The company that master-planned Denargo Market is set to buy another site in the area on the edge of RiNo.
Chase Hill, principal with Texas-based Cypress Real Estate Advisors, said Tuesday that the company is under contract to purchase 3275 and 3315 Denargo St., two parcels that are currently home to a single-story warehouse building and a self-storage facility.
Hill spoke to a reporter after appearing before a Denver City Council committee in connection with the firm’s request that the property be rezoned.
The lots are currently zoned for industrial use, and Cypress is requesting they be rezoned to C-MX-12, which allows for mixed-use development up to 12 stories.
Hill said the company wants to develop a 12-story apartment complex with 325 units on the 3.82-acre site, a use that mirrors nearly all development in the area to date.
Cypress has agreed that 10 percent, or 33, of the units would be income-restricted to those earning up to 80 percent of the area median income. And a quarter of the income-restricted units, about nine in all, would have at least two bedrooms.
The company expects to close on purchase of the site in April, Hill said.
The 3275 Denargo St. lot, home to LoDo Self Storage, is owned by LoDo Self Storage LLC. The smaller adjacent lot at 3315 Denargo St. is owned by Aftco 3315 LLC.
The site was listed for $24 million, according to a marketing brochure available on LoopNet, although Hill said that’s not precisely the amount his company is set to pay. Pat Henry and Boston Weir of HRE Group have the listing.
Cypress master-planned the redevelopment of Denargo Market, which was once a market boasting hundreds of small merchants. Hill said the company and its affiliate Argyle Residential have built two apartment complexes within that area, and are constructing a third.
Cypress also has sold off portions of the site to other developers. Notably, Denver-based Formativ and Chicago-based Golub & Co. paid $86 million for 13 acres last summer.
The site along Denargo Street that Cypress is set to purchase is outside the area that the company master planned. Hill said the company hopes to begin redeveloping the property about 18 to 24 months after purchasing it; until that time, it will continue to operate the self-storage facility.
City Council’s Land Use, Transportation and Infrastructure Committee voted Tuesday to send the rezoning request to the full body for a vote.