Apartment developers pay $20M for La Quinta Inn, Perkins site at I-25, Colorado Blvd. in Denver
The southwest corner of the Interstate 25/Colorado Boulevard interchange has sold ahead of expected redevelopment.
Forum Investment Group and Brookhaven Capital Partners, both Denver-based firms, announced last week they had purchased 2.4 acres at 1975 and 1995 S. Colorado Blvd., previously home to a La Quinta Inn and a free-standing Perkins restaurant.
The firms paid $20 million, according to public records. That works out to about $192 a square foot for the land.
BusinessDen reported earlier this year that a Brookhaven affiliate submitted plans for a nine-story, 370-unit apartment complex at the site in late March.
But the companies went back to the drawing board after that and submitted a second set of plans in June for a five-story, 300-unit complex, records show.
A news release from the firms last week confirmed they are moving forward with the five-story version. A Forum executive didn’t respond to a request for comment on the change.
The Perkins and hotel both closed shortly before the sale. There are three remaining Perkins restaurants in Colorado, in Longmont, Loveland and Colorado Springs, according to the company’s website.
The properties were sold by an entity affiliated with Texas-based CorePoint Lodging, which owns nine other Denver-area hotels, according to its website.
This is the first joint land acquisition involving Forum and Brookhaven. Brookhaven previously developed the UCHealth medical building at 100 Cook St. in Cherry Creek. Forum has developed a number of area apartment complexes.
This story was reported by our partner BusinessDen.
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