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.
“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.
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.