The plan is to convert a former warehouse in the Baker area of Denver into a five-story residential complex with 435 apartments.
On Monday, Westside Investment Partners announced the sale of a 5.15 acre site at 50 S. Kalamath Street in Houston, Texas to the Camden Property Trust. The land was sold for $ 23.5 million, or about $ 105 per square foot, according to Andy Klein, founder and director of Westside.
The complex is also planned to house about 4,500 square feet of retail space and, according to city documents, 700 parking spaces in the garage.
The warehouse was empty for over five years. The Sports Directorate used it as a repository for decades before it was liquidated in 2016. As BusinessDen previously reported, the nearly 215,000 square foot warehouse was in the process of being demolished in September.
Camden said it plans to make 26 limited-income units, which will be two- and three-bedroom units. Westside still owns 1.5 acres across Kalamat Street, and Klein said the company plans to build more limited-income apartments there.
Westside acquired the former warehouse land and adjoining 1.5 acres in 2019 for $ 16.1 million. It is located half a mile north of the RTD Alameda light rail station.
Westside is involved in the development of the Loretto Heights campus – most recently sold 25 acres of that land for $ 14 million to build homes – and is involved in other projects on campus.
Westside is also trying to build on the 155-acre site of the former Park Hill Golf Club, which is causing controversy among local groups who want to keep it as open space and those who want the area to develop.