Colorado Real Estate Journal - December 3, 2014
A local investor paid $1.5 million for a two-story building with future redevelopment potential at the corner of Welton and 22nd streets in Denver. Welton Corner LLC bought the Melbourne International Hotel & Hostel, a two-story building that, according to Denver assessor’s records, was built in 1906. The 10,756-square-foot building at 607 22nd St. and 2209 Welton St. could be redeveloped for up to 12 stories of retail, office and/or residential uses and has the potential for on-site parking, according to NavPoint Real Estate Group. NavPoint’s Matt Kulbe represented the buyer, which Kulbe said has no immediate redevelopment plans. The buyer does intend to make cosmetic improvements to the property, he said. The hostel will continue to operate in the building, which most likely also will be made available to new retail users. Tom Monks of Equity Commercial Real Estate represented the seller, Schmitt Family Trust.