One idea is to allow a developer additional height at the site up to 16 stories in exchange for the preservation of the five-story octagonal tower.
First Batch Hospitality, which has wineries in Brooklyn and Washington D.C., was going to open in Formativ’s Lot Twenty Eight building but backed out.
The CEO of Denver-based BMC Investments has developed hotels in Cherry Creek before. But not one like this.
In recent years, the two-story, 10,600-square-foot structure on Blake Street has been home to Debt Advisors and National Teleprinting.
Despite the 57 percent price drop to $41.5 million, it was the priciest local hotel sale since the pandemic began.
A seven-story, 359-unit complex is planned for the 5.18-acre lot. Upsher-Smith Laboratories is laying off its 174 local employees.
“The truth is that the debtor is a profitable company that will likely recover quickly from the pandemic,” argued a family who filed a wrongful death suit.
The sellers, Denver-based Brue Baukol Capital Partners and LCP Development, bought the 3.9 acre property in 2016 for $12.7 million.
“With this application, we feel trapped,” said the station’s GM, who wants to sell the property to a developer and relocate to a bigger facility.
Tributary Real Estate partner Bill Parkhill described the buy on Monday as “the final land purchase in the Giambrocco master plan.”