Kairoi Plots Hotel-to-Resi Project in Denver

A former Residence Inn in Denver is closer to being reborn as a multifamily property after selling to an active developer in the area for almost $40 million.

San Antonio-based Kairoi Residential acquired the decommissioned hotel site at 2777 Zuni Street in the Lower Highland area for $38.9 million, the Denver Business Journal reported. Grand Prix Denver, an entity associated with Highgate Hospitality Company, owned the property since 2007 and sold the site to Kairoi.

Kairoi’s move to revamp the 1982-built Residence Inn has been in the works since around a year ago, when the developer submitted a site development plan. As of last month, the city is on its fifth round of review.

In its latest proposal, Kairoi is seeking to create 434 units in a five-story building rising nearly 70 feet, with about 450,000 square feet allocated for residences. A parking garage will span 170,000 square feet, and residents will have access to a nearly 2,000-square-foot pool on the property’s amenity deck. The project is being designed by Valerio Dewalt Train Associates.

Kairoi already is in development with several projects in the Denver area, including one near Belmar Park in Lakewood. The Vixen, a Kairoi-built property at 1150 East Colfax Avenue in Denver, is in the middle of the lease-up process. Last year, Kairoi bought 3100 Pearl, an upscale residential complex in Boulder, for $159 million. The company manages several apartments in the Denver area.

Meanwhile, at the same intersection as the Residence Inn redevelopment project, other developers have floated turning a Conoco gas station at 2727 Zuni Street into a mixed-use development with residences, keeping some gas pumps in place. A few hundred feet to the west at the corner of North Speer Boulevard and Bryant Street, an affiliate of Aspen-based Pagewest Acquisitions is planning to erect a two-building multifamily complex with nearly 300 units, after purchasing the land in October. — Chris Malone Méndez