along Brighton Boulevard just west of the upcoming AEG concert venue Mission Ballroom.

Avy Stein, founder of Chicago-based Cresset, said Thursday that the companies plan to demolish the existing industrial building and build a 10-story apartment building on the site, with 392 units and approximately 15,000 square feet of retail space. He said work is expected to begin later this year or next, and that construction likely would take 30 months.

westfieldcomplex2

Westfield is currently constructing concert venue Mission Ballroom and a three-story building with office and retail space at North Wynkoop. (Thomas Gounley)

“It’s steps away from the new performing arts facility,” Stein said. “I mean, it’s really close.”

Stein said Cresset previously partnered with Hines, the developer behind Denver’s newest downtown skyscraper, 1144 Fifteenth. Hines also owns another site in RiNo, 3500 Blake St., where it plans to build an office building.

Within the North Wynkoop site, Denver-based Westfield currently is building the Mission Ballroom concert venue, as well as a three-story building with office and retail space just south of it, set back from Brighton Boulevard. Mission Ballroom is slated to open in August with a Lumineers concert.

Westfield executives did not respond to requests for comment Thursday. The sale of the site reflects a changed vision for the company’s North Wynkoop project. Last year, Westfield said it planned to convert the existing industrial building along Brighton into a mix of office and retail space dubbed Market Hall, and eventually build on top of it.

westfieldcomplex3

A rendering of another seven-story building Westfield wants to build at North Wynkoop. (Public Records)

Plans originally called for affordable housing developed in collaboration with a real estate nonprofit called Artspace, but that component of the project has been abandoned, as detailed this spring by Westword.

Westfield still plans to do more development itself at the site. Earlier this week, the company submitted an early-stage proposal to the city for the site just south of the lot purchased by Hines and Cresset, along Brighton, showing a seven-story building on a portion of the site.

westfieldcomplex1

A rendering of the 392-unit apartment complex that Hines and Cresset plan to build. (Cresset Capital Management)

Westfield has sold a portion of its North Wynkoop site in RiNo to another developer.

Houston-based Hines and partner Cresset Capital Management paid $21 million last week, according to county records, for an approximately 2.5-acre site along Brighton Boulevard just west of the upcoming AEG concert venue Mission Ballroom.

Avy Stein, founder of Chicago-based Cresset, said Thursday that the companies plan to demolish the existing industrial building and build a 10-story apartment building on the site, with 392 units and approximately 15,000 square feet of retail space. He said work is expected to begin later this year or next, and that construction likely would take 30 months.

westfieldcomplex2

Westfield is currently constructing concert venue Mission Ballroom and a three-story building with office and retail space at North Wynkoop. (Thomas Gounley)

“It’s steps away from the new performing arts facility,” Stein said. “I mean, it’s really close.”

Stein said Cresset previously partnered with Hines, the developer behind Denver’s newest downtown skyscraper, 1144 Fifteenth. Hines also owns another site in RiNo, 3500 Blake St., where it plans to build an office building.

Within the North Wynkoop site, Denver-based Westfield currently is building the Mission Ballroom concert venue, as well as a three-story building with office and retail space just south of it, set back from Brighton Boulevard. Mission Ballroom is slated to open in August with a Lumineers concert.

Westfield executives did not respond to requests for comment Thursday. The sale of the site reflects a changed vision for the company’s North Wynkoop project. Last year, Westfield said it planned to convert the existing industrial building along Brighton into a mix of office and retail space dubbed Market Hall, and eventually build on top of it.

westfieldcomplex3

A rendering of another seven-story building Westfield wants to build at North Wynkoop. (Public Records)

Plans originally called for affordable housing developed in collaboration with a real estate nonprofit called Artspace, but that component of the project has been abandoned, as detailed this spring by Westword.

Westfield still plans to do more development itself at the site. Earlier this week, the company submitted an early-stage proposal to the city for the site just south of the lot purchased by Hines and Cresset, along Brighton, showing a seven-story building on a portion of the site.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *