The building at 1229 S. Broadway was renovated by Revesco shortly after buying it. (Matt Geiger/BusinessDen)
Rhys Duggan is breaking up with the building he bought on Valentine’s Day seven years ago.
The CEO of Denver-based Revesco Properties sold the 15,000-square-foot property at 1229 S. Broadway on Monday for $4.3 million, according to public records.
That’s about $289 a square foot, and a 209 percent increase from the $1.4 million Revesco paid for the building in 2017.
“We totally renovated it — took it down to the studs and built it back up again,” Duggan said.
The building is fully leased. There’s a commissary kitchen in its walk-out basement, with photography studio Soona and restaurant Joy Hill on the ground floor.
The property was bought by 1229 Broadway LLC, which Joy Hill restaurant owner Julia Duncan-Roitman told BusinessDen is made up of her and a group of investors. She declined to comment further.
Joy Hill, a spot for drinks and pizza, has been in the space since 2020.
The building was vacant when Revesco bought it in 2017. An antique store had recently left.
“That stretch of South Broadway was home to a lot of antique stores, and a lot of them have met the fate that ours has … a change of use to a more modern form of retail, food and beverage,” he said.
Revesco had a smaller profile when it bought the Broadway building. A year later, the firm announced plans to turn the site of amusement park Elitch Gardens into a new neighborhood called the River Mile.
Revesco has been laying the groundwork for that project since. Additionally, in partnership with fellow local firm Alpine Investments, the company is building apartments in hot neighborhoods — Berkeley, Golden Triangle, Bonnie Brae and Union Station North — under the “Akin” brand. Most of these projects will incorporate retail into the developments.
“We still love the urban core, but instead of acquiring urban retail we usually build it as part of our mixed-use apartments,” Duggan said.
Duggan said Akin projects along Tennyson Street in Berkeley and along Bannock Street in the Golden Triangle will be completed early next year. The other two Akin projects will break ground in 2025.
Revesco is still interested in buying retail. Three years ago, the firm launched Revesco Properties Trust, which emphasizes acquiring large retail properties.
“We’re growing and it’s an evolution,” Duggan said. “We’re definitely not the scale of some of the large national REITs that have much deeper pockets than we do.”
The building at 1229 S. Broadway was renovated by Revesco shortly after buying it. (Matt Geiger/BusinessDen)
Rhys Duggan is breaking up with the building he bought on Valentine’s Day seven years ago.
The CEO of Denver-based Revesco Properties sold the 15,000-square-foot property at 1229 S. Broadway on Monday for $4.3 million, according to public records.
That’s about $289 a square foot, and a 209 percent increase from the $1.4 million Revesco paid for the building in 2017.
“We totally renovated it — took it down to the studs and built it back up again,” Duggan said.
The building is fully leased. There’s a commissary kitchen in its walk-out basement, with photography studio Soona and restaurant Joy Hill on the ground floor.
The property was bought by 1229 Broadway LLC, which Joy Hill restaurant owner Julia Duncan-Roitman told BusinessDen is made up of her and a group of investors. She declined to comment further.
Joy Hill, a spot for drinks and pizza, has been in the space since 2020.
The building was vacant when Revesco bought it in 2017. An antique store had recently left.
“That stretch of South Broadway was home to a lot of antique stores, and a lot of them have met the fate that ours has … a change of use to a more modern form of retail, food and beverage,” he said.
Revesco had a smaller profile when it bought the Broadway building. A year later, the firm announced plans to turn the site of amusement park Elitch Gardens into a new neighborhood called the River Mile.
Revesco has been laying the groundwork for that project since. Additionally, in partnership with fellow local firm Alpine Investments, the company is building apartments in hot neighborhoods — Berkeley, Golden Triangle, Bonnie Brae and Union Station North — under the “Akin” brand. Most of these projects will incorporate retail into the developments.
“We still love the urban core, but instead of acquiring urban retail we usually build it as part of our mixed-use apartments,” Duggan said.
Duggan said Akin projects along Tennyson Street in Berkeley and along Bannock Street in the Golden Triangle will be completed early next year. The other two Akin projects will break ground in 2025.
Revesco is still interested in buying retail. Three years ago, the firm launched Revesco Properties Trust, which emphasizes acquiring large retail properties.
“We’re growing and it’s an evolution,” Duggan said. “We’re definitely not the scale of some of the large national REITs that have much deeper pockets than we do.”
