Developer planning apartments pays $9.5M for site north of Mile High

1919 Rendering

A rendering of the planned apartment complex. (Courtesy Opus Development)

A developer planning a large apartment complex just north of Mile High Stadium has purchased the land.

Acting as 1919 Mile High Venture LLC, Minnesota-based Opus Development Co. and a financial partner purchased the 1.65-acre parcel at 550 W. 19th Ave. last week for $9.55 million, according to public records.

The lot is currently a gravel parking lot, located between the football stadium and apartment building Turntable Studios.

Opus confirmed the purchase of the site, which it referred to with the address of 1919 Mile High Circle.

milehighapts1

The parking lot at 550 W. 19th Ave. (BizDen file)

Joe Swensson, a Denver-based senior manager of real estate for the company, said Opus plans to develop a 12-story, 277-unit apartment complex on the site. The company plans to break ground April 1 and complete the project in the first quarter of 2022.

Opus Architects & Engineers will be the architect of record and Opus Design Build is the general contractor.

BusinessDen reported in September that the company had submitted development plans for the project to the city.

Locally, Opus most recently developed The Glenn At Jones District Apartments, at 9300 E. Mineral Ave. in Centennial. The company also developed apartment complex Verve at 1890 Delgany St. and condo project The Pinnacle at City Park South at 2990 E. 17th Ave.

The lot by Mile High was sold by 19th and Clay LLC, an entity affiliated with Denver-based Nichols Partnership. Prior to the sale, the entity transferred a 66 percent stake in the property to MHVQ Holding LLC, an entity managed by Paul Lev-Ary, records show.

Records show Nichols paid $9 million in October 2014 for the lot and the Turntable Studios building, which at the time was a hotel. The firm then converted the hotel into micro units and sold that project in May 2017 for $31 million.

1919 Rendering

A rendering of the planned apartment complex. (Courtesy Opus Development)

An executive with Minnesota-based Opus Group proposed a 12-story, 277-unit complex at the site last year.

You must be a member to access BusinessDen's exclusive reporting.

Your subscription has expired. Renew now by choosing a subscription below!

For more information, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING AARON@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.




Return to Homepage

40443

Leave a Reply

Your email address will not be published.