A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
A pair of development firms are beginning work on their giant site in the Denargo Market section of RiNo, and they’re pledging the project won’t be “another sea of multifamily.”
Chicago-based Golub & Co. and Denver-based Formativ held a groundbreaking ceremony Thursday to mark the start of the first phase of development on their approximately 17 acres, which the firms purchased between 2019 and 2021.
The bulk of the firms’ holdings are a mega block formed by Delgany, Denargo and 29th streets, as well as Arkins Court. Portions of the site are zoned for up to 250 feet, or 20 stories, with other areas limited to 12 stories.
Denargo Market is named after a rail-served produce market that opened at the site in 1939 and operated for decades, according to the Denver Public Library. But the market was demolished long ago.
“It’s been a dirt patch for long before I arrived in Colorado, so you’re talking decades,” said Sean Campbell, CEO of Formativ.
The development that the area has seen in recent decades, on the outskirts of Golub and Formativ’s site, has tended to be one thing: large apartment complexes that have brought thousands of residents to the area. But while the neighborhood is a short walk from Brighton Boulevard and the bike path along the South Platte River, it hasn’t offered its new residents much more.
“Besides the 7-Eleven at the gas station (at 3083 Brighton Blvd.), it’s an amenity desert over there,” Campbell said.
Formativ and Golub, however, say they’re going to change that.
“Why would you go to Denargo Market? Well, we’re going to give you a reason why,” Campbell said.
Mayor Mike Johnston, fourth from right, and Councilman Darrell Watson, third from right, attended the Thursday groundbreaking ceremony. (Courtesy of Golub/Formativ)
Records show the firms purchased 13 of their 17 acres in 2019 for $86 million. They bought the remainder, a high-profile site for which the city once rejected rezoning, in 2021 for $22 million.
Golub and Formativ’s own rezoning requests were successful. The overall site is authorized for over 3 million square feet of development, according to the companies, which plan to build a mix of office, residential, hospitality and retail space.
“This isn’t a space to be another sea of multifamily,” said Laura Newman, Golub vice president of investment and development.
No buildings are going up in phase one, however. Rather, the work that kicked off Thursday will involve infrastructure improvements such as the installation of underground utilities, a stormwater management system and a street and sidewalk network. The work will also set aside 4 acres as open space and create amenities such as sport courts, a revamped dog park, a pedestrian plaza and community garden managed by Denver Urban Gardens.
In between the improvements will be development sites that will be “virtually plug-and-play,” according to the companies.
Newman said it’s “very unusual” for developers to build amenities before buildings, but the firms want to draw people to a somewhat forgotten part of central Denver.
“We choose to because we know it’s going to be a magnet,” Newman said.
One thing is already being built on the property that the two firms bought. The companies donated the half-acre 2700 Wewatta Way lot, a short distance from the rest of the holdings, to Pennrose and Rivet Development Partners, which broke ground this year on a 56-unit income-restricted housing development that will serve those ages 18 to 24 who have been homeless or in the foster care system.
It won’t be the only income-restricted housing to be built. As part of its rezoning bids, Golub and Formativ agreed to restrict 15 percent of units built on its initial 13 acres, and 10 percent built on the remaining 4.
The infrastructure improvements and amenities are expected to be completed by summer 2025. Construction on buildings will largely take place after that, although the firms said they hope to break ground on a 16-story, 350-unit apartment complex near the intersection of Denargo and Delgany in the first quarter of 2025. Unlike most in the area, it will feature 4,000 square feet of retail space.
A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
Exactly what will be built within the site remains somewhat subject to market conditions, although the firms said they are working on plans for an office building. Formativ’s Campbell was a co-founder of Industry, which developed two office projects in RiNo and has since expanded to other cities.
“We were the RiNo creative office guys,” Campbell said. “I’m getting back there in the future.”
Denargo Market has one existing office building that TV station Denver7 will move into soon.
Campbell said buildout of the entire site could be “a seven-to-10-year project,” but again emphasized how that could be impacted by external factors.
“This is going to be built at the speed of private development,” he said.
The companies said they intend to develop many of the buildings themselves, but likely will sell some lots to other developers.
“We would love to develop the entire site, but we’re also realistic,” Campbell said.
“We’re very invested in Denargo Market for the long term,” Newman said.
A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
Sasaki is the landscape architect and Swinerton is the general contractor on the public improvements. Martin & Martin is the civil and structural engineer. CBRE and SullivanHayes are marketing the office and retail space.
Golub and Formativ originally teamed up in 2019 to buy a site by RTD’s 38th and Blake Station where they intended to build an office-and-hotel project dubbed World Trade Center Denver. But the namesake tenant later announced it will go to the planned Fox Park project instead. BusinessDen reported in June that the office development site was being marketed for sale; the firms declined to comment on that, although Campbell said there could be news in the coming weeks.
Golub also co-owns the most prominent development site in downtown Denver, the full city block at 1055 19th St. where Greyhound previously operated a station. The firm and New York-based Rockefeller Group have proposed a pair of 400-foot towers there.
A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
A pair of development firms are beginning work on their giant site in the Denargo Market section of RiNo, and they’re pledging the project won’t be “another sea of multifamily.”
Chicago-based Golub & Co. and Denver-based Formativ held a groundbreaking ceremony Thursday to mark the start of the first phase of development on their approximately 17 acres, which the firms purchased between 2019 and 2021.
The bulk of the firms’ holdings are a mega block formed by Delgany, Denargo and 29th streets, as well as Arkins Court. Portions of the site are zoned for up to 250 feet, or 20 stories, with other areas limited to 12 stories.
Denargo Market is named after a rail-served produce market that opened at the site in 1939 and operated for decades, according to the Denver Public Library. But the market was demolished long ago.
“It’s been a dirt patch for long before I arrived in Colorado, so you’re talking decades,” said Sean Campbell, CEO of Formativ.
The development that the area has seen in recent decades, on the outskirts of Golub and Formativ’s site, has tended to be one thing: large apartment complexes that have brought thousands of residents to the area. But while the neighborhood is a short walk from Brighton Boulevard and the bike path along the South Platte River, it hasn’t offered its new residents much more.
“Besides the 7-Eleven at the gas station (at 3083 Brighton Blvd.), it’s an amenity desert over there,” Campbell said.
Formativ and Golub, however, say they’re going to change that.
“Why would you go to Denargo Market? Well, we’re going to give you a reason why,” Campbell said.
Mayor Mike Johnston, fourth from right, and Councilman Darrell Watson, third from right, attended the Thursday groundbreaking ceremony. (Courtesy of Golub/Formativ)
Records show the firms purchased 13 of their 17 acres in 2019 for $86 million. They bought the remainder, a high-profile site for which the city once rejected rezoning, in 2021 for $22 million.
Golub and Formativ’s own rezoning requests were successful. The overall site is authorized for over 3 million square feet of development, according to the companies, which plan to build a mix of office, residential, hospitality and retail space.
“This isn’t a space to be another sea of multifamily,” said Laura Newman, Golub vice president of investment and development.
No buildings are going up in phase one, however. Rather, the work that kicked off Thursday will involve infrastructure improvements such as the installation of underground utilities, a stormwater management system and a street and sidewalk network. The work will also set aside 4 acres as open space and create amenities such as sport courts, a revamped dog park, a pedestrian plaza and community garden managed by Denver Urban Gardens.
In between the improvements will be development sites that will be “virtually plug-and-play,” according to the companies.
Newman said it’s “very unusual” for developers to build amenities before buildings, but the firms want to draw people to a somewhat forgotten part of central Denver.
“We choose to because we know it’s going to be a magnet,” Newman said.
One thing is already being built on the property that the two firms bought. The companies donated the half-acre 2700 Wewatta Way lot, a short distance from the rest of the holdings, to Pennrose and Rivet Development Partners, which broke ground this year on a 56-unit income-restricted housing development that will serve those ages 18 to 24 who have been homeless or in the foster care system.
It won’t be the only income-restricted housing to be built. As part of its rezoning bids, Golub and Formativ agreed to restrict 15 percent of units built on its initial 13 acres, and 10 percent built on the remaining 4.
The infrastructure improvements and amenities are expected to be completed by summer 2025. Construction on buildings will largely take place after that, although the firms said they hope to break ground on a 16-story, 350-unit apartment complex near the intersection of Denargo and Delgany in the first quarter of 2025. Unlike most in the area, it will feature 4,000 square feet of retail space.
A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
Exactly what will be built within the site remains somewhat subject to market conditions, although the firms said they are working on plans for an office building. Formativ’s Campbell was a co-founder of Industry, which developed two office projects in RiNo and has since expanded to other cities.
“We were the RiNo creative office guys,” Campbell said. “I’m getting back there in the future.”
Denargo Market has one existing office building that TV station Denver7 will move into soon.
Campbell said buildout of the entire site could be “a seven-to-10-year project,” but again emphasized how that could be impacted by external factors.
“This is going to be built at the speed of private development,” he said.
The companies said they intend to develop many of the buildings themselves, but likely will sell some lots to other developers.
“We would love to develop the entire site, but we’re also realistic,” Campbell said.
“We’re very invested in Denargo Market for the long term,” Newman said.
A rendering showing possible buildout of Golub & Co. and Formativ’s site in Denargo Market. (Courtesy of Golub/Formativ)
Sasaki is the landscape architect and Swinerton is the general contractor on the public improvements. Martin & Martin is the civil and structural engineer. CBRE and SullivanHayes are marketing the office and retail space.
Golub and Formativ originally teamed up in 2019 to buy a site by RTD’s 38th and Blake Station where they intended to build an office-and-hotel project dubbed World Trade Center Denver. But the namesake tenant later announced it will go to the planned Fox Park project instead. BusinessDen reported in June that the office development site was being marketed for sale; the firms declined to comment on that, although Campbell said there could be news in the coming weeks.
Golub also co-owns the most prominent development site in downtown Denver, the full city block at 1055 19th St. where Greyhound previously operated a station. The firm and New York-based Rockefeller Group have proposed a pair of 400-foot towers there.
