Overland development site sells for five times its 2015 sale price

jewell acoma

The land that sold is at the southeast corner of Acoma Street and Jewell Avenue. Photo by Thomas Gounley.

A development site in Denver’s Overland neighborhood has sold for more than five times what it fetched five years ago.

Denver-based Palisade Partners purchased 1900 S. Acoma St. last week for $3 million, according to public records.

Newmark Knight Frank said the lot, which has no structures on it, is about 0.57 acres, making the deal worth $120 per square foot. Chris Cowan and Mackenzie Walker with the firm represented the seller.

The property was sold by SoBo Real Estate; John C. Cook Jr. signed paperwork on behalf of the seller. A related entity purchased the property in August 2015 for just shy of $600,000, and property records indicate that deal involved slightly more land than what sold to Palisade.

Palisade founder and President Paul Books said in an email that the company hasn’t finalized its development plans, but the project will be multifamily. Earlier this year, Palisade submitted a proposal to the city for a nine-story, 165-unit project, although a city spokeswoman said those plans need to be resubmitted to reflect feedback given by city staff.

Other local apartment complexes that Palisade has developed include The Wheatley and The Lydian along Welton Street in Five Points. The firm is also involved with the redevelopment of the Rossonian Hotel.

Palisade’s general plans fit with the trend in Overland in recent years. The neighborhood has largely been shifting from more industrial to residential use. A block away, condo building SoBo 58 is under construction.

A location of Primrose Schools, which serves infants through toddlers, is planned for the lot immediately south of Palisade’s buy, according to signage at that site.

jewell acoma

The land that sold is at the southeast corner of Acoma Street and Jewell Avenue. Photo by Thomas Gounley.

A development site in Denver’s Overland neighborhood has sold for more than five times what it fetched five years ago.

Denver-based Palisade Partners purchased 1900 S. Acoma St. last week for $3 million, according to public records.

Newmark Knight Frank said the lot, which has no structures on it, is about 0.57 acres, making the deal worth $120 per square foot. Chris Cowan and Mackenzie Walker with the firm represented the seller.

The property was sold by SoBo Real Estate; John C. Cook Jr. signed paperwork on behalf of the seller. A related entity purchased the property in August 2015 for just shy of $600,000, and property records indicate that deal involved slightly more land than what sold to Palisade.

Palisade founder and President Paul Books said in an email that the company hasn’t finalized its development plans, but the project will be multifamily. Earlier this year, Palisade submitted a proposal to the city for a nine-story, 165-unit project, although a city spokeswoman said those plans need to be resubmitted to reflect feedback given by city staff.

Other local apartment complexes that Palisade has developed include The Wheatley and The Lydian along Welton Street in Five Points. The firm is also involved with the redevelopment of the Rossonian Hotel.

Palisade’s general plans fit with the trend in Overland in recent years. The neighborhood has largely been shifting from more industrial to residential use. A block away, condo building SoBo 58 is under construction.

A location of Primrose Schools, which serves infants through toddlers, is planned for the lot immediately south of Palisade’s buy, according to signage at that site.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *