The development site for the project formerly known as World Trade Center Denver, as seen on Monday, June 14, 2022. (BusinessDen file)
The firms planning an office building by RiNo’s 38th and Blake station now intend to instead unload the property.
Chicago-based Golub & Company and Denver-based Formativ are looking to sell 3800 Blake St. and 3875 Walnut St., where the companies and lender Goldman Sachs wanted to build a project originally branded World Trade Center Denver, according to multiple sources.
The companies have been told to expect less than the $275 a square foot they paid to finish assembling the site in 2019, sources said. The two parcels add up to 1.6 acres.
Executives at Golub and Formativ didn’t respond to multiple calls and emails last week.
A sale would bring an anticlimactic end to a planned development that has been publicly discussed since at least early 2016. It’s unclear if a buyer would build office at the site.
The project was previously referred to as World Trade Center Denver because the trade association of that name planned to lease a portion of the office space. The project was to include two buildings: the 350,000-square-foot office structure developed by Formativ and Golub at 3800 Blake St. and an adjacent 240,000-square-foot hotel developed by Formativ and Memphis-based Kemmons Wilson Cos. at 3850 Blake St.
A rendering of the World Trade Center Denver office building released in 2019. (Courtesy Formativ/Golub)
The firms bought the land in June 2019, and said at the time they expected to break ground by the end of that year.
That date came and went. Then the coronavirus pandemic arrived, pushing back the planned groundbreakings of multiple RiNo office buildings. But all the other ones have since broken ground; five office buildings are currently under construction.
In March 2021, the World Trade Center association announced that it was pulling out of the project, and would instead relocate to Globeville. In June 2022, amended plans for the 3850 Blake lot were submitted to the city, indicating the planned hotel would instead be an apartment building. That structure has also not broken ground.
Golub also co-owns the former Greyhound station block in downtown Denver.
The development site for the project formerly known as World Trade Center Denver, as seen on Monday, June 14, 2022. (BusinessDen file)
The firms planning an office building by RiNo’s 38th and Blake station now intend to instead unload the property.
Chicago-based Golub & Company and Denver-based Formativ are looking to sell 3800 Blake St. and 3875 Walnut St., where the companies and lender Goldman Sachs wanted to build a project originally branded World Trade Center Denver, according to multiple sources.
The companies have been told to expect less than the $275 a square foot they paid to finish assembling the site in 2019, sources said. The two parcels add up to 1.6 acres.
Executives at Golub and Formativ didn’t respond to multiple calls and emails last week.
A sale would bring an anticlimactic end to a planned development that has been publicly discussed since at least early 2016. It’s unclear if a buyer would build office at the site.
The project was previously referred to as World Trade Center Denver because the trade association of that name planned to lease a portion of the office space. The project was to include two buildings: the 350,000-square-foot office structure developed by Formativ and Golub at 3800 Blake St. and an adjacent 240,000-square-foot hotel developed by Formativ and Memphis-based Kemmons Wilson Cos. at 3850 Blake St.
A rendering of the World Trade Center Denver office building released in 2019. (Courtesy Formativ/Golub)
The firms bought the land in June 2019, and said at the time they expected to break ground by the end of that year.
That date came and went. Then the coronavirus pandemic arrived, pushing back the planned groundbreakings of multiple RiNo office buildings. But all the other ones have since broken ground; five office buildings are currently under construction.
In March 2021, the World Trade Center association announced that it was pulling out of the project, and would instead relocate to Globeville. In June 2022, amended plans for the 3850 Blake lot were submitted to the city, indicating the planned hotel would instead be an apartment building. That structure has also not broken ground.
Golub also co-owns the former Greyhound station block in downtown Denver.
