New York-based Property Markets Group is the company that hopes to purchase Denver7’s real estate and demolish its existing facility.
Dean Littleton, vice president and general manager of the television station — an ABC affiliate also known as KMGH and The Denver Channel — disclosed the potential buyer in a letter to the city earlier this week.
“In our view, PMG brings the vision, sensitivity to design, and community orientation that a property such as ours deserves,” Littleton wrote.
Complicating the possible sale is the fact that three Denver residents in February asked the city to designate Denver7’s building at 123 Speer Blvd. a landmark. That designation would effectively prevent demolition.
Brad Cameron and Michael Henry, two of the three residents, have said they mostly want to see Denver7’s five-story Brutalist-style octagonal office tower preserved. It sits right at the corner of Speer Boulevard and Lincoln Street.
The station opposes the designation. Littleton previously told BusinessDen that the layout of Denver7’s currently facility has posed challenges for the news organization. The station, owned by E.W. Scripps Co., wants to maximize what it’s paid for the property so it can reinvest the funds in a larger, more modern facility elsewhere.
Property Markets Group wants to do a residential project at the site, Littleton said.
The company was previously involved with the development of X Denver, a large apartment complex in Union Station North. But it subsequently spun off that side of its business into The X Company, a separate Chicago-based firm, according to X Company CEO Noah Gottlieb.
The landmark designation application is set to be considered by Denver’s Landmark Preservation Commission in early April. That commission can either conclude the structure isn’t worthy of the designation or forward the application to the Denver City Council, which would have the final say on the matter.
Other owner-opposed landmark fights in recent years have revolved around Tom’s Diner at 601 E. Colfax Ave., the Olinger Moore Howard Chapel in Berkeley and the Carmen Court condo complex at 900 E. 1st Ave. All, however, reached a resolution before a final council vote.