Mortenson pays $4 million for parking lot south of Mile High with plans for apartment complex – The Denver Post

A car park south of Mile High Stadium has been sold and an apartment development is planned.

Minneapolis-based Mortenson, a major general contractor who also does development work locally, purchased the 0.9-acre lot at 2506 W. Colfax Ave. in recent days for $3.7 million, according to public records. The deal is $95 per square foot.

Mortenson, vice president of real estate development, Taber Sweet, told BusinessDen that the company plans to build an eight-story, 200-unit apartment building on the site. The site development plan submitted to the city provides for the integration of two parking levels into the structure.

“Our goal is to break ground the first week of February,” Sweet said, noting that it depends on the city plan review process.

This is one of two projects that Mortenson is developing locally. The other is along Walnut Street in RiNo, where the company plans to build an office building on land it bought for $4.9 million last December.

The land near Mile High has been sold by the Sun Valley EcoDistrict Trust, a nonprofit lead developer that aims to spur development that will benefit the neighborhood between I-25 and Federal Boulevard south of the stadium. The trust purchased the property from the Denver Housing Authority in 2020 for $2.15 million, records show.

The property is adjacent to the South Platte River. Just to the east are Meow Wolf, Raices Brewing Co. and the Steam on the Platte office building, which sold last year. Sweet noted that it is also located in a federally designated Opportunity Zone, which can make projects eligible for preferential tax treatment.

Just down from Colfax to the west, behind The Original Brooklyn’s sports bar, Atlanta-based developer Wood Partners paid $6.3 million in December for a 1.29-acre site where the company plans to build an apartment complex.

This story was reported by our partner BusinessDen.

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