A company that once planned to convert a RiNo building into a coworking space has instead sold it.
Rethink — which once envisioned a national network of coworking spaces targeting real estate professionals — sold the building at 3950 Wynkoop St. to Denver-based Magnetic Capital, led by Daniel Huml.
The building sold for $4.15 million, according to public records. Rethink paid $2.95 million for it in July 2018.
BusinessDen reported in October that Huml was under contract for the site, which consists of a vacant, approximately 16,000-square-foot building on 0.32 acres.
Huml said Thursday that he is still trying to decide whether he will repurpose the existing building or demolish it and build vertically.
“I’m kind of running parallel paths to see what makes the most sense,” he said.
The site, which is in an opportunity zone, could support up to 16 stories due to the zoning incentive overlay around the 38th and Blake commuter rail station. If he does opt to build vertically, Huml said the project likely would be either residential or hotel.
Rethink founder Ken Cope declined to comment Thursday, and an executive with Redevelopment Capital Partners, which invested in the company, did not respond to an email.
The company purchased a building in Houston around the same time it bought the one in RiNo, but no working operation has opened there either.