The half-acre 2000 Welton Street parcel, seen here in 2020, is currently a parking lot. (BusinessDen file)
A developer with two struggling Denver apartment complexes has sold the proposed site of a third for a huge loss.
Chicago-based The X Company sold the half-acre parking lot at 2000 Welton St. in Five Points last week for $3.25 million, records show.
That’s about half of the $6.8 million the firm paid for the lot in February 2022. It was listed for $4.5 million in January.
The X Co. did not respond to requests for comment.
The buyer in the deal was an LLC associated with Denver-based DaVita, the dialysis services provider headquartered near Union Station. The firm did not respond to a request for comment.
Public records also show that the DaVita affiliate signed an agreement with Continuum Partners, the Denver-based development firm behind projects such as LoDo’s Market Station and Union Station in Denver.
That agreement states that Continuum has an option to buy the property for an agreed-upon price at any time within the first two years, and would have to approve a sale to any other buyer. Continuum would then have a right of first refusal on any sale in year three.
Continuum did not respond to requests for comment.
The property was sold by XSC Denver 4.0 Investment LLC. The business was incorporated in 2022 with The X Co.’s Chicago address. But last week’s sales documents were signed by Joshua Green, founder of New York-based Raven Capital Management, an investment firm that provided money for the initial X Denver development. Raven Capital Management did not respond to a request for comment.
The X Co. proposed a 23-story, 344-unit apartment tower with 344 units at 2000 Welton St., according to the most recent development plans submitted to the city in 2022.
It would have been the third X Denver complex in the city, joining completed ones at 3100 Inca St. in Union Station North and 2100 Arapahoe St. in Arapahoe Square.
The sale comes amidst financial and legal struggles for The X Company. X Denver 1 abruptly closed its “club” late last year. That space is listed for lease. And X Denver 2 in Arapahoe Square, which opened last year, has racked up tens of millions in liens against the building, some of which had ended up in court.
Elsewhere, The X Co. has paused construction on its apartment complexes in Phoenix, Houston and Tampa. Local media there reports that some of these projects have racked up liens as well.
The half-acre 2000 Welton Street parcel, seen here in 2020, is currently a parking lot. (BusinessDen file)
A developer with two struggling Denver apartment complexes has sold the proposed site of a third for a huge loss.
Chicago-based The X Company sold the half-acre parking lot at 2000 Welton St. in Five Points last week for $3.25 million, records show.
That’s about half of the $6.8 million the firm paid for the lot in February 2022. It was listed for $4.5 million in January.
The X Co. did not respond to requests for comment.
The buyer in the deal was an LLC associated with Denver-based DaVita, the dialysis services provider headquartered near Union Station. The firm did not respond to a request for comment.
Public records also show that the DaVita affiliate signed an agreement with Continuum Partners, the Denver-based development firm behind projects such as LoDo’s Market Station and Union Station in Denver.
That agreement states that Continuum has an option to buy the property for an agreed-upon price at any time within the first two years, and would have to approve a sale to any other buyer. Continuum would then have a right of first refusal on any sale in year three.
Continuum did not respond to requests for comment.
The property was sold by XSC Denver 4.0 Investment LLC. The business was incorporated in 2022 with The X Co.’s Chicago address. But last week’s sales documents were signed by Joshua Green, founder of New York-based Raven Capital Management, an investment firm that provided money for the initial X Denver development. Raven Capital Management did not respond to a request for comment.
The X Co. proposed a 23-story, 344-unit apartment tower with 344 units at 2000 Welton St., according to the most recent development plans submitted to the city in 2022.
It would have been the third X Denver complex in the city, joining completed ones at 3100 Inca St. in Union Station North and 2100 Arapahoe St. in Arapahoe Square.
The sale comes amidst financial and legal struggles for The X Company. X Denver 1 abruptly closed its “club” late last year. That space is listed for lease. And X Denver 2 in Arapahoe Square, which opened last year, has racked up tens of millions in liens against the building, some of which had ended up in court.
Elsewhere, The X Co. has paused construction on its apartment complexes in Phoenix, Houston and Tampa. Local media there reports that some of these projects have racked up liens as well.
