Search
 

MEPT Plans $100M LoDo Office Building

DENVER-Multi-Employer Property Trust plans to break ground here next year for an 18-story office building--one of three recently proposed for this city's Lower Downtown area.

By Brian K. Miller | Updated on November 09, 2006

DENVER-Multi-Employer Property Trust is planning to develop a $100-million, 18-story office building here, near the Millennium Bridge in Lower Downtown, next to its 285,000-sf Legacy Plaza development. Planned for 1900 16th St., the building will have 335,000 sf of office space, 1,200 parking spaces and 10,000 sf of street-level retail. Hines and Opus Northwest also have announced plans for LoDo office developments.MEPT is a multibillion-dollar collective investment fund whose primary beneficiaries are union pension funds. MEPT acquired its development site for $11.8 million in the first quarter of the year, in part to satisfy a parking requirement for Gates Corp., which occupies the entirety of Legacy Plaza. MEPT built the 10-story Legacy Plaza in 2003 and at that time committed to Gates Corp. that 545 off-site parking spaces would be provided.

Legacy Plaza was the first ground-up office building completed in the Central Platte Valley, a 120-acre expanse west of Denver’s Lower Downtown, or LoDo, area, which is becoming a mixed-use urban neighborhood from what was once an amalgamation of rail yards, industrial buildings, viaducts, and garbage dumps.

The development site for 1900 16th St. is part of a 3.3-acre block at 16th and Delgany streets that includes plans for a third, 250,000-sf office building. The site sits across from Denver Union Square, which will eventually be home to the world headquarters for Gates Corp. and the Museum of Contemporary Art in an estimated $1-billion redevelopment. Union Square also will be the city’s major transportation hub, connecting commuter rail, light rail and buses.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.