Denver Health pays $5.5M for land once eyed for housing

Denver Health Expands Campus with $5.5 Million Purchase

Denver Health has recently acquired a 0.7-acre site at the edge of its campus for $5.5 million. Located along Bannock Street just south of Sixth Avenue, the purchase equates to $180 per square foot. The site, comprised of multiple parcels zoned C-MX-8, allows for up to eight stories and a mix of uses.

While Denver Health has not disclosed any development plans for the newly acquired site, it already operates a paramedic training facility and a parking garage in the vicinity. The system’s main operations are situated north of Sixth Avenue.

Earlier this year, Dallas-based developer Mill Creek Residential had proposed an eight-story, 219-unit apartment building for the same site but ultimately did not proceed with the purchase. The parcels were sold by Bannock Properties LLC, managed by Thomas Barenberg. Two dilapidated homes on the southern end of the site have been demolished since then.

This acquisition marks Denver Health’s second real estate transaction south of Sixth Avenue in recent months. In August, the system sold a parking lot at 155 W. Fifth Ave. to developer Jeff Shanahan, who plans to develop an income-restricted housing project. This sale was a result of Shanahan selling a different site to the Denver Broncos for the construction of a new stadium at the former railyard.