A combined hotel and apartment complex project is being proposed for construction in Denver’s popular River North Art District in a neighborhood dominated by warehouses and garages.
Belonging to the OliverBuchanan Group, the project will be built on some 7 acres on a site in the 1600 to 1700 block of East 40th Avenue, and will likely be built in two phases.
The site was formerly the home to the Denver Rock Drill Manufacturing Company, for years a premiere producer of pneumatic drills, including the industry-popular Waugh, a durable and heavy water-flushed drafting drill. The factory discontinued its operations in the mid-1980s.
As proposed, the site will see the construction of 2 nine-story buildings with anywhere from 164 to 181 units in either structure. The structure will also house both retail and dwelling space.
Concept plans for what could be an estimated $500 million project have already been submitted to the City of Denver.
The OliverBuchanan Group’s partner for the project is the Sentral company, which has offices in Denver and will operate the development. Launched in the summer of 2021, Sentral currently manages over $2 billion in Class A properties.
Based in Denver, the OliverBuchanan Group specializes in mixed-use real estate development.
Last month the two companies announced a formal partnership that will combine their efforts on projects in Austin, Dallas, Nashville, and Phoenix, among other cities.
By Garry Boulard
