Home News ‘They’re ready to go’: Rock Drill owner may finally sell RiNo site

‘They’re ready to go’: Rock Drill owner may finally sell RiNo site

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Rock drill owner Byron Weiss with his sons Andy (left) and Brett (right). (Photo by Thomas Ganley)

Byron Weiss hopes for a sixth appeal.

The owners of Rock Drill on the edge of RiNo have made five different transactions over the past seven years to sell a seven-acre site they’ve owned for three decades along 39th Street between Franklin and Williams streets. say you went

“For some reason they didn’t happen,” said Weiss, 82.

The reasons are varied, Weiss said. None were due to COVID. Meow Wolf is not included in the five he is. Meow Wolf took a closer look at the site before choosing to locate it near Elitch Gardens amusement park instead.

“Of all the deals, I think one of them was able to complete the deal,” he said.

But Weiss said he was happy with the deal and said it was ahead of his previous deals. He has a deal to sell the property and additional land he owns between Williams and High Street to a group that includes developer Oliver Buchanan Group and apartment management firm Central.

“Everyone was looking for tenants,” Weiss said of the previous deal. “They were looking for a way forward.”

“They are ready,” Weiss said of the latest deal.

“It’s pretty solid,” he added.

Weiss’ son Andy added:

The Rock Drill property was originally home to the Denver Rock Drill Manufacturing Company, a manufacturer of pneumatic drills. The company later became known as Gardner Denver and is now part of the publicly traded company Ingersoll Rand.

Weiss said the company stopped using the facility when it moved operations to Brighton in the 1980s. He purchased this site in his 1993.

Secondary 1 scaling

The Rock Drill property has several buildings with serrated roofs.

“Most people thought we were crazy,” he said. “I had the bank tell me that they were doing me a favor and would not give me a loan.”

Weiss purchased the property for a business called Porta Power Inc., which sells warehouse equipment such as forklifts and shelving. A few years ago, he said, he moved his business to the Montobello area when he figured a previous deal to sell the rock drill would happen.

As a result, the sprawling site, a hodgepodge of gritty industrial buildings made of brick and metal built over decades, is used only for storage. There are dozens of buggies in one corner, owned by people who buy and sell used cars. There is a palette and rows of boxes and signs that remind us of previous users. “Do not use water in the furnace pit.” “Do not go under crane loads.”

Weiss said he saw the potential for something grander even when he bought it.

“It’s a very unique and rare site,” he said. “Good for more than storage warehouses. I don’t want to see my site scraped.”

The planned buyer said it was still deciding on development plans, describing it in a news release as “an impressive community comprising over 300 units of residential, retail, office and event space.”

In an interview, Eric Buchanan, CEO of Denver-based Oliver Buchanan Group, praised Rock Drill’s “wonderful fabrics that act as a base palette and an incredibly unique and cool building.”

He said the planned project would reuse “much” of the existing structure, but the exact building had yet to be determined.

“It’s too early to plan,” Buchanan said.

The Rock Drill site currently has 240,000 square feet of space under roof, not including the additional land opposite Williams Street Wyeth added in recent years.

Weiss said previous parties interested in the site had discussed developments ranging from 700,000 square feet to over a million square feet. Most people assume at least he will have one entertainment-focused tenant.

While walking the grounds with his sons Andy and Brett and a reporter on Wednesday, Weiss commented that the particular building would be a perfect fit for the brewery.

Weiss said he hopes the buyer will demolish the metal building inside Rock Drill to make room for the new structure.

“I think all the brick buildings will be preserved, all the serrated ones,” he said, referring to structures with roofs that resemble jagged saw blades.

OliverBuchananGroup and Sentral hope to start construction in 2023. become a grandfather Under previous development regulations.

OliverBuchananGroup was born out of leading developer OliverMcMillan, which was acquired by Brookfield Properties in 2018. Oliver McMillan, and now Brookfield, Clayton Lane Project on Cherry CreekWhole Foods, vacant Sears and other retail spaces.

Sentral, on the other hand, is a company with roots in Denver. The company was founded in 2018 as Daydream Apartments in the Mile High City. say it It wanted to “create a new type of urban housing community” with “real opportunities for residents to reduce their housing costs with managed home sharing.”

The company’s backer, Iconiq Capital, a Silicon Valley asset manager associated with the tech elite, has purchased Whole Foods-based Union Denver multifamily housing near Union Station. 2019will pay $304 million.

Daydream 2020 Hired former WeWork exec Jon Slavet as CEO.Company Rebranded to Central last year. Slavet lives in the Bay Area, but says Denver has the company’s highest concentration of employees.

Sentral, which continues to be backed by Iconiq, now claims to be “a leading residential brand and operator managing flexible living communities.” Slavet said the company’s model of offering both traditional long-term leasing and short-stay hosting “drastically changes the profitability” of owners’ properties.

Slavet said Central currently manages 12 properties in nine markets. Slavet said about two-thirds of the units in the company’s facilities tend to be occupied by “long-term residents,” who have leases of 12 months or similar. The remaining units are rented from 1 night he for 3 months.

Weiss declined to specify an expected sale price for Rock Drill, but said he hopes the buyer will have some stake in the project it builds. Both companies declined to estimate when the sale would be completed.

The RiNo project is the first of many that OliverBuchananGroup and Sentral hope to build. The companies are also targeting markets such as San Diego, Phoenix, Dallas, Austin and Nashville, and said additional projects in the Denver area are possible.

“There are several meaningful submarkets around Denver,” Buchanan said.

Denver Rock Drill Property Could Finally Be For Sale

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