The building at 2162 Lawrence St. is a city landmark, a status that effectively prevents demolition. (Matt Geiger/BusinessDen)
An Arapahoe Square building that is a protected city landmark, and was most recently a rehab center, has changed hands.
The 18,400-square-foot building at 2162 Lawrence St. sold in late May for $2.6 million, or $141 a square foot, according to public records.
The buyer was an entity affiliate with GW Properties, a Chicago-based real estate investment and development firm. The firm did not respond to a request for comment.
The seller was the nonprofit Sobriety House Inc., which offers a 12-step rehabilitation program for those suffering from substance abuse. The building had been used for rehab services since 1994, when Phoenix Concept Inc. purchased the space for $126,000. That entity merged with Sobriety House in 2007, per its website.
Arapahoe Square was for years a hotspot for homeless encampments, although they have generally been cleaned up in recent months.
“In the 14 months I had that listing, the neighborhood changed dramatically,” said Chuck Roosevelt, broker with A Better Way Realty.
Still, the building sold for well under what some thought the value to be. A different brokerage previously listed the two-story property for $5.9 million.
The structure was once a factory for the Nathan W. Savage Candy Co., whose signage still shows on the 22nd Street side of the building. Savage bought the site in 1908 for $3,500. The business dissolved in 1938.
Nathan W. Savage Candy Co. signage remains on the building. (Matt Geiger/BusinessDen)
The structure’s designation as a city landmark effectively prevents demolition, and means exterior changes must be approved by a city commission.
The top floor of the building had been used as a boarding space, with 25 sleeping rooms, laundry facilities and a bathroom. The first floor includes a commercial kitchen and dining area. The basement has been used for entertainment and recreational space.
Sobriety House, which did not respond to a request for comment, now provides the services it once did on Lawrence Street at a new location off Colfax in Lakewood, per its website. The nonprofit also bought 127 Acoma St. in Baker near its main campus earlier this month for $1.4 million.
The building at 2162 Lawrence St. is a city landmark, a status that effectively prevents demolition. (Matt Geiger/BusinessDen)
An Arapahoe Square building that is a protected city landmark, and was most recently a rehab center, has changed hands.
The 18,400-square-foot building at 2162 Lawrence St. sold in late May for $2.6 million, or $141 a square foot, according to public records.
The buyer was an entity affiliate with GW Properties, a Chicago-based real estate investment and development firm. The firm did not respond to a request for comment.
The seller was the nonprofit Sobriety House Inc., which offers a 12-step rehabilitation program for those suffering from substance abuse. The building had been used for rehab services since 1994, when Phoenix Concept Inc. purchased the space for $126,000. That entity merged with Sobriety House in 2007, per its website.
Arapahoe Square was for years a hotspot for homeless encampments, although they have generally been cleaned up in recent months.
“In the 14 months I had that listing, the neighborhood changed dramatically,” said Chuck Roosevelt, broker with A Better Way Realty.
Still, the building sold for well under what some thought the value to be. A different brokerage previously listed the two-story property for $5.9 million.
The structure was once a factory for the Nathan W. Savage Candy Co., whose signage still shows on the 22nd Street side of the building. Savage bought the site in 1908 for $3,500. The business dissolved in 1938.
Nathan W. Savage Candy Co. signage remains on the building. (Matt Geiger/BusinessDen)
The structure’s designation as a city landmark effectively prevents demolition, and means exterior changes must be approved by a city commission.
The top floor of the building had been used as a boarding space, with 25 sleeping rooms, laundry facilities and a bathroom. The first floor includes a commercial kitchen and dining area. The basement has been used for entertainment and recreational space.
Sobriety House, which did not respond to a request for comment, now provides the services it once did on Lawrence Street at a new location off Colfax in Lakewood, per its website. The nonprofit also bought 127 Acoma St. in Baker near its main campus earlier this month for $1.4 million.
