The seven-story building will be the corridor’s third hotel, joining The Source Hotel that opened in 2018 and the nearly completed Vib hotel.
The seven-story building will be the corridor’s third hotel, joining The Source Hotel that opened in 2018 and the nearly completed Vib hotel.
Mainspring is just the third owner since it was built in 1928. The seller, nonprofit Women’s Bean Project, is moving to 1300 W. Alameda Ave.
Denver-based Focus Property Group, which developed an adjacent hotel, has owned the property for more than a decade.
Travis McAfoos, co-owner of Alchemy coworking, and Nava Real Estate Development are planning a five-story building with 150 units.
The 0.57-acre lot with about 18,000 square feet of building space on it at 3001 Walnut St. last sold in 2014 for $3 million.
The Denver firm has had its office at 1125 17th St. since 1979, when the company finished developing the 25-story office tower.
Development is a family business for Brent Farber, who runs Elevation, and his uncle Rick Sapkin, who founded Edgemark.
He once told a junior broker they work half days. “I don’t care which half of the 24-hour day you work, I expect you to work half of it.”
The DC Building at 518 17th St. has 274,598 rentable square feet and was about 80 percent leased as recently as 2015. Now it is 31 percent occupied.
“Asana Partners was the logical buyer,” said a broker who represented the seller of a two-story structure and 0.18-acre lot at 1320 15th St.
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