2401 W 24th Ave
Denver, CO 80211
Terrain À vendre · 0,51 AC

A half-acre corner. Twelve stories by right. The tower next door already built. One development position left. 2420 Alcott Street is a 0.511-acre C-MX-12 assembled parcel at the southeast corner of Alcott Street and West 24th Avenue in Jefferson Park — bounded on the east by the Interstate 25 right-of-way, with permanent unobstructed views of the downtown Denver skyline from every upper floor. The site is currently improved with a three-story brick commercial building designed by Cab Childress in 1974. The building is functional and available for interim use. The land is what this offering is about, and the zoning is what makes the land extraordinary. C-MX-12 is Denver's highest-intensity Community Mixed-Use designation. Twelve stories of mixed-use residential development, by right, with no rezoning filing, no public hearing, and no entitlement timeline attached to a process the developer does not control. In a city where entitlement risk has become one of the largest line items in any development pro forma, the by-right ceiling on this parcel removes a cost and a risk that most comparable sites in the urban core carry by default. A developer who acquires 2420 Alcott is not acquiring a rezoning bet. They are acquiring a confirmed, city-sanctioned development envelope in one of Denver's fastest-transforming residential submarkets. The current ownership has already advanced meaningful pre-development work that transfers with the sale. Presence Design Group was engaged to produce a formal concept program: a 12-story, 162-unit residential building over podium parking with active ground-floor commercial frontage, totaling approximately 129,000 square feet. That concept was submitted to the City of Denver under Project No. 2024PM0000048, with first-round comments returned April 2024. Seven city departments cleared the concept at first review. Four items remain open for the acquiring developer — formal SDP submittal, wastewater coordination, ROW tree protection, and EHA affordable housing compliance, which may also unlock additional height through Denver's Expanding Housing Affordability framework. The seller delivers all concept documentation, city correspondence, and consultant contacts at closing. The acquiring developer starts from a filed and partially reviewed program on a site the city has already evaluated at this massing and density. The institutional validation of this submarket is not theoretical. It is the building immediately adjacent to the subject parcel. The Alcott at 2424 Alcott Street is a completed, operating 12-story, 248-unit luxury apartment tower on C-MX-12 land at the property line. A developer underwriting demand for a residential tower at 2420 Alcott does not need to project what this neighborhood supports — they can observe it in the stabilized occupancy of the building they are standing next to. Two blocks north, Grand Peaks is delivering a 15-story, 626-unit project at 26th and Alcott under construction with The Weitz Company and OZ Architecture. Half a mile west, Riverpoint Partners completed the 203-unit Decatur Point at 27th and Decatur. These are financed, permitted, built projects representing hundreds of millions of dollars in committed institutional capital — every one of them within walking distance of the subject site. The timing for acquiring an entitled position here is shaped by a structural dynamic that creates a specific and measurable window. Denver's multifamily pipeline has contracted from approximately 19,000 units in recent peak years to approximately 4,700 units projected for 2026 — the lowest figure since 2013. Absorption has held. Concessions are narrowing. A developer who secures this site now and advances the SDP through 2026 and 2027 does not deliver into today's market. They deliver into the market that forms when accumulated demand meets a supply cycle that has not yet recovered. The window for acquiring this position at this basis is the trough. Jefferson Park is not speculative ground. The neighborhood has moved through the same transformation arc that Highland completed a decade ago — from a stadium-adjacent residential area to an urban submarket with a mature restaurant corridor and a demographic profile defined by median household incomes exceeding $121,000 and bachelor's degree attainment above 60 percent. The demand base for a market-rate luxury residential tower exists at scale, right now, within walking distance of this corner. The larger forces converging on this corridor extend well beyond Jefferson Park's organic growth. The Empower Field stadium district planning, the Ball Arena and Elitch Gardens redevelopment, and The River Mile — the largest urban infill initiative in Colorado history — are all advancing within direct proximity of this site. Each project drives residential demand and elevates the land value of every entitled parcel in the surrounding radius. A developer acquiring 2420 Alcott is positioning ahead of what the west side of Interstate 25 is clearly becoming. The development economics anchor the opportunity at a basis that works. At $3,295,000, the land cost is $148 per square foot of assembled site area and $20,340 per entitled door against the 162-unit concept. For a 150-to-200-unit project at $90 million to $150 million in total capitalization, the land component is 2 to 4 percent of project cost. The institutional exit benchmark was set in 2025, when The Raleigh at Sloan's Lake — within one mile of this site — traded for $125.6 million at approximately $504,000 per unit. That is the value a qualified institutional buyer assigns to stabilized urban residential product in this submarket today. The existing building — reinforced concrete, new HVAC, new roof, 30 on-site parking spaces — gives the acquiring developer a bridge most entitled land positions do not offer: occupy the space while entitlement advances, carrying the position without the drag of a vacant site. Seller financing may be available. The site is assembled, surveyed, and title-organized across two principal parcels and an incorporated vacated right-of-way. Half-acre C-MX-12 corners with I-25 frontage, permanent skyline views, a filed 162-unit concept, a built 12-story comp at the property line, and a land basis at $20,000 per door do not recur in Jefferson Park. The corridor is already developed. The institutional capital that preceded this listing has consumed the adjacent opportunities. What remains is this parcel — at a basis that reflects a marketing history, not a market verdict on the value of the ground. A developer who sees what this corridor is becoming and moves now owns the last entitled position on Alcott Street before the west side of downtown finishes building itself around it.