Rhys Duggan and Churchill Bunn are teaming up.
Revesco Properties and Alpine Investments — the Denver-based firms the two men lead — are partnering to develop four mixed-use infill apartment projects in Denver, the parties confirmed to BusinessDen last week. Total development cost is forecast to be about $135 million.
“We have an aligned vision on the quality we want to deliver our residents in these premium Denver locations, and there are efficiencies that exist for both capitalizing and management of the projects by treating them as a portfolio,” Bunn said in an email.
One of the projects will be at 955 Bannock St. in the Golden Triangle, where Alpine Investments initially proposed a 10-story office building, but pivoted to planning apartments once the coronavirus pandemic set in.
Alpine already owned the 0.36-acre lot, but sold it to the partnership for $4.75 million in late July, according to public records.
The partnership expects to close on the remaining three development sites by the end of the year.
One will be the southeast corner of 46th Avenue and Tennyson Street in Berkeley, where Alpine has already submitted plans to the city for a three-story apartment complex that would replace multiple small structures, including one used by the bar Local 46.
Another will be 2009 Chestnut Place, an undeveloped lot at the entrance to the Union Station North neighborhood, Bunn confirmed. In 2019, the development arm of Mortenson wanted to build an eight-story hotel at the site. But the company canceled those plans after city leaders declined to vacate adjacent right of way space, a portion of which Mortenson had been planning to build on.
Bunn didn’t identify the fourth site that his firm and Revesco plan to develop.
He said the companies expect to focus on building smaller units with a higher level of finish than competitors at equivalent rental rates.
“We believe there is significant renter demand for thoughtfully-designed boutique buildings where renters are less focused on lavish building amenities, and instead desire higher construction quality in safe, walkable locations, proximate to daily conveniences,” he said.
The projects will likely break ground in 2022 after an institutional equity partner has been selected, the companies said.
Alpine Investments is currently building a six-story apartment building at 3870 Tennyson Street, and the firm previously developed a condo building at the edge of LoHi.
Revesco, meanwhile, is best known as the company planning to eventually move the Elitch Gardens amusement park and essentially build an entire new neighborhood called the River Mile. The firm also developed the Denver building where art collective Meow Wolf will start operating next month.