Storybuilt planned to develop this parking lot it owns at the corner of 22nd Avenue and Glenarm Place. (Thomas Gounley/BusinessDen)
An Austin, Texas-based residential development firm that said last month it is entering receivership owns three Denver-area properties.
Storybuilt, which changed its name from PSW Real Estate in 2019, owns development sites in Five Points, West Colfax and Wheat Ridge, according to a review of public records.
Storybuilt told the Texas Workforce Commission in a July 31 letter that it was laying off dozens of employees immediately. The bulk of the jobs were in Texas, but four Colorado roles were included in a list of affected job titles: Denver division president, pre-construction manager, project coordinator and schedule manager.
“Company was actively seeking funding to remedy the Company’s cash flow issues and were anticipating recalling all employees to begin working again. The Company was ultimately unable to secure sufficient funding and is now going into a receivership,” Storybuilt wrote.
Storybuilt could not be reached for comment. The company’s main phone numbers no longer worked as of last week.
Storybuilt planned to build residential projects on all three Denver-area properties it owned, but had yet to break ground on any of them. The properties are:
Andy’s Car Land, a used car lot, previously operated at 4190 W. Colfax Ave. in Denver. (BusinessDen file)
4190 W. Colfax Ave., Denver: Storybuilt, acting as SB 4190 West Colfax Avenue LLC, paid $2.05 million in September 2020 for this 0.43-acre corner lot, formerly home to a used car seller. In May 2022, ownership transferred to another Storybuilt-affiliated entity, SB-Ozzie LLC, as part of a $4.09 million transaction.
Per its website, Storybuilt planned to build an 83-unit apartment building called Ozzie.
2137 Glenarm Place, Denver: This 0.79-acre parking lot, sometimes also referred to as 2187 Glenarm Place, was purchased for $3.75 million by the Storybuilt affiliate PSW-Glenarm LLC and a trust. The trust transferred its ownership to Storybuilt in 2021. The property was rezoned in early 2021.
Storybuilt planned to build a five-story condo building with about 90 units dubbed Archie, according to development plans.
5785 W. 38th Ave., Wheat Ridge: Storybuilt paid $680,000 in February 2020 for this site in Wheat Ridge, according to public records. The company planned to build a townhome project called Judy, according to its website.
Storybuilt also bailed on a contract to buy a site near Stanley Marketplace in Aurora, according to a lawsuit. The company is being sued by Mohamed Mouaddine, who says in court records that Storybuilt agreed to pay $6.3 million for 2481 Dayton St. and 2350 Dallas St. but then reneged after Mouaddine closed his auto shop operating there, costing him lost revenue.
Storybuilt argued in court that it paid Mouaddine nearly $1 million in deposits after it reneged on the agreement and he is not entitled to more than that. A four-day trial was set to begin in October, but the case was stayed last week due to the receivership.
In May, Storybuilt was sued by a steel subcontractor that said it worked on the company’s West Colfax project and wasn’t paid $14,000. Last month, the two sides told Judge Mark Bailey that they had reached a settlement, so the case was closed.
Storybuilt planned to develop this parking lot it owns at the corner of 22nd Avenue and Glenarm Place. (Thomas Gounley/BusinessDen)
An Austin, Texas-based residential development firm that said last month it is entering receivership owns three Denver-area properties.
Storybuilt, which changed its name from PSW Real Estate in 2019, owns development sites in Five Points, West Colfax and Wheat Ridge, according to a review of public records.
Storybuilt told the Texas Workforce Commission in a July 31 letter that it was laying off dozens of employees immediately. The bulk of the jobs were in Texas, but four Colorado roles were included in a list of affected job titles: Denver division president, pre-construction manager, project coordinator and schedule manager.
“Company was actively seeking funding to remedy the Company’s cash flow issues and were anticipating recalling all employees to begin working again. The Company was ultimately unable to secure sufficient funding and is now going into a receivership,” Storybuilt wrote.
Storybuilt could not be reached for comment. The company’s main phone numbers no longer worked as of last week.
Storybuilt planned to build residential projects on all three Denver-area properties it owned, but had yet to break ground on any of them. The properties are:
Andy’s Car Land, a used car lot, previously operated at 4190 W. Colfax Ave. in Denver. (BusinessDen file)
4190 W. Colfax Ave., Denver: Storybuilt, acting as SB 4190 West Colfax Avenue LLC, paid $2.05 million in September 2020 for this 0.43-acre corner lot, formerly home to a used car seller. In May 2022, ownership transferred to another Storybuilt-affiliated entity, SB-Ozzie LLC, as part of a $4.09 million transaction.
Per its website, Storybuilt planned to build an 83-unit apartment building called Ozzie.
2137 Glenarm Place, Denver: This 0.79-acre parking lot, sometimes also referred to as 2187 Glenarm Place, was purchased for $3.75 million by the Storybuilt affiliate PSW-Glenarm LLC and a trust. The trust transferred its ownership to Storybuilt in 2021. The property was rezoned in early 2021.
Storybuilt planned to build a five-story condo building with about 90 units dubbed Archie, according to development plans.
5785 W. 38th Ave., Wheat Ridge: Storybuilt paid $680,000 in February 2020 for this site in Wheat Ridge, according to public records. The company planned to build a townhome project called Judy, according to its website.
Storybuilt also bailed on a contract to buy a site near Stanley Marketplace in Aurora, according to a lawsuit. The company is being sued by Mohamed Mouaddine, who says in court records that Storybuilt agreed to pay $6.3 million for 2481 Dayton St. and 2350 Dallas St. but then reneged after Mouaddine closed his auto shop operating there, costing him lost revenue.
Storybuilt argued in court that it paid Mouaddine nearly $1 million in deposits after it reneged on the agreement and he is not entitled to more than that. A four-day trial was set to begin in October, but the case was stayed last week due to the receivership.
In May, Storybuilt was sued by a steel subcontractor that said it worked on the company’s West Colfax project and wasn’t paid $14,000. Last month, the two sides told Judge Mark Bailey that they had reached a settlement, so the case was closed.
