The seller had submitted plans to the city for a 17-story apartment tower on the lot. (BusinessDen file)
The Denver Art Museum Foundation is expanding its real estate canvas in the Golden Triangle with a $7 million buy.
The foundation, which is responsible for overseeing the museum’s endowment, purchased a 1-acre parking lot at 1120 Acoma St. for $156 per square foot last week.Â
Andy Sinclair, a spokeswoman for the foundation, said it bought the property as a long-term investment and will continue to operate it as a parking lot.
“The endowment is vital for supporting DAM’s operations, exhibitions, programs and collections,” Sinclair said in a written statement. “These funds contribute approximately 25 percent of the museum’s annual revenue, providing a predictable and essential source of income that allows DAM to plan long-term and maintain its facilities for future generations.”Â
Quarterra Multifamily, a subsidiary of publicly traded homebuilder Lennar, was the seller in the deal. In 2020, it purchased the property in a $22 million deal that included another parking lot at 11th and Bannock.
Public records show the company had planned to build a 17-story apartment complex with a grocery store. In August 2023, it had sent a letter to the city in which a company executive said the developer was still committed to the project.
A Quarterra executive declined to comment.
The foundation, meanwhile, had made its second Golden Triangle purchase in the past year and a half. It bought an office building at 1321 N. Bannock St. and the parking lot next door at 1331 Bannock St. in November 2023.
“The Foundation is seeking a long-term tenant to lease 1321 N. Bannock and currently has no plans to acquire additional real estate,” Sinclair said.
Correction: A previous version of this story incorrectly described what Quarterra paid for the property in 2020. The $22 million deal that year included two parking lots.
The seller had submitted plans to the city for a 17-story apartment tower on the lot. (BusinessDen file)
The Denver Art Museum Foundation is expanding its real estate canvas in the Golden Triangle with a $7 million buy.
The foundation, which is responsible for overseeing the museum’s endowment, purchased a 1-acre parking lot at 1120 Acoma St. for $156 per square foot last week.Â
Andy Sinclair, a spokeswoman for the foundation, said it bought the property as a long-term investment and will continue to operate it as a parking lot.
“The endowment is vital for supporting DAM’s operations, exhibitions, programs and collections,” Sinclair said in a written statement. “These funds contribute approximately 25 percent of the museum’s annual revenue, providing a predictable and essential source of income that allows DAM to plan long-term and maintain its facilities for future generations.”Â
Quarterra Multifamily, a subsidiary of publicly traded homebuilder Lennar, was the seller in the deal. In 2020, it purchased the property in a $22 million deal that included another parking lot at 11th and Bannock.
Public records show the company had planned to build a 17-story apartment complex with a grocery store. In August 2023, it had sent a letter to the city in which a company executive said the developer was still committed to the project.
A Quarterra executive declined to comment.
The foundation, meanwhile, had made its second Golden Triangle purchase in the past year and a half. It bought an office building at 1321 N. Bannock St. and the parking lot next door at 1331 Bannock St. in November 2023.
“The Foundation is seeking a long-term tenant to lease 1321 N. Bannock and currently has no plans to acquire additional real estate,” Sinclair said.
Correction: A previous version of this story incorrectly described what Quarterra paid for the property in 2020. The $22 million deal that year included two parking lots.
