Mexican restaurant La Loma once operated at a site purchased last week for $32.1 million by an apartment complex developer. (BusinessDen file)
A full city block in Jefferson Park where a New York-based development firm has been planning a project for years has changed hands.
GPAI Highlands LLC purchased 2601 N. Alcott St. — the 2.6-acre block formed by Alcott and Bryant streets, and 26th and 27th avenues — last week for $32.1 million, according to public records.
Mexican restaurant La Loma previously operated on the block, but left in 2016. Its building has since been demolished.
The purchasing entity lists an office address in state records that corresponds to that of Denver-based Grand Peaks, which develops and operates apartment complexes. The company didn’t respond to requests for comment.
The lot was sold by L&L Developments LLC, an entity affiliated with New York-based Tessler Developers. CEO Yitzchak Tessler, who didn’t respond to requests for comment, signed the sale paperwork.
Tessler purchased the block in March 2015 for $17.75 million, records show. It’s zoned for up to 30 stories.
Tessler submitted a development plan for the block in 2015, saying at the time that he could break ground the next year. Instead, he changed architecture firms and submitted a new set of development plans in late 2018, saying a summer 2019 groundbreaking was feasible. Construction, however, never began.
The latest version of the development plan, amended earlier this year, calls for a 15-story multifamily building with 530 units: 189 studios, 238 one bedrooms and 103 two bedrooms. It would have a parking podium with 568 parking spaces.
Grand Peaks lists 10 local apartment complexes on its website; the company also has holdings in other states.
The block is just north of the 10.5-acre Diamond Hill office complex, which Denver-based Confluent Development has been eyeing for redevelopment after it was put on the market earlier this year.
Mexican restaurant La Loma once operated at a site purchased last week for $32.1 million by an apartment complex developer. (BusinessDen file)
A full city block in Jefferson Park where a New York-based development firm has been planning a project for years has changed hands.
GPAI Highlands LLC purchased 2601 N. Alcott St. — the 2.6-acre block formed by Alcott and Bryant streets, and 26th and 27th avenues — last week for $32.1 million, according to public records.
Mexican restaurant La Loma previously operated on the block, but left in 2016. Its building has since been demolished.
The purchasing entity lists an office address in state records that corresponds to that of Denver-based Grand Peaks, which develops and operates apartment complexes. The company didn’t respond to requests for comment.
The lot was sold by L&L Developments LLC, an entity affiliated with New York-based Tessler Developers. CEO Yitzchak Tessler, who didn’t respond to requests for comment, signed the sale paperwork.
Tessler purchased the block in March 2015 for $17.75 million, records show. It’s zoned for up to 30 stories.
Tessler submitted a development plan for the block in 2015, saying at the time that he could break ground the next year. Instead, he changed architecture firms and submitted a new set of development plans in late 2018, saying a summer 2019 groundbreaking was feasible. Construction, however, never began.
The latest version of the development plan, amended earlier this year, calls for a 15-story multifamily building with 530 units: 189 studios, 238 one bedrooms and 103 two bedrooms. It would have a parking podium with 568 parking spaces.
Grand Peaks lists 10 local apartment complexes on its website; the company also has holdings in other states.
The block is just north of the 10.5-acre Diamond Hill office complex, which Denver-based Confluent Development has been eyeing for redevelopment after it was put on the market earlier this year.
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