Greystar plans more apartments next to its Golden Triangle project

A rendering of the proposed Parq II apartment building. (Public records)

Parq on Speer may be getting a sibling.

South Carolina-based Greystar, which developed the 16-story apartment building at 909 Bannock St., has submitted a concept plan to the city proposing a second project on the same block.

Parq II, as the plans call it, would be built on 1.48 acres across multiple parcels: 901 and 973 N. Bannock St., 224 W. 10th Ave. and 960 and 970 N. Cherokee St.

Greystar’s proposed structure would be 17 stories, according to the development plans. It would have 324 apartments, 437 parking spaces and 7,000 square feet of ground floor retail space.

Greystar already owns the small building at 960 N. Cherokee, which it used as a leasing center while Parq — completed in 2019 — was under construction.

The remainder of the parcels are owned by entities affiliated with Sarkisian Rugs & Fine Art, which has its “rug cleaning and restoration center” at 970 N. Cherokee St. The company’s main store is about a mile east, at 693 E. Speer Blvd.

The Sarkisian family has been in the rug business in Colorado since 1891, according to the company’s website. The company did not respond to a request for comment.

If Greystar purchases the parcels, the company will own the entire block with the exception of 955 Bannock St., home to a small office building. Denver-based Alpine Investments has proposed building a larger office project at the site but has yet to break ground.

Greystar’s Denver development portfolio includes The Pullman Apartments at 1959 Wewatta St. and the under-construction apartment complex The Fitzgerald at 1840 Market St.

The Golden Triangle has seen plenty of large-scale multifamily redevelopment in recent years, and plenty more is on the way.

Charlotte-based Lennar Multifamily Communities is leading the way, having paid about $50 million for land over the past two-and-a-half years. The company’s most recent buy was last month.

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