Adams not part of West Highland development

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Highlights:

  • Developer Nathan Adams was going to buy site in West Highland.
  • Adams never bought the property.
  • Neighbors are rallying to save the home at 29th and Zenobia.
Adams Development at one point was going to buy this house at 5115 W. 29th Ave.

Adams Development at one point was going to buy this house at 5115 W. 29th Ave. Photo credit: John Koliopoulos Photography.

Developer Nathan Adams at one point was going to buy and develop a site in West Highland that on Tuesday will be the subject of a Landmark Preservation Commission hearing.

However, Adams, owner of Adams Development, who is involved in a separate historic designation battle in Jefferson Park, does not and never had any ownership or investment stake in the home and property 5115 W. 29th Ave., which includes what is known as the Lambourn house.

If the Landmark Preservation Commission recommends a historic designation for the Denver Square-style home, built in 1918, it will got to the Denver City Council for a public hearing and a final decision.

The commission hearing starts at 1 p.m. in room #4.f.6 in the Wellington E. Webb Building, 201 W. Colfax Ave.

Dozens of neighbors are rallying to save the home, although its owner, a limited liability company owned by Carter Design Builders, opposes the historic designation.

Another view of the home at 5115 W. 29th Ave.. On Tuesday, the Landmark Preservation Commission will consider a historic designation for what is known as the Lambourn home.

Another view of the home at 5115 W. 29th Ave.. On Tuesday, the Landmark Preservation Commission will consider a historic designation for what is known as the Lambourn home.

Initially, Adams was going to buy the home and property for $850,000. His plan was to raze the home and build 13 to 16 for-sale townhomes on the site.

He even created 5115 Developers LLC to buy the property on a hill at West 29th Avenue and Zenobia St.

Before he bought it, Adams said he was approached by Brad Teets from Carter Design Builders, who said he was looking for something to buy. Teets has done some general contracting work for Adams in the past. (Teets has not returned calls from Denver Real Estate Watch).

“I told Brad that we were spread pretty thin, so why don’t you take this off our hands,” Adams said on Saturday morning. That included using the limited liability company he created to be the owner of record.

He said he might have considered investing in the deal if Carter Design Builders was planning for-sale units on the site.

“When he told us he was planning an apartment building, that took us out of the mix,” Adams said.

Neighbors are seeking a historic designation for this home which sits on a hilltop at 29th and Zenobia, in West Highland.

Neighbors are seeking a historic designation for this home which sits on a hilltop at 29th and Zenobia, in West Highland.

The land is zoned U-MX-3, which allows for three-story buildings, including apartments.

Teets used the 5515 Developers LLC to buy the property in May 2014 from 5115 Sheridan Trust, according to public records.

A day before the sale, 5115 Sheridan Trust had bought the property for $650,000 from its long-time owner, Steve Perkins, according to public records.

Later, Teets decided that he no longer wanted to develop the site.

The brokerage arm of Adams Development listed the property and found another developer willing to pay $1.3 million, Adams said.

That developer planned to build townhomes on the 0.3-acre site.

“We had a zero financial stake in that transaction other than the brokerage commissions we would be paid for putting the deal together,” Adams said.

That sale, however, fell apart.

“We did find a buyer, but when the neighbors started the hostile historic designation process, he wanted nothing to do with it,” Adams said. Adams and other developers consider a hostile designation anytime neighbors seek a historic designation without the consent of the owner. Some neighbors feel that is an unfair label, if their intent is to save a grand, old home and not to stop development.

A map shows where the West Highland home is that neighbors want to save. The developer/owner has filed a preliminary plan for 38 apartment units on the site.

A map shows where the West Highland home is that neighbors want to save. The developer/owner has filed a preliminary plan for 38 apartment units on the site.

In this case, the planning staff has recommended the Landmark Preservation recommend a historic designation.

Adams said that if the historic designation is granted, he said the best chance Teets may have of recouping his money is by renting the home to something like a half-way house, which he doesn’t think the neighborhood will like.

Separately, for more than a year, Adams has been trying to buy a Queen Anne-style home and the surrounding parcel in Jefferson Park, in a highly publicized deal that has sparked controversy. City Council will consider historic designation for that home at Nov. 16. It has resulted in  an ongoing debate between historic preservationists and property right advocates.

Interested in buying a home in West Highland? Please visit COhomefinder.com.

Interested in buying a home in Jefferson Park? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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