The owner of a pair of older office buildings in Cherry Creek has asked the city to rezone the properties to make way for a residential project.
Travis McAfoos, who owns the three-story building at 3400 E. Bayaud Ave. and the one-story building at 121 S. Madison St., submitted a rezoning application earlier this year.
The properties are currently zoned C-MX-5. McAfoos is requesting the lots be rezoned G-RX-5. The current zoning is intended for areas served primarily by collector or arterial streets, while the requested zoning is intended for residentially dominated areas served by local or city streets, according to city documents. Both allow for up to five stories.
The lots are separated by an alley, and form an “L” shape with frontage on both Bayaud Avenue and Madison Street. The structures on them date to 1960 and 1978, per property records.
While no redevelopment plans have been submitted to the city for the lots, a website — 3400ebayaud.com — has been set up. It states the McAfoos and Denver-based Nava Real Estate Development want to build a five-story project that would have 150 residential units and 150 parking spaces.
The website highlights the fact that the lots back up to a city park.
“A stronger connection between the Cherry Creek East residents and two of Denver’s great public assets – Pulaski Park and Gates Tennis Center – will help to create a destination not only for residents, but also outdoor gathering spots that will be an amenity for the entire neighborhood to enjoy,” the website states.
McAfoos and Nava did not respond to requests for comment this week. The rezoning proposal is slated to go before Denver’s Planning Board next week, and will eventually need to be approved by the City Council.
McAfoos purchased the 0.65-acre Bayaud property in 2014 for $4.3 million, records show. He added the 0.29-acre Madison property last year for $3.9 million.
McAfoos is founder and co-owner of Alchemy Creative Workspace, a coworking space near Wash Park. He also was involved with the renovation of the Croke-Patterson-Campbell Mansion at 420 E. 11th Ave. in Cap Hill into a bed and breakfast.
Nava, meanwhile, is the development firm behind Lakehouse Residences, a condo project overlooking Sloan’s Lake.
A quarter mile west of the site, the site of a 10-story office building was also rezoned recently. Denver-based owner Broe Real Estate Group has said it wants to do a residential project at the site.
The core of Cherry Creek’s commercial district, meanwhile, is seeing an office building boom. Three projects are now underway, with the latest a partnership between Denver-based firms Elevation Development Group and Edgemark Development.
This story was reported by our partner BusinessDen.
Source: Read Full Article