Denver Housing Authority’s office building in Capitol Hill has a new owner that will transform the building into modern office space after DHA relocates in the coming months.
An affiliate of Denver-based LCP Development LLC bought the six-story building at 777 Grant St. in Denver for $9 million. DHA will be relocating to a new building at 1035 Osage St. and will use proceeds of the sale to support its affordable-housing programs.
“We were attracted to the Grant property because of its distinctive modernist architecture and the opportunity to reposition the asset in a design aesthetic that does not currently exist in the Capitol Hill submarket,” said Jonathan Bush, LCP Development principal. “We also liked that the building was located in the middle of a vibrant and expanding dining and entertainment district, and that significant new housing was nearby or under construction.”
LCP Development is working with Blake Mourer of Open Studio Architecture on renovation plans for the 1972 building, which will offer 11,000-sf floor plates and 12-foot ceiling heights with floor-to-ceiling glass on the south and north sides. Windows on the east and west sides of the building will be expanded.
The renovation will commence soon after DHA vacates the building to move into its new headquarters in late second-quarter 2019, said Tim Schlichting, a partner in LCP Development. The renovation program will involve expanding the first level out to the property line to provide new retail/restaurant space that will better engage with pedestrian activity along Grant Street, he said.
“First-floor office amenities will include a large boardroom and conference facilities connected to an outdoor patio, along with a corporate living room that will provide a café area with high-top communal work tables as well as lounge areas with soft seating for small group collaboration. The layout and furnishings will provide a hospitality-like environment,” Schlichting said.
The 73,000-sf building will offer three parking spaces per 1,000 sf. NAI Shames Makovsky’s Todd Snyder and Darrin Revious will handle leasing of the office suites, and Cory Dulberg, also of NAI Shames Makovsky will market the ground-floor retail suites.
Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky, represented the Housing Authority of the city and county of Denver in the transaction. “We had quite a few interested parties,” said Fischer.
Snyder represented the buyer.
LCP Development is a privately held company that specializes in mixed-use infill development and redevelopment, and property management. Its current projects include Edgewater Public Market, a food hall with destination retail; Cherokee Flats, a 136-unit apartment building with ground-floor commercial at the Evans light-rail station; and 1616 South Broadway, a 40-unit condominium development with ground-floor commercial.
