Today we bring our focus to the RiNo neighborhood where the owners of two industrial buildings have requested a zoning change to allow for a 16-story mixed-use development.
The property consist of two adjacent parcels.
1) 3275 Denargo, which features a 61,242 square foot building built in 1969 currently operating as LoDo Self Storage & Moving Center.
2) 3315 Denargo Street, which features a 32,713 square foot building built in 1981 currently functioning as an industrial warehouse.
Combined, the property consist of 93,955 square feet over 3.82 acres of land.
The site was purchased by Golub & Company for a reported $21.6 Million. Golub is an international real estate investment and development firm headquartered in Chicago.
Golub expanded their Colorado and Western US presence back in 2018 and have since acquired multiple development sites including the 12 acre site across the street that will be transformed into the Denargo Market.
Over the passed decade, this section of the City has slowly transitioned from an industrial hub to a residential hot spot desired by many young professionals due to the proximity to Downtown amenities.
The property is currently zoned I-B, UO-2, which is a general industrial district that allows general industrial uses with unlimited building height.
The Denver Planning Board recommended approval for the request to change the zoning to C-MX-16, DO-7, which allows for a wide range of residential and commercial uses up to 16 stories.
This comes after a previous zoning request to allow for 12 stories was denied by the city in 2020.
We're unsure if a 16-story tower will come to fruition at this site considering the adjacent communities are only 5-7 stories.
The proposed affordable housing agreement would commit at least 10% of the total units as income restricted for households earning 60% or less of the area median income. A minimum of 20% of the income restricted units would have two or more bedrooms. These units will remain restricted for a minimum of 99 years.
With the growing homeless encampment along Denargo St and Arkins Ct, we hope to see the affordable housing commitment higher than the proposed 10%.
Since this is such a high density residential area, we assume many nearby residents have taken up storage units within the Lodo Self Storage building.
With Lodo Storage closing to accommodate potentially hundreds of new residents, we expect nearby storage facilities such as Greenbox storage, 303 Self Storage and Near2Me self storage to see an influx of new business in the upcoming years.
Tryba Architects will be designing the project, we'll check back with updates once full renderings are released.