Trammell Crow, which bought the property last week for $3.46 million or $87 a square foot, is co-developing the project with Prime West.
Residential Real Estate
“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.
Listings in the metro area spent a median of four days in MLS last month, compared to 12 last year and 15 in 2019.
Pando Holdings sold a 0.37-acre lot and its already approved plans for a 13-story, 198-unit building for $12 million. It paid $6.25 million for the lot in 2019.
The 213-unit project would be built a short walk from Mile High Stadium, behind sports bar The Original Brooklyn’s.
After dropping the price to $3.5 million in June 2020, Mary Leprino pulled her unit from the market and is doing a multi-million dollar rebuild from the studs.
“When this building came up, I kind of freaked out about the price. But I also knew that being on Broadway, it was just a dream for me,” said Vivi Gloriod.
Developer Edee Anesi said the decision to go after renters instead of buyers was made because “the condo market right now is pretty tough.”
Kentwood, which had $2.1 billion in sales volume last year, had previously grown solely by adding new offices but it will absorb the smaller firm.
Similar measures to balance development are being considered for Santa Fe in Lincoln Park, Pearl Street in Platt Park and Gaylord Street in Wash Park.