- East West Partners buys site near Union Station.
- Its partner is Starwood.
- A 20-story building could be built on the land.
East West Partners today announced it paid $10 million for an acre site that is the final parcel for the Denver Union Station redevelopment project.
The Colorado-based real estate developer and the master developers of Union Station, with Denver-based Continuum Partners, bought what is known as the B Block in a partnership with -EWP Holdings I,LLC, a controlled affiliate of Starwood Capital Group.
The B Block, at 17th and Wewatta streets, is the last of the five-parcel purchase agreement the development team made with the Regional Transportation District as part of their commitment as master developers of Denver Union Station.
“Purchasing this final B Block parcel is an example of how East West Partners is continuing to perform on its commitment as master developers of Denver Union Station,” said Mark Smith, principal at East West Partners
“We’ve been proud to be a part of the renaissance of this area of downtown for years and are excited to be bringing another project to life in Denver’s hottest neighborhood,” Smith added.
The B Block parcel is approximately one acre, with a maximum building height of 200 feet, or approximately 20 stories. East West Partners has not determined what it will develop on the parcel, but is considering hotel, office and residential options.
.The B Block Acquisition brings the total investment by East West Partners and Continuum to $27 million.
The previous four land acquisitions have gone on to become the IMA Building, Antero Resources Building, Triangle Building (currently under construction), Platform (currently under construction) and a planned mixed-use project.
The partners said the $27 million in “local funds” provided an important part of the overall transit projects financing plan, enabling RTD to invest in meaningful public improvements, including Wewatta Plaza, the 17th Street Promenade Gardens, the plazas fronting the historic Union Station Building and some of the restoration work on the building itself.
“This is yet another important step forward in the Union Station project timeline, and another reflection of the excellent working partnership we have with East West Partners,” said Phillip A. Washington, RTD CEO and General Manager.
“Everyone is fulfilling their obligations and commitments, which is critical to making a project of this complexity come to fruition.”
Interested in buying a home in downtown? Please visit COhomefinder.com.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.