Rian Conradie’s “joyride” has come to an end.
The owner of Premier Collision, an auto repair shop at 3660 Brighton Blvd., on Monday sold the property to a developer who has proposed a hotel at the site.
The new ownership paid $4 million, or $213 a square foot, for the 0.43-acre lot, according to public records. Conradie bought it in May 2001 for $480,000.
Conradie, who turned 55 Wednesday, said he had hoped to operate Premier Collision for at least another five years, but “I’ve pretty much been taxed out.”
About six years ago, he said, his property taxes were about $26,000 annually. But as more and more developers have flocked to Brighton Boulevard — office building Rev360 is under construction next door — that figure has jumped. The latest reassessment brought him up to about $57,000 annually.
“As a small business, you can only generate so much net profit,” Conradie said.
RiNo 36 LLC and Patrick Lyons bought the property, records show. The LLC is affiliated with Littleton-based Alliance, which submitted an early-stage development proposal to the city in September for a 12-story, 160-room hotel at the site. The firm did not respond to requests for comment.
Conradie indicated that Aurora-based H&H Hotels is also involved in the project. It and Alliance co-developed the 157-room Element Denver Downtown Hotel at 1314 Elati St. in the Golden Triangle, which opened last year. And they’re set to open another Element hotel near Denver International Airport later this year.
Brokers Reid Phillips, Laura Burnham, Drew Isaac and Peter Standley of Marcus & Millichap represented Conradie in the sale.
Conradie said Premier Collision might continue operating at the site through the summer, but he’ll primarily be serving existing customers, not soliciting new ones. After that is retirement; he’s not planning to reopen Premier elsewhere.
“It always creates a problem when you do that,” Conradie said, noting Premier moved once before. “Where do you move it to where it’s not too far from your existing customers?”
Conradie said he’s looking to purchase some investment property, as well as a spot where he can move his business equipment and operate “a hobby shop.”
“It’s been a nice joyride,” he said. “Who knew this would have happened?”
Hotel isn’t only one in works in RiNo
RiNo currently has two hotels, The Source Hotel at 3330 Brighton Blvd. and The Ramble Hotel on the other side of the district at 1280 25th St.
More, however, are on the way.
Denver-based Sage Hospitality and Walnut Development Partners are building a seven-story, 165-room hotel at 3770 Walnut St. And the nearby World Trade Center project, expected to break ground in the second quarter, also includes a hotel component.
Another hotel is planned just a block away from Premier Collision, at 3560 Brighton Blvd. That site, however, has sat unchanged since the developer held a groundbreaking ceremony last August.
A seven-story hospitality project also has been proposed at 3495 Wynkoop St. by Katz Development.