Zuni site Main and Main in LoHi

Zuni
Parcels along Zuni Street are “Main and Main” in LoHi. Photo credit: JLL

Zuni Street is the north-south artery running through the heart of LoHi.

Next week, investors will have the opportunity to bid on a rare find along Zuni Street – just shy of an acre at Zuni and West 31st Avenue, a block south of the main east-west corridor through Lower Highland, one of Denver’s hottest infill neighborhoods.

“On Dec. 19 there is a call for offer” for the Zuni site, said Craig Kalman, a multifamily broker who is listing the 0.99-acre site with his JLL partner, Travis Hodge.

“In early or late January, we probably will have another round” before the winning bid is selected, Kalman added.

The site, with a total of 43,283 square feet, has generated a lot of interest.

Zuni

Craig Kalman

“We probably have given 20 tours and have sent out a ton of brochures,” Kalman said.

Interest for the Zuni site has come from a number of local apartment and condominium developers, as well as from out-of-state developers, he said.

“A lot of your local players have been interested in it,” Kalman said.

“We also have received a lot of interest from national multifamily guys who traditionally build much bigger projects but are considering this site because it is such an irreplaceable location,” he said. “This really is Main and Main in LoHi.”

He thinks it is the largest developable site left in LoHi. “It certainly is one of the largest,” he said.

He noted that Corum is developing a 100-unit apartment building on a nearby lot, which is on a slightly smaller parcel, and ARA is listing a parcel of property in the neighborhood that also is smaller than the Zuni site.

The Zuni site is zoned GMX-3, which would allow a three-story building, or 45 feet of height.

The site, which includes three separate properties, two of them fronting Zuni Street, is owned by the state of Colorado. The Department of Agriculture is occupying two two-story building constructed in 1974 on the Zuni side of the property.

“They are moving to the department’s headquarters in Broomfield in either late 2018 or early 2019,” Kalman said. “That is why they are selling it.”

He said everyone who has looked at it has agreed on one thing: The buildings, one with 18,656 sf and the other with 2,988 sf, are going to be scraped.

Zuni

An aerial views shows how close the Zuni site is to downtown.

“It is just such an incredible site for an apartment or condo building,” Kalman said.

“It is a very walkable area,” he added. Its Walk Score is 81.

Zuni

Travis Hodge

The Zuni site is an easy stroll to a number of restaurants and destinations, including Core Power Yoga, Little Man Ice Cream, Zuni Street Brewery, Avanti, Señor Bear and Highland Tap and Burger.

Two of the parcels along Zuni Street are adjacent to each other and the third parcel is across the alley, fronting on Wyandot Street.

“I wouldn’t be surprised if row homes or townhomes are built on that site,” he said. “There have been new townhomes in the neighborhood that have sold for more than $1 million.”

However, he doesn’t think the parcels will be taken down by two buyers.

“I think it is going to be sold to one developer,” Kalman said.

 

If you scratch the surface of just about any deal, there is a story behind it. The Rebchook Real Estate Corner looks at the what and who that make the Colorado commercial real estate industry spin every Tuesday and Thursday online at CREJ.com. The people behind the deals are passionate about what they do, whether they focus on offices, apartments, industrial, retail, land or lending. They also are passionate about their clients. Given the cyclical nature of commercial real estate, those who prosper in it have plenty of stories to tell. I hope to share them with you. 

This column includes news stories, in-depth looks at deals, profiles, Q&As and pieces on the latest trends. Contact John with story tips at JRCHOOK@gmail.com or 303-945-6865.

John Rebchook has been taking the pulse of the Denver-area and Colorado commercial real estate world for almost 35 years. He joined the editorial staff of CREJ in 2011. Prior to that, he was the Real Estate Editor of the Rocky Mountain News from 1983 until it closed in 2009.