Zeppelin Developments buys 5.5-acre Ready Mixed site.
Zeppelin Development paid $7.3 million for land adjacent to TAXI.
The father-and-son development team now owns more than a million square feet at RiNo’s TAXI.
Zeppelin Development, the father-and-son team behind TAXI and the Source, will “push the envelope” by developing a 5,5-acre site it purchased for $7.3 million adjacent to its mixed-use TAXI development.
The seller of the site on Ringsby Court was Ready Mixed Concrete.
Zeppelin Development, whose principals are Mickey and Kyle Zeppelin, acquired the former-industrial site to continue the growth of TAXI.When completed, the site could include about 400,000 square feet of developments.
The 8-building TAXI is fully occupied.
TAXI includes 228,000 square feet of office and retail space and 92 residential units.
Plans for the Read Mixed site include affordable housing, retail and cultural uses along the Platte River The Zeppelins also plan updates of their signature workplaces at TAXI. on the recently acquired parcel.
With the acquisition, TAXI now spans the full distance between 31st Street and 38th Street along the South Platte River.
One of the benefits to the purchase is that vehicles traveling along Ringsby Court can move to the back of the site. That is significant because it frees up the entire Platte River frontage for use as a public plaza with building that open to the Platte River.
“With TAXI at full occupancy over the last few years, there have been more ideas for socially impactful projects than there are space to build them,” said Kyle Zeppelin, the son of Mickey.
“The immediate lease-up of Freight Residences, a new model for urban family housing, has confirmed the demand from diverse demographics, beyond millennials, who want to live in urban, well-designed and high-functioning spaces, surrounded by a community of like-minded people,” he continued.
“We’re looking forward to continuing to push the envelope with new models for urban development that build on TAXI’s success and to continue to address underserved areas of the market,” Zeppelin said.
The purchase of the Ready Mixed site brings Zeppelin Development’s total land holdings in RiNo to 25 acres. With the latest purchase, TAXI itself covers more than a million square feet of land.
Zeppelin Development has been a pioneer in RiNo, launching their first development in what was a gritty, industrial area more than 15 years ago.
Collegiate Peaks Bank, based in RiNo, provided a loan for the Ready Mixed site.
”The Zeppelins have been big supporters of Collegiate Peaks Bank and we’re thrilled to have the opportunity to provide acquisition financing for the Ready Mixed site,” said Liam Girard, the Denver regional president of the bank.
“TAXI has shown that the urban live-work model works,” Girard said. “The expansion will add more amenities and creative design to one of the most exciting neighborhoods in the country.”
Zeppelin Development has several mixed-use projects currently underway in RiNo.
They include a 20,000-square-foot expansion of the Source market hall and the new 100-room Source Hotel.
Another major project is Zeppelin Station, a 100,000-square-foot retail and creative office development at the commuter rail station at 38th and Blake Street that provides train service to the Denver International Airport.
Both the Source project and Zeppelin Station are scheduled to open in 2017.
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