A rendering of the planned apartment complex at the corner of 12th Avenue and Delaware Street. (Courtesy of Studio PBA)
A pair of development firms planning a large apartment complex in the Golden Triangle have purchased the land.
Denver-based Summit Capital Venture Group and New York-based Rockefeller Group paid about $11.7 million across four separate deals this week for parcels at the southeast corner of 12th Avenue and Delaware Street, according to public records.
The parcels — 328 W. 12th Ave. and 1140, 1150 and 1158 N. Delaware St. — add up to 0.72 acres, according to property records. That makes the collective deal worth about $373 a square foot for the land. Travis Hodge and Tony Bobay of Capstone represented the seller in two of the transactions.
Summit and Rockefeller said in a statement that they plan to build a 13-story, 250-unit apartment complex with about 2,000 square feet of ground-floor retail space.
“With the current focus on the redevelopment of the Golden Triangle area, this was an ideal opportunity to launch a partnership with Rockefeller Group,” Jason Marcotte, a founding partner at Summit Capital Venture Group, said in a statement. “We are excited to further enrich the neighborhood with quality housing options and thoughtful retail activation at the street level.”
The properties are home to multiple structures, including an office building at 1140 Delaware St. used by and sold by the Junior League of Denver.
The site is home to multiple structures, including an office building used by the Junior League of Denver. (Thomas Gounley photo)
“Our plan is to find another stand-alone building that is right for our purposes,” Junior League President Caryne Mesquita told BusinessDen Thursday. “We are in the process of looking at buildings right now. As we look at the market, we’re finding there aren’t many out there. We may be doing a short-term lease to give us time. We still want a Denver address, somewhere in the Central Business District or a little bit farther south. But probably not right in the middle of downtown.”
Rockefeller and Summit’s project is expected to break ground in April and be completed in early 2024, according to the companies.
Summit has 466 multifamily units in development, and owns another 174 units between Denver and Salt Lake City that it acquired, according to the company. Rockefeller, meanwhile — whose top local executive is Jay Despard, formerly of Hines — is one of the two firms that owns the former Greyhound block in downtown Denver.
The Golden Triangle has become a hub for significant multifamily development in recent years, and changes approved by the Denver City Council this summer paved the way for taller buildings.
Major developers active in the neighborhood include Denver-based Urban Villages, Charlotte-based Lennar Multifamily Communities and Charleston, South Carolina-based Greystar.
BusinessDen reporter Eric Heinz contributed to this story.
A rendering of the planned apartment complex at the corner of 12th Avenue and Delaware Street. (Courtesy of Studio PBA)
A pair of development firms planning a large apartment complex in the Golden Triangle have purchased the land.
Denver-based Summit Capital Venture Group and New York-based Rockefeller Group paid about $11.7 million across four separate deals this week for parcels at the southeast corner of 12th Avenue and Delaware Street, according to public records.
The parcels — 328 W. 12th Ave. and 1140, 1150 and 1158 N. Delaware St. — add up to 0.72 acres, according to property records. That makes the collective deal worth about $373 a square foot for the land. Travis Hodge and Tony Bobay of Capstone represented the seller in two of the transactions.
Summit and Rockefeller said in a statement that they plan to build a 13-story, 250-unit apartment complex with about 2,000 square feet of ground-floor retail space.
“With the current focus on the redevelopment of the Golden Triangle area, this was an ideal opportunity to launch a partnership with Rockefeller Group,” Jason Marcotte, a founding partner at Summit Capital Venture Group, said in a statement. “We are excited to further enrich the neighborhood with quality housing options and thoughtful retail activation at the street level.”
The properties are home to multiple structures, including an office building at 1140 Delaware St. used by and sold by the Junior League of Denver.
The site is home to multiple structures, including an office building used by the Junior League of Denver. (Thomas Gounley photo)
“Our plan is to find another stand-alone building that is right for our purposes,” Junior League President Caryne Mesquita told BusinessDen Thursday. “We are in the process of looking at buildings right now. As we look at the market, we’re finding there aren’t many out there. We may be doing a short-term lease to give us time. We still want a Denver address, somewhere in the Central Business District or a little bit farther south. But probably not right in the middle of downtown.”
Rockefeller and Summit’s project is expected to break ground in April and be completed in early 2024, according to the companies.
Summit has 466 multifamily units in development, and owns another 174 units between Denver and Salt Lake City that it acquired, according to the company. Rockefeller, meanwhile — whose top local executive is Jay Despard, formerly of Hines — is one of the two firms that owns the former Greyhound block in downtown Denver.
The Golden Triangle has become a hub for significant multifamily development in recent years, and changes approved by the Denver City Council this summer paved the way for taller buildings.
Major developers active in the neighborhood include Denver-based Urban Villages, Charlotte-based Lennar Multifamily Communities and Charleston, South Carolina-based Greystar.
BusinessDen reporter Eric Heinz contributed to this story.
