The television station’s general manager identified Property Markets Group in a letter to the city and said it is planning a residential project for the site.
“We should be acting like partners, not adversaries,” he said of the firm that paid $55 million for his real estate holdings, making him its biggest local tenant.
The Washington-based developer submitted a plan in 2019 for an eight-story building with 365 units on the vacant lot at 2950 Arkins Court.
Sherman & Howard’s 60,000-square-foot lease at Block 162 is the largest signed downtown since late 2019.
The chain asked a judge in January to rule it can terminate its lease for the 16th Street Mall restaurant, which has been shuttered since last March.
“The testimony does suggest that this is a nuisance value settlement,” the judge said, meaning it was cheaper for the law firm than fighting a lawsuit in court.
Vendors were told in February that the 29.4-acre, multi-building property along 58th Avenue would be sold. But the buyer hasn’t previously been reported.
“They’re just two really beautiful buildings that need to be preserved, and I think repurposed in the most creative way to be a community asset,” said Paul Tamburello.
The other three onetime members of the crane company’s C-suite, including the ex-CEO, have filed counterclaims and deny wrongdoing.
The site is a parking lot at 1616-1630 N. Pearl St. in Uptown that was listed for $3.3 million and is currently under contract.