A Chicago-based developer wants to build apartments near the corner of Colfax Avenue and Colorado Boulevard, where a motel has been sitting unused for nearly a decade.
Laramar Group submitted plans to the city earlier this month proposing a six-story, 161-unit building at 1565 N. Colorado Blvd.
The plans call for 50 studios, 75 one bedrooms and 36 two-bedroom units. The average size would be 746 square feet. There would be 165 total parking spaces on the first two levels.
A Laramar Group executive didn’t respond to a request for comment Tuesday.
The yellow-and-turquoise Royal Palace Motel building is five stories, and sits on a 1.07-acre lot, records show. The motel opened in 1969 “at the end of the golden era of motels along Colfax,” according to a report produced by city staff last year. The ensuing decline was due in part to the fact that Interstate 70 was completed in the 1960s.
The motel closed in 2013, and has been fenced off for years. Its old-school signage, which includes a crown topped with a disco ball, remains.
The property is owned by Jeff Oberg of REA Development Corp., who paid $850,000 for the property in 2004, records show. He successfully applied last year for a certificate of demolition eligibility, which paves the way for demolition of the property.
As of March, Laramar was under contract to purchase 1001 Lincoln St. from Denver-based Gart Properties. Laramar has proposed a 16-story apartment building at that site.