Capstone Companies has closed the sale of 1390 Decatur St to Atlanta-based developer Wood Partners for a sale price of $6,250,000. Travis Hodge and Tony Bobay of the Capstone Land Team represented the Seller in the transaction. The deal also includes a portion of the adjacent property at 2644 W Colfax Ave but does not include The Original Brooklyn’s restaurant building. At a combined 56,044 sq ft, the land price comes to $111/sq ft setting a new highwater mark for land in the Sun Valley neighborhood, often dubbed “The Next RiNo.”
Wood Partners plans to develop a 216-unit multifamily community on the site. Of particular interest to Wood Partners was the ability to acquire one of the few remaining parcels of privately-owned land near Empower Field at Mile High. Most of the land surrounding the stadium is controlled by the Metropolitan Football Stadium District which has stated an interest in only leasing land for future development.
“With proximity to Broncos Stadium and the new Meow Wolf, this property is centrally located in an area that is quickly becoming one of Denver’s premier live/work/play destinations,” said Walter Armer, Managing Director at Wood Partners. “Kudos to Capstone for navigating the negotiation process and complexities of the deal.”
The Original Brooklyn’s restaurant currently occupies the northern portion of 2644 W Colfax Ave. Allowing the Seller to retain the Brooklyn’s building and continue restaurant operations was of utmost importance in the transaction. The restaurant, which now sits on 15,013 sq ft of land within the beautiful J. Solf Building built in 1896, will continue to operate in essentially the same manner as it has for the past 50 years.
Due to the potentially sensitive nature of redeveloping a property associated with such powerful community and historical value, the Seller engaged the Capstone Land Team to run a quiet marketing process with just a select handful of highly qualified developers.
“Brooklyn’s is a neighborhood staple and Bronco-country tradition that we felt was important to preserve going forward,” said Dave Keefe, owner of The Original Brooklyn’s. “Thanks to the creative problem-solving abilities of the Capstone Land Team, we were able to work out a long-term shared parking solution that allows us to continue operating Brooklyn’s and gives me the ability pass this legacy asset on to my children in the future.”
About Capstone:
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-housing investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-housing-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
