Monfort Cos. and Magnetic Capital have acquired a two-story building at 2100 Larimer St. for $2.9M.

The partners are planning to redevelop the property with a mix of retail and office space in Denver’s Ballpark neighborhood. Formerly the site of the El Charrito bar, Monfort and Magnetic will preserve the building’s historic character while repositioning it for new tenants. They are considering adding a third and fourth story. The project, designed by Chord Design Studio and 4240 Architecture, is expected to be completed during the second half of 2020.

“Denver is ready for a world-class Ballpark district, but it doesn’t happen overnight,” Monfort Director of Development Kenneth Monfort said in a statement. “We’re hopeful that this project will kick start additional investment in an area that’s well-positioned to engage and draw residents and visitors of all ages, day and night, 365 days a year.”

Founded in 2011, Monfort Cos. has worked to create local gathering places in underserved rural markets, spurring economic growth by creating jobs and sales tax revenue. In December, the company and Summit CVG acquired the Lodo’s Bar and Grill portfolio, which includes a location adjacent to Coors Field.

Denver-based Magnetic Capital invests in urban infill properties with adaptive reuse or redevelopment potential in both dense and up-and-coming neighborhoods. The company viewed the 2100 Larimer acquisition as an opportunity to contribute to the Ballpark neighborhood’s continued growth.

“This project is a strong fit for Magnetic Capital because we believe in Monfort Companies’ vision for a dedicated and economically strong Ballpark district,” Magnetic Managing Principal Daniel Huml said. “By creating new opportunities for retail and office space at 2100 Larimer St., we’re confident we can further define the character and influence of the future of one of Denver’s most important entertainment districts.”