A Denver developer has purchased a site in Cap Hill where it plans an 18-story apartment building.
Trailbreak Partners paid $12.04 million last week for two parcels at the northeast corner of 8th Avenue and Lincoln Street, according to public records.
The combined site is 0.79 acres, making the deal worth $350 a square foot. Jake Malman of Malman Commercial Real Estate represented the buyer. Todd Snyder of NAI Shames Makovsky represented the seller.
Trailbreak submitted development plans for the site to the city in May, allowing it to be grandfathered in under previous regulations that don’t require the inclusion of income-restricted units.
The company said in a September press release that its project at 808 Lincoln St. will have 330 studios and one- and two-bedroom units, as well as 5,000 square feet of ground-floor commercial space. It will incorporate 324 parking spaces and feature amenities such as a rooftop terrace.
Trailbreak said it expects to break ground in late 2023, with completion in early 2026. Hord Coplan Macht is the project architect. ARCO/Murray Design Build will be the general contractor.
The development site is currently home to a retail building used by Lowdown Brewery + Kitchen and a handful of other tenants. Lowdown has not made any announcement regarding its plans, and no one answered the phone during business hours Monday.
Two large apartment complexes have been proposed just south of the site purchased by Trailbreak. Scenic Investments submitted plans in June for an 18-story project at the southeast corner of 8th and Lincoln. And the property just south of that was purchased by San Francisco-based Carmel Partners in September for $10.8 million.
Earlier this year, Trailbreak purchased Habitat for Humanity of Metro Denver’s former headquarters in the Highlands, where it has begun work on a three-story, 123-unit project. The company also recently completed the 281-unit Traverse Apartments near Lakewood’s Sheridan Station.
This story was reported by our partner BusinessDen.
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