A nonprofit is working to acquire Johnson & Wales University’s Denver campus.
Denver-based Urban Land Conservancy is under contract for the entire 25-acre campus in South Park Hill, according to sources familiar with the deal. The main address is 7150 Montview Blvd.
Johnson & Wales, based in Providence, Rhode Island, announced last June that it would close its Denver and North Miami, Florida locations in the summer of 2021. The move will leave the private not-for-profit facility with two locations in Providence and Charlotte, North Carolina.
ULC generally develops and manages limited-income housing projects and office space that is rented to other non-profit organizations. The company usually works with other companies in its development work.
Acquiring ULC would be the first step in a larger business. In late January, the Denver Housing Authority board of directors agreed to pay ULC a maximum of $ 9.5 million for part of the campus, provided the ULC acquisition is completed.
The approved resolution describes the location DHA would buy as “a package that is part of 1800 N. Oneida St.”. It is said that the organization will “determine the feasibility of refurbishing the existing dormitory buildings as living space and the further development of apartment buildings on the site”.
If the deal is closed, DHA development companies would launch a call for proposals and ultimately sign a long-term long-term lease with the selected group, the decision said.
According to the university’s website, there are 13 buildings across the campus. Among the buildings is Centennial Hall, which was built in 1886.
Johnson & Wales paid roughly $ 30.5 million for the campus, though it didn’t buy it all at once. According to public records, the company bought the eastern half – the 1985 N. Quebec St. package – in August 1999 for $ 8.46 million. Two parcels that make up the western half of the campus, both listed on the city records as 1800 N. Oneida St., were added in July 2003 for $ 22.17 million.
Prior to Johnson & Wales, which welcomed its first Denver class in 2000, the campus was home to Colorado Women’s College and the University of Denver Law School.
The college campus is expected to be the second to be sold in Denver in three years. The Loretto Heights / Colorado Heights University campus at 3001 S. Federal Blvd. Sold in 2018 for $ 16.5 million to Glendale-based Westside Investment Partners. The same company acquired the Park Hill Golf Club property in 2019.