Kairoi Residential purchased a prominent corner in LoHi for $39 million Friday.
The San Antonio, Texas-based apartment developer paid $231 a square foot for the 4 acres under the Residence Inn by Marriott hotel at 2777 Zuni St., public records show.
Kairoi plans to build a 5-story, 429-unit apartment complex near the Speer Boulevard and Zuni Street intersection. The company submitted documents to Denver in July estimating the planned construction cost at $65.6 million.
Kairoi did not respond to a request for comment. BusinessDen first reported that the developer was interested in the site in May 2024.
The hotel, constructed in 1982, has closed. American Demolition has been hired to knock it down, the company said Monday.
The seller in the deal was Highgate, a New York-based hotel investment and management company. The company did not respond to a request for comment. It took over ownership four years ago from publicly traded Chatham Lodging Trust, according to a Chatham spokesman.
Kairoi has built six other projects locally from Westminster to RiNo. In October, it closed on a Lakewood development site, next door to a project that faced some local pushback.
The stretch of LoHi where it’s planning to build is a particularly hot area for apartment construction. Next door is 2800 Speer Blvd., where San Francisco-based Carmel Partners wants to build 189 units across two 5-story apartment buildings. And next to that, a new Aspen-based firm recently bought the land for its 282-unit project at Speer and 29th.
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