LoDo Self Storage Redevelopment Site

3275 & 3315 Denargo Street Denver, CO 80216

FOR SALE
Property Type:
Multifamily Land
Amount:
$24,000,000
Last Verified:
2020-10-21 00:59:06 UTC

Highlights

  • Rare large redevelopment parcel in Downtown Denver/RiNo Art District
  • Adjacent to proposed 13-acre master planned mixed-use development site aimed to activate pedestrian connectivity to the South Platte River along Denargo Street and Arkins Court
  • Potential project density of 600+ units upon successful rezone
  • Pricing represents significant discount compared to similarly sized parcels that have been successfully rezoned

Description

The Seller is offering an investor/developer the opportunity to purchase the fee simple interest in 3275 Denargo Street and 3315 Denargo Street, two adjacent redevelopment properties totaling 3.82 acres (166,598 sq. ft.) in the River North (“RiNo”) Art District submarket of downtown Denver. Below is a brief description of each property:

3275 Denargo Street – 3275 Denargo Street is a 2.88 acre (125,453 sq. ft.) parcel currently owned by Lodo Self Storage, LLC and operated as a Class A climate controlled self-storage facility. The property includes a main building and outbuildings which together total 62,051 net rentable sq. ft. The improvements consist of 602 storage units and approximately 2,000 sq. ft. of office and retail customer space. The former warehouse building was originally constructed in 1969 and repositioned into a climate controlled self-storage facility in 1997.

3315 Denargo Street – 3315 Denargo Street is a traditional office/warehouse building owned by AFTCO 3315, LLC. The concrete block masonry building, which totals 32,713 rentable sq. ft., sits on a 0.94 acre (41,154 sq. ft.) parcel. The building was originally constructed in 1981 and was formerly owned and occupied by Kroeger’s who used the building as a refrigerated food distribution facility. The building features eight (8) dock high doors, approximately 24’ clear height and 30’ x 40’ column spacing. There is a small mezzanine area of approximately 1,000 sq. ft. in the NE corner of the building above the main entrance. The property is currently vacant, but sets up well to be leased to a single warehouse or distribution user with minimal tenant improvements.

Both properties are zoned I-B, OU2 (General Industrial) by the City of Denver. However, the properties are also located in RiNo’s Design Overlay district which guides the properties for high-density, mixed-use rezoning, specifically promoting higher density for projects with significant affordable housing compenants. This density focused Design Overlay district, combined with the property’s incredible location in Denver’s trendy and highly desirable submarket of RiNo, offer an investor/developer the rare opportunity to acquire a sizeable assemblage of high-density guided land from a single owner.

River North Art District, nicknamed "RiNo" is a trendy former warehouse district north of Denver's lower downtown and Coors Field. The former railyard and industrial hub features converted warehouse eateries, concert venues, food halls, brewpubs and art galleries.

Lot Size: 3.82 acres

Map of 3275 & 3315 Denargo Street, Denver, CO, 80216

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.