Westfield has a bit more to work with in Governor’s Park.
The Denver-based development firm, which has owned a parking lot in the 700 block of Logan Street since 2017, bought the parcel south of it last week.
725 Logan Apartments SPE LLC, which lists its address as Westfield’s RiNo office, paid $3.3 million for the 725 Logan St. parcel, according to public records.
The 9,375-square-foot lot has a three-story apartment building on it. The property was sold by 725 Logan Street LLC, which paid $2.53 million for it in 2016, records show. Seth Halpern signed paperwork on behalf of the seller.
Westfield paid $4.8 million in June 2017 for 765 Logan St., the 0.5-acre parking lot to the north. The company’s website refers to the property as a “redevelopment opportunity” and includes a rendering of a possible structure.
Westfield didn’t respond to a request for comment on the latest buy. But the 725 Logan St. parcel will likely be incorporated into eventual redevelopment of the parking lot. In fact, Westfield submitted a site development plan to the city last year for both lots.
The plans, which records show need to be resubmitted to move forward, proposed a nine-story structure with 98 residential units and 120 parking spots. The bulk of the parking would be underground.
Westfield paid $352 a square foot for the 725 Logan lot, based on the land.
Governor’s Park, a subsection of the Cap Hill neighborhood, is a hotspot for multifamily development. Atlanta-based Gables Residential and Virginia-based AvalonBay are currently building projects, and Property Markets Group plans to redevelop the Denver7 block once the television station moves to RiNo.
Westfield’s other local projects include RiNo’s North Wynkoop project and the redevelopment of the former Denver Mart site in Adams County.