Developers to Replace Offices Near Denver With Costco, Homes

Developers have completed a flurry of deals south of Denver to turn a former office campus into a Costco and hundreds of apartments.

Republic Investment Group, based in Englewood, paid $50 million for the 63-acre Lumen Technologies office campus at 700 West Mineral Avenue, in Littleton, 10 miles south of Denver, the Denver Business Journal reported.

The seller of the 400,000-square-foot office property was Qwest, based in Denver. The deal worked out to $793,651 per acre, or $125 per square foot. The offices will be demolished.

Republic Investment then peeled off three parcels to Costco, Embrey and the Mineral Business Improvement District.

The City of Littleton signed an economic partnership incentive agreement with the firm this fall that calls for a 45-acre retail and housing village known as Mineral Place. Republic will benefit from a $29.5 million share-back sales tax deal with the city.

Costco, based in Washington State, bought 18.5 acres of the former office campus from Republic for $5.8 million, or $313,514 per acre. The big box chain plans to build a 159,100-square-foot retail store, a 5,400-square-foot tire center and a gas station by 2026.

Plans for the shopping center call for two anchor stores, including the Costco, plus nine smaller stores, according to Littleton’s website.

Embrey, a multifamily developer based in San Antonio, bought 17.5 acres from Republic for $17.1 million, or $977,143 per acre. Plans call for a 370-unit luxury apartment complex.

The project, known as The Sullivan, will include one-, two- and three-bedroom units, of which 19 units would be affordable, according to the city.

The complex will include a clubhouse, fitness center, yoga studio and pickleball court. It will also have a conference center, micro-offices, resort-style pool and spa with private cabanas, a game room, a package room, plus a pet spa and a pet park.

Embrey expects to break ground early next year. The first units are expected to be available to tenants in fall 2026, with the project completed a year later.

The Mineral Business Improvement District bought an undisclosed amount of land on the west side of the site for $1.2 million. There were 27 remaining acres not bought by Costco or Embrey.

Texas Capital and Amegy Bank provided undisclosed financing for the apartments. First Bank provided undisclosed financing for Republic Investment.

— Dana Bartholomew