Previously, the site was improved with a two story office building built in 1982.
Revesco Properties & Alpine Investments purchased the building in July 2021 for $4.75M which equates to a land value of $301 per square foot and a per developable unit value of $48k per unit.
This corridor is red hot with new development with the Parq on Speer Apartments next door, developed in 2019 and a 15-story multifamily project currently being developed directly across the street at 990 Bannock.
Denver based Oz Architecture designed the project. According to Oz, the project will "Utilize traditionally more rigid and heavier material, brick delicately drapes the building's mass while also being anchored by a transparent base, spine and top. An intricately patterned "veil" honors the design guidelines of the Golden Triangle neighborhood, while taking a new angle to the built form of the Arts District."
Development is expected to complete Q4 of 2024. We'll be sure to check back with any updates!