A brutalist office building along Lincoln Street that has only been used sporadically in recent years is about to be redeveloped.
Denver-based Gart Properties is under contract to sell the building at 1001 Lincoln St. to Chicago-based Laramar Group, both parties have confirmed.
Laramar wants to demolish the structure and build a 16-story apartment building with 207 units, according to a concept plan submitted to the city earlier this month. The project would have 209 parking spaces, some of which are underground.
“We are very excited about the central location of this site,” Chris Winchester, senior vice president of development, said in an email.
Winchester said the company, which has an office in Denver and owns a number of apartment complexes in the area, hopes to break ground in the first quarter of 2023. KTGY is the architect listed on the plans for the project.
The parcel at 1001 Lincoln St. is 0.53 acres and the existing office building is approximately 18,500 square feet, according to property records.
The Gart family bought it for $787,500 in 1992, records show. At that time, there was still a Gart Bros. store. Sporting Goods just behind the building in the Sports Castle building at 1000 Broadway. The channel was later purchased by Sports Authority, which closed in 2016.
Evan Gart, vice president of operations for Gart Properties, told BusinessDen that the Lincoln Street building has housed the headquarters of Gart Bros. for a certain time. It was also formerly known as The Cattlemen’s Building and housed the offices of Sullivan Hayes.
More recently, until about five years ago, it was a parole office, he said.
“We just did temporary leases in the meantime,” Gart said, citing John Hickenlooper’s Senate campaign office as an example.
Gart noted that his company once owned most of the block the building sits on, including the Sports Castle building and several lots to the north.
“The idea was to sell a large build to a developer,” he said. “But, eventually, it got a little too complicated for some of these developers.”
Instead, the pending sale to Laramar is the latest step in a three-part deal for Gart’s holdings on the block.
In mid-August, the company sold the land north of Sports Castle in August for $11.5 million to Austin-based apartment developer Cypress Real Estate Advisors. And later that month, Gart sold the Sports Castle building itself and a parking lot across the street for $6.5 million combined with a partnership led by Tom McLagan, executive chairman of Hyder Construction. , based in Denver.
Although the Sports Castle building is not a protected monument, Evan Gart said developers interested in the site agreed that the building should remain, as the Gart family had hoped. At the same time, the building being in the middle of the assembly posed a challenge.
“It limited their ability to do anything on that part of the block,” he said.
Gart’s other holdings include the downtown Denver Pavilion mall.