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Monday, January 24, 2022

Geller receives $27M to site planned downtown Denver office tower

A Chicago-based developer planning a new 30-story office tower downtown has bought land—and another impressive comeback—by parking lot Baron Buzz Geller.

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Courtesy of JLL

A rendering of the 30-story office tower planned for 1901 Arapahoe St.

Riverside Investment and Development, which has developed three 50-story-plus office towers in the Windy City, on Wednesday purchased a 1.26-acre parking lot along 19th Street between Arapahoe and Lawrence Streets.

According to Paradise Land Company seller Buzz Geller, the price was $27.2 million, which equates to $495 per square foot.

“It’s under contract for two years, because one of the two years we had to put the whole thing on hold because of COVID,” Geller said.

City property records give the site an address of 1901 Arapahoe St., but Riverside is calling its planned project 1900 Lawrence.

The property is across the street from the former Greyhound station, which is being demolished and where two 40-story towers have been proposed.

According to public records, Geller, who still owns the other parking lot, purchased the 19th Street lot in 1998. They paid just under $3.2 million, or $58 per square foot.

That’s an increase of 857 percent over 23 years, which doesn’t account for revenue from parked cars over the years and expenses like property taxes.

Riverside did not respond to a request for comment on Thursday.

The company submitted its initial development proposal for the site in January 2020. In August, Riverside announced that it would develop the project with Chicago-based Convexity Properties, as it did on its 50-story 320 canal building in Chicago.

Riverside said in August that it expected to break ground on the 700,000-square-foot building in the first quarter of 2022, and could be ready for tenants in the first quarter of 2024. JLL brokers Jamie Ropp, Michael Crane, Julie Rhodes and Maddie Stevenson are marketing the office space.

Geller said the deal shows that despite the pandemic, people still believe in the city.

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