An industrial strip on Denargo Street near the South Platte River looks destined to become a place for people to live, shop, eat and do other things humans do in a city.
Austin-based Cypress Real Estate Advisors wants elected officials to change what’s allowed to be built on two sites currently occupied by LoDo Self Storage at 3275 Denargo St. and AFTCO, a food processing company at 3315 Denargo St. The industrial land, which is becoming more and more out of place in an urbanizing area of Five Points, would be allowed to house a compact development of up to 12 stories.
The properties spread across four acres and sit in Ballpark and River North — the districts overlap here.
On Tuesday, the Denver City Council’s development committee advanced Cypress’s request to a vote of the full body. In March, council members will vote on whether the request matches adopted city plans for the area.
Few concrete plans for the development exist, said Eric McDaniel, an engineer with planning and design firm Kimley-Horn, which was hired by Cypress. But the developer envisions 355 apartments, McDaniel said. Ten percent would (voluntarily) be reserved for people making 80 percent or less of the area median income, or $52,000 a year, according to city documents.
About 70 percent of the ground-floor area will be reserved for “active use,” McDaniel said. In other words, commercial space.
No renderings are available but this development is the fifth phase of the massive Denargo Market project… if you care to speculate.
Cypress does not own the land. The developer is under contract with LoDo Self Storage and AFTCO, McDaniel told Denverite, and plans to close around the time of the City Council vote tentatively scheduled for March.