The sale of Denver7’s actual property has closed, two months after the Denver Metropolis Council rejected an effort to save lots of a part of the station’s constructing from the wrecking ball.
Developer Property Markets Group stated Friday that it had paid $35 million to purchase the irregularly formed 2.3-acre block at 123 Speer Blvd. from the tv station’s Cincinnati-based mother or father firm E.W. Scripps Co.
That works out to $348 a sq. foot. Dealer Jamie Roupp of JLL represented the vendor.
PMG, which says it has headquarters in New York and Miami, stated in a press release that it and Toronto-based Greybrook Realty Companions plan to construct “Society Denver,” a 600-unit condominium complicated that will even incorporate retail house. PMG’s Society initiatives, which have been in-built different cities, incorporate models leased on a conventional foundation, in addition to these leased “by the bed room,” a setup known as “co-living.”
PMG was beforehand concerned with the event of X Denver, a big condominium complicated in Union Station North that additionally options co-living. But it surely subsequently spun off that facet of its enterprise into The X Firm, a separate Chicago-based agency.
BusinessDen broke the information final November that Denver7 was working to promote its actual property.
Earlier this 12 months, three Denver residents requested the town to designate the constructing on the nook of Speer Boulevard and Lincoln Avenue — particularly its five-story octagonal portion — as a landmark, a standing that will have successfully prevented demolition. Denver7 and PMG opposed the hassle, and in Could the council voted unanimously to reject the landmark software.
Denver7 is leasing again the property for now, however plans to relocate elsewhere within the metropolis — “as near downtown as potential,” based on station Common Supervisor Dean Littleton.
“We’ve the time we’d like,” Littleton stated of the association.
Denver7, often known as KMGH and The Denver Channel, has been at 123 Speer Blvd. since 1969.