Everyone knows the Denver population is rapidly increasing and there's a clear need for housing. Will the Galilee Baptist Church on S Parker Road be the next site for large multifamily development?
On Wednesday night, the Denver Planning Board unanimously voted in favor of plans to rezone 1091 S. Parker Road and 7400 E. Mississippi Avenue from a single-family (S-SU-D) to a multi-family (S-MU-3/S-MU-5) zone.
The church is indicated to be under contract after being listed for sale by Tom Mathews of Pinnaclerea for $5,500,000. We assume a successful rezoning of the site and approval of building plans are the final pieces needed to close on the sale.
If approved, the developer will be permitted to construct a 5 story apartment building where the church currently stands and a 3 story apartment building on the church parking lot.
We think the development play makes sense considering the frontage along S Parker Road. Also, the development will compliment the existing multifamily complexes at Candlewyck Condominiums, Greentree Village Apartments and Advenir at Cherry Creek North next door and across the street.
Even though the planning board unanimously voted in favor of the development, many members of the adjacent neighborhood voiced concerns that additional apartments will decrease their property value and result in additional vehicles parking in their hidden neighborhood.
As the city continues to expand, we wont be surprised to see more church properties hit the market to accommodate high density residential development.