A development site in Lincoln Park has traded for double what it fetched two years ago.
Jeff Shanahan, a local income-restricted housing developer, sold his 1530 W. 13th Ave. property earlier this month for $12.5 million to Atel Street LLC, according to public records. He had planned to build nearly 200 apartments on the 1.4-acre site.
The deal works out to $205 a square foot for the land. No further publicly available information could be found on the buyer, which is a business filed in Delaware.
Shanahan bought the property for $5.75 million in March 2023. He did not respond to multiple requests for comment. The city, which loaned $5.6 million with a 1 percent interest rate to finance that transaction, said that the property will still eventually become income-restricted housing, despite the sale.
“The city placed a covenant on this land so that it is set aside for affordable housing. That remains in place with the new buyer,” said Josh Rosenblum, a spokesman for Denver’s finance department.
The site is currently home to 24,000 square feet of building space across a two-story office building and a large industrial structure stretching along Quivas Street.
The property sits in a largely industrial area about a half mile from RTD’s 10th & Osage rail station, across the street from a five-story office building completed several years ago by printing services provider All Copy Products. To the west is Interstate 25, Meow Wolf and Mile High Stadium.
The logos of two nonprofits that provide mental and behavioral health services to children adorn the office building.
The first is Savio, which sold the building to Shanahan in 2023. Reached by phone Friday, a staff member told BusinessDen that the organization had moved out “after COVID” and was no longer inside.
The other group is the Denver Area Youth Services, whose CEO told BusinessDen it moved out in 2021.
There is at least one active nonprofit onsite, though.
The Colorado Village Collaborative has been operating a “micro community” consisting of dozens of tents for homeless people on the property behind the office building. It will be moving those living and working there to a new location by springtime, when its lease expires, the nonprofit announced a week after the sale.
Despite the sale, Shanahan has been busy lately. In October, he purchased a half-acre RTD parking lot in Five Points to build 62 income-restricted condos there.
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