Developer under contract for RiNo site where coworking project had been planned

The building at 3950 Wynkoop St. appears the same as it did when Rethink purchased it in July 2018. (Thomas Gounley)

Someone definitely did some rethinking.

A developer is under contract to buy a site in RiNo where the current owner, a company named Rethink, had been planning a coworking project.

Daniel Huml, managing principal with Denver-based Magnetic Capital, said Wednesday he is in the due diligence phase ahead of a planned purchase of 3950 Wynkoop St.

The 0.32-acre lot near the 38th and Blake rail station has a two-story building on it. Rethink paid $2.95 million for the site in July 2018, according to public records.

Rethink founder Ken Cope told BusinessDen that month that the company planned to renovate and add on to the structure, turning it into a coworking space aimed at real estate professionals. He said the company planned to do the same with another building it bought in Houston.

The RiNo building, however, appears the same as it did 14 months ago. And the planned Houston location also does not appear to have opened.

Reached by phone Wednesday morning, Cope declined to comment.

Huml, of Magnetic Capital, moved to Denver from Chicago in late 2018. In the last 1 ½ years, his firm has purchased 1523 Market St. and 1920 Market St. in LoDo, and 3354 Larimer St. in RiNo. It also bought 2100 Larimer St. in Ballpark in collaboration with Monfort Cos., led by Kenny Monfort.

Magnetic also is partnering with Chicago-based restaurant group Four Corners in its plans to redevelop the 2903 Larimer St. corner lot.

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