Big changes could lie ahead for the site where Security Service Federal Credit Union sits along Denver's South Broadway corridor.
Holland Partner Group is under contract to buy the 2.4-acre lot at the northwest corner of South Broadway and West Bayaud Avenue. The Washington-based development firm wants to build upward of 160 residential units on the site as well as retail and parking space, according to the Baker Historic Neighborhood Association.
Holland Partner Group is one of the partners behind the roughly 200-unit Union Denver apartment complex where Whole Foods Market is planning to open its first downtown Denver location this fall. A representative of the company said, "it’s a little early for us (to talk about) as we don’t even have a design yet."
Security Service Federal Credit Union took over 99 S. Broadway after buying out Denver-based New Horizons Community Credit Union in 2007. The property was last purchased in 2003 for $4.5 million and has been owned by banks or credit unions since at least the early 90s, according to city records.
The parking lot for the credit union building ends up serving as overflow free parking for South Broadway businesses, particularly on Friday and Saturday nights.
It's unclear if Security Service would retain a presence on the site if it's redeveloped.
“The Security Service Federal Credit Union Broadway location is considered prime real estate and has been highly sought after by developers over the past few years," the San Antonio-headquartered company said in a statement. "While the site is currently under contract to a qualified developer, with a strong track record, a sale is still not imminent. Any future redevelopment plans would be subject to the review and necessary approvals from the city of Denver."
Several new projects are planned near the SSFCU site. North of the project, Zocalo Community Development wants to start work this year on 106 apartments in the former home of the El Diablo restaurant at 101 Broadway. Just south of the SSFCU site, in the former Kitty's South building, Archetype Distillery is expected to open this fall.
Holland Partner Group has floated the idea of rezoning 99 S. Broadway past members of the Baker Historic Neighborhood Association. The company reportedly wants to build five-story buildings on the site — up from the existing three-story cap. The rezoning would allow the company to build as many as 250-270 units, according to the association.
Holland Partner Groups has not officially filed a rezoning application, according to the city, but if and when it does, getting the neighborhood association's support could help in getting final approval from the city.
The Baker Historic Neighborhood Association has not decided what position it will take on Holland Partner Group's proposal, said Steve Harley, chair of the organization's zoning committee.
"It’s crucial to understand that three-story development is what the lot is currently zoned for and something will happen along those lines whether the neighborhood has any involvement in the redesign process or not," Harley said.
But the neighborhood will have to feel it'll be gaining something if it supports raising the height cap for the property, he said.
Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
Subscribe to Denverite’s newsletter here.
