Hines Sells 1515 Wynkoop Property; Major Development Expected in Aurora
- Jun 23, 2011
One of the largest real estate transactions in the western United States this year was perfected for the building at 1515 Wynkoop in lower downtown Denver. The deal for the 306,701-sq. ft. building was made by American Realty Advisors, a Glendale, California-based real estate firm that bought the property from owner Hines. The price tag on the reportedly massive real estate deal was approximately $120 million according to The Denver Post.
The deal was brokered by CB Richard Ellis vice president Tim Swan who was quoted by The Post as saying that funds are available when it comes to prime real estate property such as the building at 1515 Wynkoop. This deal brings Denver’s roster of large real estate transactions conducted over the past few months to three, with deals for Granite Tower and 1800 Larimer bringing extremely substantial investments to the city’s central business district. The building was completed in 2009, is LEED Gold-certified and is 90 percent leased, including its ground retail level.
Also making headlines in real estate news is the recent approval by the Aurora City Council of a substantial incentive package meant to consolidate the development of a huge entertainment complex in the vicinity of Denver International Airport. The incentive package, which totals a hefty $300 million, would aid developer Gaylord Entertainment Co. from Nashville to get the proposed $800 million complex off the ground.
The Western-themed entertainment hub would provide 1,500 hotel rooms and up to 400,000 sq. ft. of conference space. The project would enjoy synergy with the relocation of the National Western Stock Show & Rodeo to a nearby facility, The Denver Post reports. The vote, however, only covered the construction of the facility and not the show’s repositioning. The end-product would be the largest hotel complex the area has to offer with the current “champ” being The Denver Sheraton with 1,231 rooms and 133,000 square feet of meeting space.