RiNo developer buys in Denver's Globeville neighborhood
How do you know where Denver's next hot neighborhood is going to be?
At least one good way is to watch what big developers like Ken Wolf are doing with their money. Wolf and his partner Ari Stutz are largely credited with redeveloping RiNo Art District. So when they train their eyes on another area, smart investors should pay attention.
That's why we're were intrigued to see Ken Wolf buy the old Salvation Army building at 4751 Broadway in Globeville, the small neighborhood just north of the RiNo Art District. The purchase -- for roughly $6 million -- includes more than 85,000sf of warehouse, dormitory and office space buildings and has that industrial feel prized by Denver developers looking for the next RiNo.
Globeville is sandwiched just north of I-70, just east of I-25. It's also one of the last areas within 10 minutes of downtown with single-family homes under $400,000. If you're looking to invest in Denver real estate with long-term appreciation potential, you could do worse than buy there and see what Wolf's new project brings.
Plans for the new development are vague right now, but the exposed timber beams and brick walls are calling for a Denver-Central-Market like vibe.
Wolf has been on a spree lately, buying up warehouse space in the Clayton neighborhood, only to package it all together and sell it for $77 million earlier this year.
In general, when trying to find that "next hot neighborhood" in Denver or Colorado Springs or anywhere, just look one over from where the cool stuff's happening. LoDo was redeveloped in the 90s, and then LoHi just over the river and I-25 came next. Sloan's Lake is getting all sorts of new apartments and restaurants and condos. Now that is trickling south into neighborhoods like Villa Park and Barnum.
Similarly, RiNo's Larimer Street was the first to pop in that area. That pushed more west and north over onto Brighton Boulevard. Now? Well, people like Ken Wolf appear to be placing a sizable bet on Globeville.