Colorado Real Estate Journal - May 21, 2014
Patrick Guinness of Guinness Development has begun site preparation for 20 townhomes on his site located at the southeast corner of Federal Boulevard and West 33rd Avenue in Denver. Robert S. Hahn, a neighborhood investor in the Highlands area, was involved in the transaction. Initially, BR Land Holdings LLC was involved in three transactions with Robert S. Hahn serving as manager of the LLC. His entity purchased the 7 ½ lots (totaling 23,348 square feet) in two separate transactions for a total of $1.2 million, or $51.39 per sf. Additionally, he purchased the adjoining property to the south, located at 3320 Federal Blvd., for $400,000. BR Land Holdings paid Hahn $1.6 million for the 23,348-sf parking area plus the two-story, 5,841-sf event center/meeting hall situated on 6,239 sf of land located at 3220 Federal Blvd. Subsequently, Hahn sold the parking lot to Federal Twenty LLC, which involved Patrick Guinness of Guinness Development Corp., for $1.6 million. “Things have been moving fast as we are getting our plans together to design the 20 units on 0.53 acres,” said Guinness. He is also in the process of completing Glenarm Place, a 10-unit townhome development in the 2300 block of Glenarm Place. The development includes townhomes ranging from 1,094 sf to 1,397 sf, with attached two-car garages, priced in the $305 per sf range. Meanwhile Hahn effectively acquired the two-story “Historic Delmonico Hall,” which has been used as an event center and reception hall. His total cost was the time he spent in putting the deals together. Hahn intends to hold 3220 Federal for the long term. Hahn owns several properties in the area, including the Pizza Hut he purchased in December 2013, located at 1775 Federal Blvd., for $800,000