13 Acres In RiNo One Step Closer To Development
A partnership has taken another step toward developing an empty, 13-acre lot in RiNo’s Denargo Market.
Developers Golub & Co. and Formativ held a public meeting Tuesday to rezone the acreage into C-MX, which will allow office, retail, hospitality and residential. The partnership purchased the site in 2019 for $86M alongside its institutional capital partner. Golub & Co. is headquartered in Chicago, but has an office in Denver. Formativ is based in Denver.
The land the two companies will develop is between Arkins Court, 29th Street and Delgany Street. Denver-based Tryba Architects is also involved in the project, working on the master planning and entitlements.
Referring to the area as a “blank slate,” Golub & Co. Director Laura Newman said the idea is for this to be a master-planned project that will stitch together the neighborhood that has been created over the last 20 years.
Golub & Co. and Formativ plan to develop the acreage into a bustling, vibrant commercial, mixed-use area. Tryba Architects Managing Principal Bill Moon said that the area will also have connected green spaces, easy and inviting access to the river and high quality architecture.
In short, key elements to great placemaking.
The first step is community outreach and rezoning.
“We don’t know exactly what it will look like,” Newman said of the development plan. “There will likely be a component of great Class-A office, apartments, a very heavy component of ground-floor retail, river activation and a whole new road network.”
The development will be completed in phases over the next five to 10 years, Newman said. Ultimately, the development team envision the completed project will be a product of market demand, Golub & Co. Vice President of Acquisitions David Smith said.
For example, if an office user from another city wants to relocate to this site in Denver, they would accommodate them with abundant Class-A office space. Or, if the demand for more residential continues, they could do more residential development and less office. “We’re really just trying to build what’s right for the Denver market,” Smith said.
A thoughtful, community-inclusive development is crucial for this area of the neighborhood. Almost all of the multifamily buildings in the area lack ground-floor retail.
Though residents have some restaurant and bar options, there are many uses that are missing. Many of the buildings along Brighton Boulevard, including Post River North, The Dylan, Block 32 and even the Waterford and Amli Denargo Market close by, have no ground-floor retail.
That means that for the thousands of residents new to the area, the developers of these projects haven’t provided restaurants, bars, grocery options or anything else that benefits density in a neighborhood.
With this site, both Golub & Co. and Formativ have the opportunity to provide those retail options. “At the end of the day, we can build something that’s significant for the skyline of Denver,” Smith said.
Formativ and Golub & Co. are also partners at the RiNo World Trade Center project located at the 38th & Blake Street Station on RTD’s A-Line.