The RTD lot at 3800 Wynkoop St. in Denver, as seen in 2020. (BusinessDen file)
An effort to build on a Regional Transportation District Park-n-Ride lot in RiNo has died.
Atlanta-based Portman Holdings retracted its proposal for 3800 Wynkoop St. in October, according to RTD documents.
A November document prepared for the transit agency’s board, which has not previously been reported, states that Portman pulled out “due to the unfavorable real estate finance market and their belief that it will be infeasible to finance the planned development in the current environment.”
Portman didn’t respond to requests for comment from BusinessDen.
The area around RTD’s 38th and Blake station has been a hot spot for development in recent years. The 4.48-acre parcel at 3800 Wynkoop St. is largely a parking lot, although some of it is undeveloped. It’s adjacent to the new BrewDog brewery, which opened last month.
Portman’s interest in developing the lot had spanned years. In spring 2019, Portman expressed interest in the site using RTD’s “Unsolicited Proposal Procedure,” which outlines how firms can pursue development on transit agency property. The company submitted development plans to the city the following year, proposing a 16-story office building and two seven-story residential buildings.
After determining Portman’s proposal had “legal, financial, and technical merit,” RTD issued a request for qualifications for developing the lot in summer 2022. The agency’s process requires it to consider alternative proposals when one firm expresses interest.
Two firms responded: Portman and Seattle-based Schnitzer West, which last year completed the nearby Current office building at 3615 Delgany St.
By late 2022, RTD’s board had picked Portman, and authorized RTD staff to enter into an “exclusive negotiation agreement” with the firm that could lead to a ground lease deal. But Portman retracted its proposal before signing that agreement, according to the agency.
RTD is not currently seeking an alternate firm to undertake redevelopment.
“Other developers may propose a new project at the site, or RTD may choose to issue a Request for Qualifications (RFQ) when the market is able to accommodate development on this high value parcel,” RTD spokeswoman Marta Sipeki said in an email.
Portman developed the Union Tower West office-and-hotel building at 1800 Wewatta St. near Union Station.
The RTD lot at 3800 Wynkoop St. in Denver, as seen in 2020. (BusinessDen file)
An effort to build on a Regional Transportation District Park-n-Ride lot in RiNo has died.
Atlanta-based Portman Holdings retracted its proposal for 3800 Wynkoop St. in October, according to RTD documents.
A November document prepared for the transit agency’s board, which has not previously been reported, states that Portman pulled out “due to the unfavorable real estate finance market and their belief that it will be infeasible to finance the planned development in the current environment.”
Portman didn’t respond to requests for comment from BusinessDen.
The area around RTD’s 38th and Blake station has been a hot spot for development in recent years. The 4.48-acre parcel at 3800 Wynkoop St. is largely a parking lot, although some of it is undeveloped. It’s adjacent to the new BrewDog brewery, which opened last month.
Portman’s interest in developing the lot had spanned years. In spring 2019, Portman expressed interest in the site using RTD’s “Unsolicited Proposal Procedure,” which outlines how firms can pursue development on transit agency property. The company submitted development plans to the city the following year, proposing a 16-story office building and two seven-story residential buildings.
After determining Portman’s proposal had “legal, financial, and technical merit,” RTD issued a request for qualifications for developing the lot in summer 2022. The agency’s process requires it to consider alternative proposals when one firm expresses interest.
Two firms responded: Portman and Seattle-based Schnitzer West, which last year completed the nearby Current office building at 3615 Delgany St.
By late 2022, RTD’s board had picked Portman, and authorized RTD staff to enter into an “exclusive negotiation agreement” with the firm that could lead to a ground lease deal. But Portman retracted its proposal before signing that agreement, according to the agency.
RTD is not currently seeking an alternate firm to undertake redevelopment.
“Other developers may propose a new project at the site, or RTD may choose to issue a Request for Qualifications (RFQ) when the market is able to accommodate development on this high value parcel,” RTD spokeswoman Marta Sipeki said in an email.
Portman developed the Union Tower West office-and-hotel building at 1800 Wewatta St. near Union Station.
