Doug McKinnon has unloaded one of his Cherry Creek gateway corners.
The owner of real estate firm McKinnon & Associates last week sold 101 S. Colorado Blvd., the parcel on the southwest corner of Colorado and Bayaud Avenue, for $1.4 million, records show.
The corner lot is one of four on the outskirts of Cherry Creek — all marketed as a redevelopment opportunity — that a McKinnon-led group purchased in 2019 for $5.5 million. The other lots are the northwest corner of Colorado and Bayaud, and the southwest and northwest corners of Colorado and 1st Avenue.
McKinnon got the sites rezoned in 2020 after striking an unusually detailed “good neighbor agreement” with surrounding residents.
For 101 S. Colorado Blvd., for instance, the agreement specifies that the owner can construct a maximum of 32,500 square feet, with no more than 32 residential units, with a minimum unit size of 900 square feet. The building can only be four stories, although it can be the height of a five-story building.
The four sites are all undeveloped, with the exception of the one that just sold last week. It has a four-unit residential building on it.
The property was purchased by 101-115 South Colorado Blvd LLC, managed by Gary Robitz, records show. Robitz also owns the residential building to the south.
McKinnon told BusinessDen he doesn’t believe the buyer has any immediate plans to redevelop the site.
McKinnon also said he doesn’t have any imminent plans to redevelop his remaining three parcels himself. Signage at the sites points interested parties to a custom website with renderings of what could conceivably be built.
“We have had inquiries from parties as to both office and residential,” McKinnon said, adding that urban infill sites like his will “make more and more sense” as Denver continues to grow.