Goodyear once operated in the building at the corner of 15th Street and Tremont Place. (Thomas Gounley/BusinessDen)
The city didn’t buy it, so someone else did.
A buyer purchased the former Goodyear property at 1460-1480 Tremont Place last week for $2.6 million. Denver considered buying the shuttered auto repair shop at the edge of downtown last fall for about the same price to construct housing on the site. City Council voted 7-4 against the measure.
Not much is known about the buyer of the property, which sits on a third of an acre. Public records show the entity paid in all cash and is registered to a 1031 exchange business out of California, which likely facilitated the sale on behalf of the buyer.
A 1031 exchange is when a real estate investor uses the proceeds from one sale to buy another property to avoid paying taxes on the sale of the original real estate.
The sellers, a collection of retired private individuals out of state, have owned the property for decades, according to public records. A representative from the group declined to comment, citing a confidentiality agreement on the deal.
In October, Denver Mayor Mike Johnston wanted the city to pay $2.5 million for the site, or nearly $200 a square foot based on the land. The plan then was to strike a ground lease deal with a developer to build income-restricted housing.
But multiple council members expressed concern that the money for the purchase was to come from designated contingency funds.
“Contingency funds are meant to cover emergencies and unexpected things, not speculative real estate opportunities,” said Councilwoman Flor Alvidrez in the meeting that shot down the proposal last fall.
In May, the Johnston administration began an effort to identify and prequalify a group of developers to later participate in “mini-bid” opportunities to build housing with income restrictions on individual city-owned sites.
The site at the corner of Tremont Place and 15th Street is valued at $3.2 million by the Denver assessor. Marcus & Millichap began marketing the property for sale at $3.5 million after Goodyear closed in 2024; its listing expired last fall.
“I think they just threw their hands up, property taxes were like 50 grand a year,” Marcus & Millichap broker Steven Schechter said about the listing selling for below list price.
Goodyear once operated in the building at the corner of 15th Street and Tremont Place. (Thomas Gounley/BusinessDen)
The city didn’t buy it, so someone else did.
A buyer purchased the former Goodyear property at 1460-1480 Tremont Place last week for $2.6 million. Denver considered buying the shuttered auto repair shop at the edge of downtown last fall for about the same price to construct housing on the site. City Council voted 7-4 against the measure.
Not much is known about the buyer of the property, which sits on a third of an acre. Public records show the entity paid in all cash and is registered to a 1031 exchange business out of California, which likely facilitated the sale on behalf of the buyer.
A 1031 exchange is when a real estate investor uses the proceeds from one sale to buy another property to avoid paying taxes on the sale of the original real estate.
The sellers, a collection of retired private individuals out of state, have owned the property for decades, according to public records. A representative from the group declined to comment, citing a confidentiality agreement on the deal.
In October, Denver Mayor Mike Johnston wanted the city to pay $2.5 million for the site, or nearly $200 a square foot based on the land. The plan then was to strike a ground lease deal with a developer to build income-restricted housing.
But multiple council members expressed concern that the money for the purchase was to come from designated contingency funds.
“Contingency funds are meant to cover emergencies and unexpected things, not speculative real estate opportunities,” said Councilwoman Flor Alvidrez in the meeting that shot down the proposal last fall.
In May, the Johnston administration began an effort to identify and prequalify a group of developers to later participate in “mini-bid” opportunities to build housing with income restrictions on individual city-owned sites.
The site at the corner of Tremont Place and 15th Street is valued at $3.2 million by the Denver assessor. Marcus & Millichap began marketing the property for sale at $3.5 million after Goodyear closed in 2024; its listing expired last fall.
“I think they just threw their hands up, property taxes were like 50 grand a year,” Marcus & Millichap broker Steven Schechter said about the listing selling for below list price.
