A developer planning apartments has paid $5 million for a site on the Brighton Boulevard side of RiNo, and said he has two other sites under contract in the neighborhood.
Denver-based Elevate Cos., led by Bradley Eide, paid $5 million this month for 3650, 3660 and 3702 Delgany St., according to public records.
The combined site is 0.43 acres, making the deal worth about $266 a square foot. The parcels — two homes and a gravel parking lot — were sold by separate sellers. Adam Waggoner of Generator Real Estate represented the seller.
Eide, who moved from New York to the Denver area in 2020, told BusinessDen he started as a value-add developer in Brooklyn and Manhattan before moving to ground-up development, with one completed project being a 183-unit apartment complex in Stamford, Connecticut.
He said his firm now has $500 million worth of projects in the pipeline in Colorado, Arizona and Washington.
At the site he just bought in RiNo, Eide plans to build a 13-story, 189-unit apartment building dubbed “The Hudson” at the site, according to a site-development plan submitted to the city this spring. The project, a short walk from RTD’s 38th and Blake rail station, would incorporate 27 parking spaces. Oz Architecture drew up the plans.
The site is down the street from Schnitzer West’s new 12-story office building The Current.
Eide said RiNo “reminds me a lot of Williamsburg in Brooklyn,” although he noted he’s far from the first developer to pick up on the area’s potential.
Eide is more of a trendsetter, however, in Lincoln Park, where in April Elevate paid $5.5 million for a 1.45-acre site in a largely industrial area. The company also plans to build apartments there — a six-story, 233-unit project, according to plans on file. Davis Partnership Architects drew up that project.
“We think it’s one of the last frontiers in the city,” Eide said of the area.
He expects to begin construction at both sites by the first quarter of next year. Sterling Rhino Capital is an equity investor in the projects.
Eide said he’s also doing a smaller project in Lakewood, and has two additional sites under contract in RiNo, where he’s considering hotel or residential projects. He declined to disclose the addresses.
“It’s all of similar scale, so it would be 200+ units in size,” he said.