An Austin-based multifamily firm has purchased a site in Denargo Market, while appearing to have potentially lost interest in redeveloping a property it already owns in Baker.
Cypress Real Estate Advisors, acting as DM6 Land LLC, purchased the 1.49-acre lot at 3225 Denargo St. on Oct. 1 for $10 million, according to public records. That works out to $155 a square foot.
The Denver City Council rezoned the lot — currently home to an industrial building used by Mrs. Condie’s Salad Co. — for up to 16 stories in December in a 9-4 vote.
At the time, Cypress said it planned to build a 16-story, 326-unit apartment complex, with 15 percent of the units restricted to those making up to 80 percent of the area median income.
The rezoning vote came seven months after the council narrowly rejected Cypress’ similar request for an adjacent lot, saying the planned project didn’t incorporate enough income-restricted units. Such rejections are rare.
The 3225 Denargo lot was sold by Big Hat Land Company and Mrs. Condie’s President Gary Cucarola. The parties paid $1.3 million for the property in 2008, records show.
Cypress has built numerous apartment complexes in Denver, and recently purchased land north of the Sports Castle building on Broadway for a planned project.
But one of the company’s planned projects locally may not be moving forward.
In May, Cypress paid $26.1 million for 301 S. Cherokee St., a 5.18-acre property that houses a facility in the process of being closed by Upsher-Smith Laboratories.
Although Cypress had already submitted development plans for the site, last month the city received a new set, from a new firm. Houston-based Hanover Co. submitted concept plans proposing one seven-story and one 12-story building on the site, with a total of 758 units.
The documents bear Hanover’s logo, and make no mention of Cypress.
Cypress and Hanover did not respond to separate requests for comment. Companies often submit development proposals when they are under contract to purchase a property.
Hanover has also proposed apartment complexes in the Overland neighborhood and along Brighton Boulevard in RiNo.