Plans are in the works to develop a former warehouse in Denver’s Baker neighborhood into a five-story apartment complex with 435 units.
Denver-based Westside Investment Partners announced Monday that it had sold the 5.15-acre site at 50 S. Kalamath St. to Houston, Texas-based Camden Property Trust. The land sold for $23.5 million, or about $105 a square foot, according to Andy Klein, the founder and principal at Westside.
Within the complex, there are also plans to put in about 4,500 square feet of retail space and, according to city documents, 700 garage parking spaces.
The warehouse had been vacant for more than five years. Sports Authority used it for storage for decades before it liquidated in 2016. As BusinessDen previously reported, the nearly 215,000-square-foot warehouse was in the process of being demolished in September.
Camden stated it plans to make 26 of the apartment units income-restricted, which would be two- and three-bedroom units. Westside still owns 1.5 acres on the other side of Kalamath Street, and Klein said the company plans to build more income-restricted units there.
Westside purchased the former warehouse land and the adjacent 1.5 acres in 2019 for $16.1 million. It is located a half mile north of the RTD’s Alameda Light Rail Station.
Westside is involved with the development of the Loretto Heights campus — most recently selling 25 acres of that land for $14 million for homes to be built — and it is involved with other projects on the campus.
Westside is also in the middle of trying to develop the 155-acre site of the former Park Hill Golf Club, which has been contentious among local groups who want to keep it as open space and those who want to see the area developed.