The property at 2126-2136 Lawrence St. in Denver, seen here in September, is currently used for parking. (BusinessDen file)
A developer that has spent the past five years planning a large apartment building in Arapahoe Square may not be the one to build it.
Chicago-based Akara Partners has hired brokers to market the land and plans for Kenect Denver, a proposed 23-story project on 0.65 acres at 2126 Lawrence St.
“The main reason (for the listing) was to simply put it out there and see if the market offers something that they would move on … they don’t have to sell, but they would at (the) right price,” said Travis Hodge of Capstone Cos., who is brokering the deal for the developers, Akara.
Akara declined to comment on the listing.
No sale price or call for offers deadline is included in the listing, an intentional choice the developers made, Hodge said. The firm is open to a wide array of offer types, listing five different options in a marketing brochure. They include purchasing equity, refinancing the property or teaming up with Akara to complete the project.
“There’s a million different ways to skin this cat. Certainly, it doesn’t have to be an outright sale,” Hodge said.
Akara paid $5.5 million for the land in early 2019.
A rendering of Kenect Denver. (Courtesy Akara Partners)
The plans for the 427,000-square-foot building call for 438 units with an average size of 552 square feet. There would also be 6,400 square feet of ground-floor retail space, 146 parking spaces and a rooftop pool.
One potential selling point for a buyer: All apartments could be rented at market rate since the plans were grandfathered in under previous development regulations that did not require income-restricted housing in new builds.
Akara’s Arapahoe Square journey began in 2018, when the Chicago-based developers proposed the first iteration of the apartment complex: a 34-story development with 441 units between the seventh floor and the top of the building.
Akara submitted new plans later that same year, making the building shorter and wider. The most recent iteration of the proposed plans were submitted late last year.
Akara was sued in September by the architect who worked on plans for Kenect Denver. Perkins & Will alleged that it’s owed $280,000. The lawsuit has since been paused to allow mediation to occur, records show.
Akara has built Kenect apartment projects in other major cities. The company lists one other project in the metro area — Akara Littleton, a planned apartment complex adjacent to the Southwest Plaza mall near Littleton.
The property at 2126-2136 Lawrence St. in Denver, seen here in September, is currently used for parking. (BusinessDen file)
A developer that has spent the past five years planning a large apartment building in Arapahoe Square may not be the one to build it.
Chicago-based Akara Partners has hired brokers to market the land and plans for Kenect Denver, a proposed 23-story project on 0.65 acres at 2126 Lawrence St.
“The main reason (for the listing) was to simply put it out there and see if the market offers something that they would move on … they don’t have to sell, but they would at (the) right price,” said Travis Hodge of Capstone Cos., who is brokering the deal for the developers, Akara.
Akara declined to comment on the listing.
No sale price or call for offers deadline is included in the listing, an intentional choice the developers made, Hodge said. The firm is open to a wide array of offer types, listing five different options in a marketing brochure. They include purchasing equity, refinancing the property or teaming up with Akara to complete the project.
“There’s a million different ways to skin this cat. Certainly, it doesn’t have to be an outright sale,” Hodge said.
Akara paid $5.5 million for the land in early 2019.
A rendering of Kenect Denver. (Courtesy Akara Partners)
The plans for the 427,000-square-foot building call for 438 units with an average size of 552 square feet. There would also be 6,400 square feet of ground-floor retail space, 146 parking spaces and a rooftop pool.
One potential selling point for a buyer: All apartments could be rented at market rate since the plans were grandfathered in under previous development regulations that did not require income-restricted housing in new builds.
Akara’s Arapahoe Square journey began in 2018, when the Chicago-based developers proposed the first iteration of the apartment complex: a 34-story development with 441 units between the seventh floor and the top of the building.
Akara submitted new plans later that same year, making the building shorter and wider. The most recent iteration of the proposed plans were submitted late last year.
Akara was sued in September by the architect who worked on plans for Kenect Denver. Perkins & Will alleged that it’s owed $280,000. The lawsuit has since been paused to allow mediation to occur, records show.
Akara has built Kenect apartment projects in other major cities. The company lists one other project in the metro area — Akara Littleton, a planned apartment complex adjacent to the Southwest Plaza mall near Littleton.
