An aerial shot of the site, located on the edge of Five Points. (Courtesy
NAI Shames Makovsky)
A Kansas real estate firm wants to carve new homes out of a triangle lot in Five Points.
Cohen-Esrey submitted plans to the city earlier this month for an income-restricted apartment building with at least 50 units on a roughly 0.75-acre parcel at 2205 N. Washington St. The building would replace an existing dog park.
The property is owned by Mainspring Co., the local development firm founded by Fiona Arnold. CEO Andy Schlauch told BusinessDen Friday that Cohen-Esrey is under contract for the site.
Mainspring bought the site from the Denver Housing Authority in 2018 for $2.2 million but ultimately decided it was “too big for us,” Schlauch said last year.
Cohen-Esrey declined to comment, but public records show it’s still trying to nail down a final unit count for the project. Two options submitted to the city show plans for a 50-unit, four-story building or an alternative 66-unit, five-story structure. Cohen-Esrey also applied for over $2.3 million in federal and state tax credits to finance the construction. That application called for 65 units.
Either building would have an additional 4,000-square-foot space for a nonprofit service provider.
Cohen-Esrey has been around since 1970, but started developing income-restricted apartments in the 1990s, its website says. It has since been involved with 91 projects totaling nearly 8,000 units. Most of its projects are scattered across the center of the country, from Texas to Wisconsin. The company has completed or is currently developing five projects across Colorado.
Mainspring listed the Five Points site for sale last February for nearly $4 million. When it bought the land from the DHA, the deal stipulated that any building constructed on the site include at least 10 condos sold at 80 percent of the area median income. Cohen-Esrey’s plans, however, do not specifically mention any for-sale units.
NAI Shames Makovsky brokers Dorit Fischer and Hayden Hirschfeld marketed both properties.
Mainspring is most well known for its mixed-use Backyard on Blake project in RiNo, and The Sudler, a renovated office building in Uptown. It listed another building for sale at 3201 Curtis St. at the same time as the Washington Street property. That building, a former fire station, has since been leased and is no longer for sale, Schlauch said.
NAI Shames Makovsky brokers Dorit Fischer and Hayden Hirschfeld marketed both properties.
For now, Mainspring — which also has restaurant holdings — is sitting on the sidelines until the market improves.
“We’re just kind of in operating mode more than we’re in developer mode right now … I think there’s a lot of headwinds, it still feels like,” Schlauch said.
An aerial shot of the site, located on the edge of Five Points. (Courtesy
NAI Shames Makovsky)
A Kansas real estate firm wants to carve new homes out of a triangle lot in Five Points.
Cohen-Esrey submitted plans to the city earlier this month for an income-restricted apartment building with at least 50 units on a roughly 0.75-acre parcel at 2205 N. Washington St. The building would replace an existing dog park.
The property is owned by Mainspring Co., the local development firm founded by Fiona Arnold. CEO Andy Schlauch told BusinessDen Friday that Cohen-Esrey is under contract for the site.
Mainspring bought the site from the Denver Housing Authority in 2018 for $2.2 million but ultimately decided it was “too big for us,” Schlauch said last year.
Cohen-Esrey declined to comment, but public records show it’s still trying to nail down a final unit count for the project. Two options submitted to the city show plans for a 50-unit, four-story building or an alternative 66-unit, five-story structure. Cohen-Esrey also applied for over $2.3 million in federal and state tax credits to finance the construction. That application called for 65 units.
Either building would have an additional 4,000-square-foot space for a nonprofit service provider.
Cohen-Esrey has been around since 1970, but started developing income-restricted apartments in the 1990s, its website says. It has since been involved with 91 projects totaling nearly 8,000 units. Most of its projects are scattered across the center of the country, from Texas to Wisconsin. The company has completed or is currently developing five projects across Colorado.
Mainspring listed the Five Points site for sale last February for nearly $4 million. When it bought the land from the DHA, the deal stipulated that any building constructed on the site include at least 10 condos sold at 80 percent of the area median income. Cohen-Esrey’s plans, however, do not specifically mention any for-sale units.
NAI Shames Makovsky brokers Dorit Fischer and Hayden Hirschfeld marketed both properties.
Mainspring is most well known for its mixed-use Backyard on Blake project in RiNo, and The Sudler, a renovated office building in Uptown. It listed another building for sale at 3201 Curtis St. at the same time as the Washington Street property. That building, a former fire station, has since been leased and is no longer for sale, Schlauch said.
NAI Shames Makovsky brokers Dorit Fischer and Hayden Hirschfeld marketed both properties.
For now, Mainspring — which also has restaurant holdings — is sitting on the sidelines until the market improves.
“We’re just kind of in operating mode more than we’re in developer mode right now … I think there’s a lot of headwinds, it still feels like,” Schlauch said.
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