Development Finally Underway at Former University Hospital

By Alex Girda, Associate Editor The University of Colorado Hospital campus site has been awaiting redevelopment for a full decade now, and The Denver Post reports that the waiting has paid off with Sembler Co’s purchase of the 28-acre property in [...]

The University of Colorado Hospital campus site has been awaiting redevelopment for a full decade now, and The Denver Post reports that the waiting has paid off with Sembler Co’s purchase of the 28-acre property in April. The Florida-based developer expects the project to take about three years. Sembler bought for $34.8 million property from Shea Properties after the former owner failed to hold up its end of the contract with the university.

The new developer will begin on-site work on the redevelopment next April. The plan will create 500 residences and around 350,000 square feet of retail space. The project, which at the time of its completion will have spent approximately $180 million, will be ready to open May 2014.

The latest deals closed in Denver indicate that activity has not diminished on account of the vacation season. The Denver Business Journal reports that a multifamily property at 8405 E. Hampden Ave. traded hands for $22.75 million. The two story complex will continue to be managed by Apartment Investment and Management Co. (AIMCO). The property—which dates back to 1974—was previously owned by Apt Lodge which purchased the apartment community in 1982.

Another multifamily property also entered new ownership when Aukum Management LLC bought the Foothills Apartment Homes in Englewood for $15.65 million. The seller was California-based Apartment Realty Advisors. The 217-unit complex’s occupancy rate stood at an enticing 95 percent at the time of the transaction, according to DBJ. Another notable transaction was for the building that houses Office Depot’s Colorado Mills branch. The value of the trade was $14 million. The new owner is Cole MT Lakewood CO LLC, a Phoenix-based company that acquired Office Depot’s home from Richey Family Partners.