Greystar is close to starting construction on its next project, the Golden Triangle.
According to property records, an LLC affiliated with Greystar bought the addresses 973 and 956 N. Bannock St. as well as 956 N. Cherokee St. 224 W. 10th Ave. on May 15 for $500,000 The Sarkisian family operated Sarkisian's Rugs & Fine Art, a fifth-generation family business at 693 E. Speer Boulevard.
Tor Sarkisian stated that his family has been operating a rug washing operation at the Parq II location for the past 75 years. The business is now located at 920 W. Mississippi Ave. where it can serve customers who need rug care.
Sarkisian stated that they felt it was the right time to sell and use this property for a better purpose. They are excited to provide Denver with much needed housing in the future.
Greystar originally proposed plans for a 17-story apartment building with 324 units at the Sarkisian property. The plans for the project at 990 Cherokee St. have changed slightly, and now only include 311 apartments. Greystar's Parq II site development plan also indicates that the project will have 369 parking spots and 4,224 square foot of retail space on the ground floor, along with a pool and an outdoor courtyard at level five. The site covers a little more than 1.5 acres, and also includes an adjacent parcel located at 960 North Cherokee St. owned by a Greystar-affiliated LLC.
Sarkisian stated that the four parcels sold to Greystar were worth more than $500,000. His family signed an equity agreement with Greystar in order to have a stake in this new development.
He declined to give any further details about the partnership.
Greystar opened its adjacent Parq on Speer apartment building at 909 Bannock St. in 2019. The 16-story building had 302 units and provided residents with extra benefits such as Patagonia equipment and free valet and housekeeping service for six month.
The Sarkisian Family has been doing business in Denver since 1891. Today, the fifth generation family members are selling rugs, fine art, antiques, and other items at the main retail store located at 693 E. Speer Boulevard, just a mile from Parq I and 2.
Greystar's Parq projects are located on the same block as Akin Golden Triangle at 955 Bannock St. This 12-story project with 98 units, developed by Alpine Investments & Revesco Properties in March, was broken ground.
Two other nearby projects are currently under construction within the Golden Triangle: the first is a 14 story, 224 unit building located at 990 Bannock St. and the second is the Evans West development, which has 420 units at 1140 Bannock St.