The city will request proposals from developers after it changes the zoning at the corner of Washington Street and 50th Avenue from industrial to mixed use.
Residential Real Estate
The applicant wants to build 275 units on a roughly 1.9-acre parcel currently zoned for industrial use.
The sellers, Denver-based Brue Baukol Capital Partners and LCP Development, bought the 3.9 acre property in 2016 for $12.7 million.
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.
“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.