Denver Developer Receives Financing for Two Projects in Capitol Hill
Denver-based development and property management company LCP Development has secured $25 million in financing for 777 and 757 Grant Street in Denver. 777 Grant Street is a vintage office building that will be renovated and repositioned while 757 Grant Street is a Class A, ground-up multifamily development.
JLL worked on behalf of LCP Development, to secure the three-year construction and bridge loan through a national bank. Brinkman Construction is the GC for both projects. Open Studio is the architect for the office project and Humphries Poli is the architect for the multifamily development.
Located on the hard corner of 8th Avenue and Grant Street within Denver’s Capitol Hill neighborhood, 777 and 757 Grant Street possess phenomenal access throughout the Denver metro via automobile, public transit or the Cherry Creek Bike Path. Capitol Hill is highly amenitized with numerous bars and restaurants, entertainment destinations and retail options all within a walkable live-work-play environment that boasts one of the highest resident concentrations in Denver.
Once renovated, 777 Grant will be a Class A asset providing the market with best-in-class office space, and modern amenities such as a “corporate living room” planned for the first floor lobby that will feature a kitchen/café area with high-top booth seating; a large executive conference room; ground floor retail space; a new fitness center with lockers and showers; and bike and storage space. The 77,331-square-foot building will also provide tenants with 138 parking stalls in a below-grade parking structure and surface parking.
757 Grant Street will be a ground-up, four-story residential building sitting atop a four-story parking structure. The studio-only, 68-unit development will cater to residents seeking smaller living quarters at a more affordable price point and will offer tenants top-of-the-line amenities, including a community room with kitchen, fitness center and rooftop deck with lounge seating, gas grills and a fire pit.
LCP began demo on the office project in September and plans to start on the foundations for the multifamily project before the end of the year.
Rendering courtesy of JLL