Proposed Hub project in RiNo sells for $19M

Amy DiPierro April 3, 2017 0

A 2-acre block at 36th and Blake streets sold last week for $19.37 million. (Kate Tracy)

The owner of two downtown office towers – including the Wells Fargo Center – is placing a multimillion-dollar bet on RiNo.

Boston-based Beacon Capital Partners purchased a 2-acre block at 36th and Blake streets from Elevation Development Group last week for $19.37 million.

Elevation, acting as Hub Development LLC and Elevation Hub LLC, sold the parcel bounded by 36th, Blake, Downing and Walnut streets to Beacon on March 30, city records show.

Under Elevation, the property had been slated to become a mixed-use development called The Hub. HomeAdvisor, which announced it would move its headquarters there in July, confirmed to BusinessDen that it still plans to be a Hub tenant.

“We are still committed to that location and are planning to move in at the end of 2018,” spokeswoman Brooke Gabbert said.

Hub’s most recent site plan, which lists Gensler & Associates as the architect, calls for a 159-room hotel, 18,000 square feet for retail and 238,000 square feet of office space. A Community Planning and Development representative said the plan, dated June 2016, is not final.

Elevation and Brent Farber, one of its principals, did not return messages seeking comment.

The company purchased the Hub site in September 2015 for $9.6 million from a pair of entities managed by EXDO Event Center co-owner Andrew Feinstein, who was also a member of the acquiring LLCs.

Elevation controls a third of an acre across Downing Street, but has transferred the site to a new entity, Waldown LLC, registered to Elevation principal Brad Farber. The property traded for $1.22 million on March 30, according to city records.

Elevation remains busy elsewhere in the city. It broke ground on a restaurant strip in Capitol Hill in January, and also is part of the group developing a project at Third Avenue and Josephine Street in Cherry Creek.

Beacon Capital declined comment for this story. The firm purchased the Wells Fargo Center office building for $387 million in March 2012. It also owns Civic Center Plaza. More recently, the firm sold Dominion Towers for $154 million in December 2016.

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