Denver developer acquires Golden Buff site
Last Updated: 19:04 October 11, 2013
Broker Clint Folsom, who represented the Boeve family, the longtime owners of the property, declined to disclose the sale price, deferring to Shames Makovsky. Officials for Shames Makovsky could not be immediately reached late Friday afternoon.
The site is one of two properties at the northwest corner of the intersection slated for a major redevelopment project along with the former Eads Newsstand building that is owned by local developer Lou DellaCava.
Developer Scott Pedersen of Boulder-based Pedersen Development Co., last winter received approval from the city to demolish the Golden Buff and Eads and construct a pair of new hotels as well as a 35,000-square-foot building for offices, retail and restaurants.
Represented by Gibbons-White broker Michael-Ryan McCarty, Pedersen had a contract to purchase the Golden Buff property, and he had brought on Shames Makovsky as a partner in the redevelopment. Pedersen said Friday that he recently sold the development rights, entitlements and purchase agreement for an undisclosed sum to Shames Makovsky.
"It just made the most sense for both groups," said Pedersen, who is also the developer spearheading the Depot Square development just east of the intersection of 30th and Pearl streets. "It's hard to have two guys driving the bus at the same time. It was in both groups' best interest to have one of us moving forward with it. We worked out an acceptable arrangement, and I think everybody's happy."
At the time that he'd received approval for the Golden Buff project from the city's planning board, Pedersen said the development was on track to begin by late summer, and that it would take about 18 months to complete. However, the project has not yet begun.
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