10-18-2013 08:54 PM

Pauls Corp. set to break ground on Golden Triangle apartments


The Pauls Corp.'s 21 Fitzsimons at Anschutz Medical Campus.




The Pauls Corp. will build downtown Denver’s newest apartment building in the Golden Triangle area at Eighth Avenue and Broadway, the company confirmed and city records show.
The planned seven-story apartment complex, which will stretch from Broadway to the southwest corner of Eighth and Lincoln Street, where a 7-Eleven store operated for years.
Plans filed with the City of Denver call for 200 apartments in a 174,000-square-foot complex, with ground-floor retail.
Pauls Corp., doing business as Golden Triangle Investments, bought the Broadway parcel (828 Broadway) between the Fainting Goat Pub and the BBVA Compass Bank for $5 million from Robinson Brothers Investments, Denver assessor property records show.
The company bought the 7-Eleven building and land, 801 Lincoln St., for $5 million dba Golden Triangle Partners LLC. The old 7-Eleven building will be razed.
Andrew Sturno, director of Pauls’ leasing and investments, said plans call for “high-end contemporary finishes and concierge like service; quartz counter tops and oversized windows with a pool, spa, wellness center, fire pit and third-floor outdoor common area/patio.”
The company is close to breaking ground on a Cherry Creek North office development called 100 St. Paul.
In the new multifamily development — designed by Denver architecture firm Kephart — the apartments will be over two levels of parking. About 4,400 square feet of retail space will line 8th and Lincoln, Sturno said.
The company expects to break ground in the next month.
In other Pauls Corp. news:
• The company sold the United Natural Foods distribution center, 17901 E. 40th Ave., Denver, to Industrial Income Trust, a private Denver-based industrial real estate investment trust (REIT). The Colorado Real Estate Journal reported the sales price at $46.35 million.
• CBRE Group Inc.’s Jim Bolt, who marketed the 553,757 square foot warehouse, told me it was the biggest industrial deal he’s brokered in 20 years.
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the "Real Deals" blog. Phone: 303-803-9232.


Continue Reading >>