A San Francisco developer is banking on apartments for a vacant Cap Hill office building.
Re-viv submitted plans to the city last week proposing to turn the existing four-story, 55,000-square-foot building at 1390 Logan St. into a 51-unit apartment complex.
The building was previously the headquarters of Credit Union of Colorado, which constructed it in 1962. The credit union moved its headquarters last year to a new building in Central Park, and installed a downtown branch at the corner of Tremont and Colfax.
Re-viv expects to close on 1390 Logan St just before Thanksgiving, per its website, which says the company is looking to raise $14 million for the project and that it would take 25 months to complete.
The remodeled building would have a mix of studios, and one-, two- and three-bedroom units, per Re-viv’s website. The three-bedroom units would be rented by the room for $1,325 a month each, including utilities.
“The 1390 Logan project is part of our ongoing strategy to acquire distressed office buildings in high-demand locations where young professionals seek affordable living spaces,” the company’s website states.
There would be about 6,000 square feet amenity space in the building, with a gym and yoga studio in the basement. The parking garage and surface lot would hold a combined 35 spaces, per the plans submitted to Denver.
Re-viv’s website said it has acquired a nine-unit apartment building at 1444 Stuart St. in Denver, and is trying to do something similar for 1446-1448 Stuart St.
Re-viv previously had eyes on 1741 Gaylord St., a large home that was named a city landmark last year against the wishes of its owner, local developer Mike Mathieson. But Dane Andrews, an executive with Re-viv, told BusinessDen Monday that the plan for 1741 Gaylord St. is up in the air. The company no longer lists a project there on its website.
Full story via BusinessDen
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