A pair of firms building a large apartment complex next to the Mission Ballroom concert venue in RiNo have bought land to do it again.
Houston-based Hines and Chicago-based Cresset Partners paid $26 million last week to buy land within Denver-based Westfield Co.’s master-planned North Wynkoop project, according to public records.
Hines and Cresset said in a joint news release that the deal was for 2.35 acres of vacant land adjacent to the concert venue and a block away from Mica RiNo, the 11-story, 397-unit apartment building that the pair broke ground on in late 2020. That project, formerly billed as Residences at RiNo, is expected to be completed by the end of the year.
Hines and Cresset said they plan to build a similar project, this one 10 stories and 392 units, on the newly purchased land. The building will be designed by architecture firm Arquitectonica and incorporate 32,000 square feet of retail space, according to the companies.
In a statement, local Hines executive Chris Crawford said RiNo is “experiencing a transformation into an exciting live-work-play destination.”
“Hines and Cresset have a demonstrated longstanding partnership and we look forward to delivering another best-in-class multifamily product to this market in partnership with Westfield as a co-developer alongside Hines,” Crawford said.
An executive with Westfield, which sold the property, didn’t respond to a request for comment Wednesday. The sale price works out to about $254 a square foot.
Also in the works near Mission Ballroom is a 7,500-square-foot taproom and restaurant from Longmont’s Left Hand Brewing; the company’s website says it should open this summer. And Denver-based record company Vinyl Me, Please said in April it will build a 14,000-square-foot record pressing plant to meet soaring demand in the vinyl industry, according to the Denver Post.
Hines is a wide-ranging development firm. The company completed the 40-story office tower at 1144 15th St. in 2018, and is currently constructing its six-story “T3” office building at 3500 Blake St. in RiNo, on the other side of the tracks from the North Wynkoop project. The company also plans to build a senior living facility on the site of the Carmen Court condo complex off Speer Boulevard, which was the subject of a landmark fight in 2020.