Land on Broadway Sells for $12M
DENVER— 99 South Broadway, a 2.36-acre land site on the northwest corner of Bayaud Avenue and Broadway in the Baker neighborhood has sold for $12M.
Vancouver, Washington-based Holland Partner Group will build a 238-unit apartment community on the land that will be the first Class A residential project to be built on that stretch of Broadway. The development will feature 238 multifamily units – a mix of studios, one-, two- and three-bedrooms – as well as ground-floor retail space.
Executive Managing Director Chris Cowan and Associate Bryon Stevenson with ARA, A Newmark Company (ARA Newmark) represented the buyer, Holland Partner Group, in the sale. The seller was Security Services Federal Credit Union, the former owner and tenant of the existing 25,532-square-foot building.
“Our team recognized the long-term development potential of the site over 15 years ago; with strategic positioning and the right investor, we have seen the opportunity come to fruition,” said Cowan. “The site is surrounded by vibrant restaurants and retail and has been underutilized for many years –a large parking lot occupying most of the acreage.” Cowan continued, “The sale was highly competitive and piqued the interest of numerous developers. Holland Partner Group rose to the top with its best-in-class reputation and proven development track record.”
The Baker neighborhood, known as “South Broadway,” is a designated historic district which has experienced tremendous redevelopment and growth in recent years. The area features an eclectic mixture of neighborhood bars, art galleries, bookstores, restaurants and live music venues. Popular establishments along Broadway include: Punch Bowl Social, Illegal Pete’s, the Mayan Theater, Sweet Action Ice Cream, The Walnut Room, Lena, The Hornet, Gozo, Historians Ale House, Sputnik, Beatrice & Woodsley, Metropolis Coffee, Adrift, the Hi-Dive and countless other retail shops, bars and restaurants.
Image courtesy of Yelp