A developer that has proposed a condo project in Cherry Creek bought an additional parcel last week, bringing its total spent on land since late 2021 to $29 million.
Property Markets Group, which has offices in New York and Miami, paid $2.35 million for 162 Saint Paul St., according to public records. The 2,000-square-foot building on the lot has been home to a nail salon.
PMG paid $18.5 million in late 2021 for the corner lot north of the salon, as well as the corner lot across the alley facing Steele Street. The firm subsequently submitted development plans to the city for a five-story, 38-unit condo project on the site.
PMG then paid $8.25 million — a whopping $1,322 a square foot based on the land — in August for 165 Steele St. Then came last week’s deal with sellers Jacob Pak and Jina Pak, who paid just $700,000 for the 162 Saint Paul property in 2012.
The 165 Steele and 162 Saint Paul parcels were not referenced in PMG’s original development plans, meaning the company’s project will likely expand beyond the original scope.
PMG didn’t respond to a request for comment Wednesday.
The 162 Saint Paul parcel is 4,167 square feet, according to property records, meaning PMG paid about $563 a square foot for the land.
In aggregate, across all its purchases on the block since 2021, PMG has paid a combined $29.1 million for 0.81 acres. That works out to $822 a square foot.
PMG also purchased TV station Denver7’s real estate in 2021 for $35 million. The company plans an apartment complex there. Denver7, meanwhile, will relocate to 2323 Delgany St.