A rezoning application has been submitted for the “Denny’s” site at 1296 West Broadway. The site was sold in February 2016 to Jameson Development Corp for $26,250,000. The rezoning for the 18,762 SF site call for a 16-storey mixed-use building with apartments above retail and a small office component. The proposal includes:

• 153 rental apartment units;
• 27 studios, 70 one-bedrooms, 41 two-bedrooms & 15 three-bedrooms
• 30,220 SF of retail space on two levels
• 4,891 SF of office space
• A total density of 7.07 FSR;
• A building height of 159 ft.; and
• 168 parking spaces

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is IBI Group.

The land sale from last year equates to $198 per buildable SF based on the anticipated rezoning.

After much industry speculation, the Denny’s property has sold to a group led by local developer Anthony Pappajohn. The purchase price was $26,250,000, which equates to $467 per buildable SF for the 18,750 SF C-3A zoned site. Denny’s lease expires in April 2018, creating near term redevelopment potential.

The site had been listed for sale in late 2015 by Jones Lang Lasalle without an asking price and garnered significant interest given it’s location.

C-3A zoned properties on or near Broadway have been attracting a lot of attention due to the zone’s attractiveness with residential entitlements to 3.0 FSR. Likewise, many buyers view the long-term upzone potential in this area as an attractive feature.