Property Sold in June for $32.1 Million
According to Denver city plans, the area where the Mexican restaurant La Loma once operated will be the site of a new 15-story housing complex. Construction is anticipated to begin as early as this fall.
The anticipated project at 2601 N. Alcott St. was stated in a permit application filed in June for a fire sprinkler construction, after initial approval for the system had lapsed within the last year.
“The project consists of construction of a 15-story residential building that is fully sprinklered. This project was approved in 2019; however, the permit has expired due to over one year of inactivity. The project is anticipated to start construction in fall 2021,” the permit project description stated.
City records show an amended plan for the housing complex construction was approved in February. The plans include 189 studio units, 238 one-bedroom units, and 103 two-bedroom units, along with a parking lot with 568 spaces. There are also plans for an indoor pool.
A warranty deed for the property was executed June 23 by the seller L&L Developments LLC, which had originally anticipated to develop the property. L&L Developments purchased the property in 2015 for about $17.5 million.
City records show the purchaser to be GPAI Highlands LLC, which has the same address as Grand Peaks, a real estate investment firm with several other Denver locations. Calls to Grand Peaks seeking comment on the project were not returned by press time.
According to its website, La Loma began as a family-owned Mexican restaurant and remained in the 26th Avenue block for more than 30 years. The restaurant moved downtown near the Brown Palace Hotel in 2016, when its original building was demolished. Eric Heinz is a freelance journalist based in Denver. He most recently covered Los Angeles City Hall for City News Service.