Transwestern begins buying land for proposed RiNo multifamily project

A drawing showing the general scale of the development proposed by Transwestern Development Company along North Downing Street. (File rendering)

Editor’s Note (9/21): An update has been added to the end of this story, to reflect the sale of an additional parcel.

Houston-based Transwestern Development Company has purchased real estate in RiNo, although it remains uncertain whether the company will be able to develop the full project it proposed late last year.

Public records show the Transwestern paid a total of $4.82 million across three deals earlier this week for four parcels on the east side of the 3700 block of North Downing Street.

The four parcels add up to 15,890 square feet, meaning the company paid an average of $303 a square foot.

Late last year, Transwestern proposed two residential buildings — one 10-story and one eight-story — along the block, on both sides of the street.

The four parcels sold earlier this week represent just a portion of the development site.

Transwestern Development Vice President Brendan O’Leary said the company expects to close later this week on a final parcel on the east side of the block, 3712 N. Downing St.

Half the proposed development by Transwestern would replace the Sharing & Caring Ministries building in the 3700 block of North Downing Street. (File photo)

O’Leary said it’s somewhat up in the air whether the company will be able to secure the west side of the block, a triangular lot owned by Sharing and Caring Ministries. Asked if the company was currently under contract to purchase the site, he responded: “The short answer is no, but we’re in constant conversation.”

Transwestern would proceed with development even if it can’t get the west side of the block, O’Leary said. The timing of when a project could break ground hasn’t been finalized.

Transwestern has commercial brokers in Denver, but most of its development activity has happened elsewhere — largely in Texas. An online portfolio of its development work lists only one Colorado project, a build-to-suit industrial building in the Denver area.

O’Leary said the company is targeting Denver for more projects, which would primarily be in the multifamily, office and mixed-use sectors.

Phil Ruschmeyer, David Ray and Blake Ham of Ruschmeyer Corp. were brokers of record in the Downing Street transactions. The firm was also involved with the nearby purchase of land by Hines, McCafferty and Ivanhoe Cambridge for an office building. That project was put on hold following a groundbreaking ceremony earlier this year.

Here’s the specifics of the parcels purchased by Transwestern:

37380 and 3740 N. Downing: The firm paid $3.19 million for the parcels that total 9,530 square feet. Seller GS Downing LP, managed by Chris Lonigro, paid $1.16 million in October 2018, records show.

3730 N. Downing: Transwestern paid $875,000 to buy the home on 3,180 square feet from Antonio Aguilar, who bought it for $262,600 in 2016.

3724 N. Downing: The firm paid $750,000 to buy the adjacent home on 3,180 square feet from Araceli Maldonaldo; the property last sold for $90,000 in 1999.

The parcels are on the same block as Catbird, the Sage Hospitality hotel under construction, and a multifamily project being completed by Zakhem Real Estate Group.

Update (9/21): Transwestern purchased an additional parcel on Sept. 18.

Public records show the company paid $4.9 million for the 3712 N. Downing St. parcel. Property records indicate the lot is 19,050 square feet, making the deal worth $257 a square foot.

The property was sold by RiNo Downing LLC, managed by Adam Camras, which paid $650,000 for it in March 2013, records show.

Transwestern now owns the entire western portion of the development site.

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