Historic Ballpark District Building Sells for $2.9M, Renovations Planned
DENVER – The two-story building located at 2100 Larimer St. in Denver’s vibrant Ballpark neighborhood, has sold for $2.9 million. Monfort Companies, a community-minded commercial real estate investment and development company, and Magnetic Capital, a privately held real estate investment and development company, purchased the 11,600-square-foot property and plan to add a mix of retail and office space.
“Denver is ready for a world-class Ballpark district, but it doesn’t happen overnight,” said Kenneth Monfort, director of development for Monfort Companies. “We’re hopeful that this project will kickstart additional investment in an area that’s well-positioned to engage and draw residents and visitors of all ages, day and night, 365 days a year.”
Formerly the site of the bar El Charrito, Monfort Companies and Magnetic Capital will preserve the building’s historic character while repositioning the property for new tenants and are considering the addition of a third and fourth story. The first floor, at 5,830 square feet will be ideal for a restaurant operator, while the upper floors will most likely serve office tenants.
Construction is set to begin immediately after close and is projected to be completed during the second half of 2020.
Founded in 2011, Monfort Companies has worked to create local gathering places in underserved rural markets, spurring economic growth by creating jobs and sales tax revenue. In December 2018, Monfort Companies, in conjunction with Summit CVG, acquired the Lodo’s Bar and Grill portfolio, which includes a location adjacent to Coors Field.
Denver-based Magnetic Capital invests in urban infill properties with adaptive reuse or redevelopment potential in both dense and up-and-coming neighborhoods. They saw this acquisition as an opportunity to contribute to the Ballpark district’s continued growth.
“This project is a strong fit for Magnetic Capital because we believe in Monfort Companies’ vision for a dedicated and economically strong Ballpark district,” said Daniel Huml, managing principal for Magnetic Capital. “By creating new opportunities for retail and office space at 2100 Larimer St., we’re confident we can further define the character and influence the future of one of Denver’s most important entertainment districts.”
Denver-based Jamis Companies, Inc. represented the seller.