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Land Buy Fuels High-Ticket Residential Project

DENVER-CPS Investments has secured an 8.5-acre tract to develop a high-density residential project. The developer's not quite sure what's going to go in, but it won't include single-family lots. The development will cost upward of $150 million.

By John Rebchook | Updated on April 03, 2001

DENVER-A local development group has snagged an 8.5-acre tract, paying between $8 million and $10 million. The land is ticketed for a $150-million to $250-million, high-density residential project.

The acreage is 1.5 miles east of the CBD and the largest undeveloped tract in the area. CPS Investments LLC has bought the former Mercy Hospital site across from City Park from Centura Health. The land, which includes 400,000 sf to 500,000 sf in four buildings, also is 1.5 miles from the tony Cherry Creek neighborhood and shopping district. None of the acreage will be used for single-family lots.

CPS principals are Fred Belz, Phil Smith and Steve Jacobs. Brad Buchanan, principal of Buchanan, Yonushewski Group LLC, also is an equity investor in the project and will serve as architect.

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