Rhys Duggan has a couple more blocks of riverfront property.
The CEO of Denver-based Revesco Properties, which plans to turn Elitch Gardens into a new neighborhood called The River Mile, is partnering with a RiNo landowner to redevelop 3 acres near the Pepsi facility.
Revesco and Bernard Hurley’s Menalto Development plan to build two structures — one of them with two towers — between Chestnut Place and the South Platte River, from 36th to 38th streets.
Plans call for an apartment tower, a hotel tower and a condo tower, likely each around 12 stories, as well as open space. The base of the buildings would incorporate retail space.
Hurley said the goal is to create “a Union Station-type asset.”
“When people come to Denver, there’s certain places they should go see,” he said by way of explanation, listing McGregor Square and the Dairy Block as other spots that might fall into that category.
Hurley owns about 6 acres of land in the area, as well as the Blue Moon brewery property he developed at 3750 Chestnut Place. He bought a building along Chestnut in 1998 for his environmental consulting business, he said, and then gradually added to it.
“Over the years, I would buy property as it would become available,” he said.
The plan is to redevelop the site into a project called “Hurley Place.” Hurley previously announced a partnership with Chicago-based development firm The John Buck Co. to build apartments and office space on the other portion of the site, between Chestnut and Delgany streets. But Hurley told BusinessDen Monday that’s “on hold” in part because of the difficulties of financing office development. The project with Revesco may break ground sooner.
Hurley said he and Duggan’s firm are “completely aligned philosophically” and share the same vision, which Hurley has had for years.
“I just needed a partner like Rhys who has the experience I don’t, in creating mixed-use development,” Hurley said.
Duggan, for his part, said he’s known Hurley for years and “there’s a mutual respect that developed over that time frame.” While most known for the 60-acre River Mile, which is still likely years from breaking ground, Revesco also has smaller projects such as a Sonder hotel in LoHi and multiple apartment projects with Denver-based Alpine Investments.
Duggan said Revesco built five townhomes years ago about a block from Hurley’s site, but this is the firm’s “first major foray” into the redevelopment hotspot of RiNo.
“I have missed the wave up to this point, but as you know we’ve been busy enough,” he said.
But Duggan still sees upside to jumping into the neighborhood’s development scene. He praised Schnitzer West’s recently completed Current building at 3615 Delgany as “one of the nicest office buildings in Denver,” and noted that plenty of additional change will come when the Pepsi property across the street is redeveloped.
“I think it’s coming of age,” Duggan said of RiNo.
Condos could make Hurley Place stand out. While RiNo has seen thousands of new apartments come online in recent years, few developers are building for-sale residential units across the city, and some that hoped to have ended up changing plans. Duggan said a desire to see condos is one way that he and Hurley are aligned.
“I think they’re vital to the supply of residential in the city … We need to find a way to do them,” he said.