Highlights:
Southern Land Co. plans Uptown apartment community.
Southern Land project would have 8 store and 315 units.
Historic preservationists would like to save a building on the site that Southern Land purchased.
Historic Denver would like to save this building on an Uptown site where Southern Land Co. plans an apartment community.
A 315-unit apartment community with eight stories is planned on a rare large site in Uptown, at the edge of downtown, officials publicly confirmed on Wednesday afternoon.
The mixed-use development will be a joint venture between Southern Land Co. of Nashville, and GTIS Partners LP, based in New York City.
Records show that Southern Land paid $11.5 million for the 62,684-square-foot site at 1601-1665 Pearl Street and 520-538 E. 17th Ave.
That equates to $183.45 per square foot, believed to be one of the highest, if not the highest price, ever paid for land in Uptown.
The site is six blocks from downtown Denver.
According to records, the 1.5-acre site includes a number of brick buildings that were respectively, built in 1885, 1925 and 1928.
One of the building houses the Tavern Uptown, which historic preservationists would like to save. THG, the owner of the Tavern restaurants and bars, was the seller and plans to incorporate a bigger Tavern restaurant on the site.
Last week, an executive from Southern Land Co. said plans called for demolishing all the buildings on the site.
Historic Denver, on Wednesday posted this missive: “A new development has been proposed for the Uptown neighborhood, which may involve the demolition of a significant historic building. Here at Historic Denver, we think the preservation and incorporation of this c.1895 building could be a great aspect of the new development, helping it to fit in with the surrounding neighborhood by preserving the historic character of 17th (Avenue.)”
Tim Downey, CEO of Southern Land Co., is thrilled with the site, which is not only close to downtown, but the hospital district in Uptown.
“We are delighted to have the opportunity to develop much-needed apartment housing in Denver while enabling a popular neighborhood gathering spot to continue to thrive and serve its loyal customers,” Downey said.
“This location offers the ideal setting to benefit the community, businesses and residents alike.” Downey said.
Added Ken Howell, chief financial officer of Southern Land: “We couldn’t be more pleased with the site’s proximity to downtown jobs and its easy access to Uptown’s amenities and parks.”
Southern Land Co. succeeded in purchasing the property, while many others had failed.
“Over the years, we’ve been approached by various developers who wanted to purchase our property,” said THG owner and CEO Frank Schultz, who founded his bar and restaurant company in 1997.
“We’ve always declined because we have a history in Uptown and could never imagine leaving the neighborhood,” Schultz continued.
“Tavern Uptown was our first location..The birthplace of Tavern, so it’s pretty sentimental to us.”
“We feel we’re part of the fabric of the community and have grown with the neighborhood,” he continued.
“Our regular guests have been coming for years and are family to us. Southern Land Co. recognized our steadfast stance of keeping Tavern Uptown in our same location,” Schultz said. “They proposed a plan, which includes Tavern Uptown in the redesign of their new multifamily building. This is a really exciting opportunity for us to keep Tavern Uptown in the community, yet create a bigger and better version.”
The Tavern Uptown will close for rebuilding early next year.
“The project will enable us to deliver highly sought-after rental residences in a market that continues to strengthen,” said Ed McDowell, a managing director at GTIS Partners.
“Driven by its diverse local economy which has led to substantial economic and demographic growth, Denver continues to be one of the nation’s top-performing multifamily markets,” he added.
Uptown site is the second Denver acquisition for Southern Land Co
The company bought the former Mile High United Way site in 2013 and is building a mixed-use building containing 302 apartments and 9,300 square feet of retail at 18th and Central in the LoHi neighborhood
A third development with 242 apartment units and 115,000 square feet of retail/office space in Boulder’s Pearl District is also in planning phase.
Interested in buying a home in Uptown? Please visit COhomefinder.com.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.
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