A new apartment complex in Uptown, cited as an example of a “win-win” between conservation and development interests, has changed hands.
Chicago-based AMLI Residential purchased the 316-unit complex at 1633 N. Pearl St. in Denver for $181 million last week, according to public records.
Formerly known as Bespoke Uptown, the campus is now renamed AMLI in Uptown. The deal, which did not include the project’s retail space, works out to $572,584 per unit.
The complex, which tops 10 stories, was developed by Nashville-based Southern Land Company and opened in January. It spans the entire west side of the 1600 block of Pearl Street.
The property was previously home to a large mid-block parking lot, with a small apartment building and Tavern Uptown restaurant building to the south and an adjacent commercial building to the north.
Southern Land purchased the site for $11.5 million in 2015, records show, from Denver-based Tavern Hospitality Group, which operates the Tavern chain.
Southern Lands originally planned to demolish the Tavern building. But neighbors pushed against the idea.
Annie Lewinsky, executive director of Historic Denver, later wrote that the conservation-minded nonprofit approached Southern Lands with a possible solution: “Take the development intensity back to the 17th, but by allowing changes in the permit.” Adjust the same number of units. Making the envelope.”
“This will save the beloved corner building, give Southern Land the ability to develop a project with the same number of units as originally envisioned, and ensure that Historic 17th Avenue retains its heritage and identity. is,” Lewinsky wrote in the Colorado Real Estate Journal. “Southern Land took this idea a step further, creatively stipulating that it could maintain the same height as previously proposed, but accommodate more units through a zoning change that allowed for eight to 10 units.” Changed the number of floor plates.”
Denver City Council approved the zoning change in 2016. The project has been cited as an example of a “win-win” solution in recent historical debates, including this year’s one on the Denver 7 building at 123 Spear Blvd.
Southern Land renovated the Tavern building and adjacent structure as part of the development. The company sold that location back in the spring to Tavern Hospitality for $3.62 million, records show.
The Uptown project was the second of the Southern Lands in Denver. The first was the 302-unit Centric Lohi, which sold for $130.75 million in 2018.
Southern Land has also developed the Rev Boulder project. It sold the apartments and retail components of that project to Virtu Investments in February. Last month, Google bought the project’s office space.
AMLI, meanwhile, owns several apartment complexes in the Denver area. Earlier this year, the company submitted city development plans for a 16-story project at the northwest corner of the Golden Triangle of 8th Avenue and Broadway.