A brutalist office building along Lincoln Street that has been only sporadically used in recent years is poised for redevelopment.
Denver-based Gart Properties is under contract to sell the building at 1001 Lincoln St. to Chicago-based Laramar Group, both parties confirmed.
Laramar wants to demolish the structure and construct a 16-story apartment building with 207 units, according to a concept plan submitted to the city earlier this month. The project would have 209 parking spaces, some underground.
“We are very excited about the central location of this site,” Chris Winchester, senior vice president of development, said in an email.
Winchester said the company, which has an office in Denver and owns a number of apartment complexes in the area, hopes to break ground in the first quarter of 2023. KTGY is the architect listed on plans for the project.
The 1001 Lincoln St. parcel is 0.53 acres, and the existing office building is about 18,500 square feet, according to property records.
The Gart family purchased it for $787,500 in 1992, records show. At that time, there was still a Gart Bros. Sporting Goods store just behind the building in the Sports Castle building at 1000 Broadway. The chain was later purchased by Sports Authority, which shuttered in 2016.
Evan Gart, vice president of operations for Gart Properties, told BusinessDen the Lincoln Street building housed the headquarters of Gart Bros. for a time. It was also once known as The Cattlemen’s Building, and housed the offices for SullivanHayes.
Most recently, until five years or so ago, it was a parole office, he said.
“We’ve just been doing temporary leases in the meantime,” Gart said, mentioning John Hickenlooper’s Senate campaign office as one example.
Gart noted that his firm once owned the bulk of the block the building is on, including the Sports Castle building and several lots to the north.
“The thought was to sell one large assemblage to one developer,” he said. “But, ultimately, it got a little too complicated for some of these developers.”
So instead, the pending sale to Laramar is the final step of a three-part deal for Gart’s holdings on the block.
In mid-August, the company sold the land north of the Sports Castle in August for $11.5 million to Austin-based apartment developer Cypress Real Estate Advisors. And later that month, Gart sold the Sports Castle building itself and a parking lot across the street for $6.5 million combined to a partnership led by Tom McLagan, executive chairman of Denver-based Hyder Construction.
While the Sports Castle building is not a protected landmark, Evan Gart said developers interested in the site recognized that the building should stay, as the Gart family hoped it would. At the same time, the building being in the middle of the assemblage posed a challenge.
“That limited their ability to do something on that part of the block,” he said.
Gart’s other holdings include the Denver Pavilion mall downtown.