Denver-based developer Summit Capital Venture Group has purchased 1158 Delaware Street and 328 W 12th Avenue, an 18,750-square-foot land deal, for the sale price of $5.4 million. Summit plans to demolish the existing apartment buildings on site and build a new 250-unit mixed-use project with 2,000 square feet of ground-floor retail. The project is estimated to cost $90.1 million and will break ground in Q1 2022. Studio PBA is the architect.
“We are excited to build upon the fabric of the Golden Triangle neighborhood with the addition of our mixed-use project. From the ground floor retail to our generous rooftop amenities, the experience for future Golden Triangle residents will be unmatched,” said William Lam, development manager & project lead at Summit Capital Venture Group.
The Golden Triangle Apartments will be addressed 370 W 12th Ave and includes the adjacent properties at 1150 & 1140 Delaware Street, which are not a part of this transaction.
Travis Hodge and Tony Bobay of Capstone represented the seller in this transaction. Summit Capital was represented by Jason Marcotte and William Lam.
The project will include amenities such as a 2,000-square-foot fitness center and pool lounge, and a 4,200-square-foot terrace with a pool and spa on the 5th floor. The 13th floor will be home to a 1,250-square-foot sky deck and an 850-square-foot sky lounge and co-working space.
“We’re pleased to join with Summit Capital Venture Group to bring an extraordinary lifestyle experience to such a great location,” said Jay Despard, senior managing director and head of Development for Rockefeller Group in the Rocky Mountain region. “This new community will be ideal for anyone who wants a walkable location close to so many of Denver’s fantastic cultural opportunities, and an amenity-rich home that lets them relax and recharge.”
370 W 12th Ave is conveniently located at the intersection of 12th Avenue and Delaware Street. Located in the heart of the Golden Triangle, it is easily accessible to a plethora of shops, restaurants, and other activities. With walkable access to downtown, Broadway, Cherry Creek Trail, Convention Center, Auraria, and more, making it a true live, work, play development.
Summit CVG’s unique approach to capital management provides excellent opportunities for investors while benefiting communities and society through the creation of desirable and accessible real estate.
