The sale of Denver7’s real estate has closed, two months after the Denver City Council rejected an effort to save part of the station’s building from the wrecking ball.
Developer Property Markets Group said Friday that it had paid $35 million to buy the irregularly shaped 2.3-acre block at 123 Speer Blvd. from the television station’s Cincinnati-based parent company E.W. Scripps Co.
That works out to $348 a square foot. Broker Jamie Roupp of JLL represented the seller.
PMG, which says it has headquarters in New York and Miami, said in a statement that it and Toronto-based Greybrook Realty Partners plan to build “Society Denver,” a 600-unit apartment complex that will also incorporate retail space. PMG’s Society projects, which have been built in other cities, incorporate units leased on a traditional basis, as well as those leased “by the bedroom,” a setup referred to as “co-living.”
PMG was previously involved with the development of X Denver, a large apartment complex in Union Station North that also features co-living. But it subsequently spun off that side of its business into The X Company, a separate Chicago-based firm.
BusinessDen broke the news last November that Denver7 was working to sell its real estate.
Earlier this year, three Denver residents asked the city to designate the building at the corner of Speer Boulevard and Lincoln Street — specifically its five-story octagonal portion — as a landmark, a status that would have effectively prevented demolition. Denver7 and PMG opposed the effort, and in May the council voted unanimously to reject the landmark application.
Denver7 is leasing back the property for now, but plans to relocate elsewhere in the city — “as close to downtown as possible,” according to station General Manager Dean Littleton.
“We have the time we need,” Littleton said of the arrangement.
Denver7, also known as KMGH and The Denver Channel, has been at 123 Speer Blvd. since 1969.