HM Capital looked upon Catholic Charities former headquarters in north Denver and said, let there be residential development.
And residential development got underway.
The Denver-based developer is in the process of converting the Catholic Charities building and parking lots in Sunnyside into Forty 45, a block-long project that includes townhomes, duplexes and commercial space. Most of the redevelopment is expected to be completed early next year.
HM Capital paid $6.25 million in September 2016 for the parcels it's developing.
"Catholic Charites was able to take the cash and capital from the sale of this building and open a new women's shelter, plus move most of their administrative offices to a new building, off of Smith Road," said Ben Maxwell, president of HM Capital.
Catholic Charities in the Archdiocese of Denver opened Samaritan House Women’s Shelter at 6240 E. Smith Road in northeast Denver earlier this year. The nonprofit plans to lease some space in its former headquarters at 4045 N. Pecos St.
HM is transforming the 44,181-square-foot, two-story building that formerly housed the Catholic Charities staff into office and retail suites. Shift Cycle + Fitness is expected to take one of the units on the first floor. On the second, there will be a coworking space and offices for Catholic Charities, HM Capital and Zaga Neighborhood Design. Leases will start at $18 per square foot, according to the development's website.
"We definitely want to bring more local services and local small businesses into that building," Maxwell said. "We just see it as the next step in the evolution of the neighborhood."
To the west, 33 townhomes are planned for the southeast corner of Quivas Street and West 41st Avenue. The three- and four-bedroom units would start out at about 1,600 square feet and $2,700 a month.
"There's a fairly good shortage of for-rent units that are not in a large apartment building," Maxwell said. "Our belief is there are a lot of people who have been living in apartments like that over the last couple of years that may want something with their own front door, their own garages and not so much shared amenities as their own indoor and outdoor spaces."
The townhomes still need to be OKed by city planners. HM hopes to break ground on the residences in early 2018.
Construction is already underway on six, for-sale duplexes at the northeast corner of Quivas Street and West 40th Avenue. The homes are anticipated to be sold in the $700,000 price range and completed in February.
Altogether, Forty 45 is expected to cost around $20 million. The development is just one of the projects transforming Sunnyside, where residents tend to be more racially diverse and less wealthy than the rest of the metro area.
Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
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