2401 W 24TH AVE, DENVER, CO 80211 For Sale

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 on the eastern edge of 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 of Denver was engaged to produce a formal concept architectural 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 as a Concept Review filing under Project No. 2024PM0000048, with first-round comments returned in April 2024. Seven city departments cleared the concept at first review. Four items remain open for the acquiring developer to advance — formal SDP submittal through zoning, wastewater coordination, right-of-way 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 does not start from zero. They start from a filed and partially reviewed program on a site that the city has already evaluated at this massing and density.

The institutional validation of the 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 the 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 at 26th and Alcott, Grand Peaks is delivering a 15-story, 626-unit project under construction with The Weitz Company and OZ Architecture, publicly described as metro Denver's largest for-rent high-rise. 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 — and every one of them is a walkable distance from the subject site.

The timing for acquiring an entitled position in this corridor is shaped by a structural dynamic in Denver's multifamily pipeline that creates a specific and measurable window. Denver's multifamily construction starts have collapsed from approximately 19,000 units delivered in recent peak years to approximately 4,700 units projected for 2026, the lowest figure since 2013. Absorption has held. Concessions are narrowing. Rent growth is positioned to resume as the supply gap widens. A developer who secures this site now, advances the SDP through 2026 and into 2027, and breaks ground at the earliest viable moment does not deliver product into today's market. They deliver into the market that forms when demand accumulated during a construction pause meets a new supply cycle that has not yet recovered. The developers who build their pipelines during the trough are the ones who capture the widest spread between construction cost and stabilized value at delivery. The window for acquiring this position at this basis is the trough.

Jefferson Park itself is not speculative ground. The neighborhood has moved through the same transformation arc that Highland completed a decade ago — from a stadium-adjacent working-class residential area to an urban submarket with a mature restaurant corridor, an established residential identity, and a demographic profile defined by median household incomes exceeding $121,000 within a half-mile and bachelor's degree attainment above 60 percent. The buyers, residents, and tenants who populate a market-rate luxury residential tower are already living, working, and spending within walking distance of this corner. The walk-up demand base for the product a developer builds here exists at scale, right now.

The larger forces converging on the west side of Interstate 25 extend well beyond Jefferson Park's organic growth. Three of the most significant urban redevelopment undertakings in Denver's modern history are advancing within direct proximity of this site. The Empower Field at Mile High stadium district represents a multi-year civic investment in the area immediately surrounding what is already one of Denver's highest-traffic destinations. The Ball Arena and Elitch Gardens redevelopment is repositioning the South Platte corridor at a scale that will restructure how the entire western edge of downtown is understood. The River Mile — a multi-decade reimagining of the South Platte riverfront — represents the largest urban infill development initiative in the state's history. Each of these projects drives residential demand, increases walkability, and elevates the land value of every entitled parcel in the surrounding radius. A developer acquiring 2420 Alcott is not positioning for what Jefferson Park already is. They are 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 the asking price of $3,295,000, the land cost is $148 per square foot of assembled site area, $226 per square foot of primary buildable area, and $20,340 per entitled door against the 162-unit Presence Design Group 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 — a rounding error relative to the exit multiple it enables. The institutional exit benchmark for this submarket was set in 2025, when The Raleigh at Sloan's Lake — a stabilized multifamily community within one mile of the subject parcel — 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 within the radius of this site, right now.

The existing ±8,795 SF building — reinforced concrete, new HVAC, new roof, 30 on-site parking spaces — gives the acquiring developer a bridge that most entitled land positions do not offer. An owner can occupy the building for their own business operation while entitlement work progresses, carrying the land position without the drag of a vacant site. Seller financing may be available, an additional tool in a rate environment where capital stack construction remains the hardest part of any development deal. The site is assembled, surveyed, and title-organized across two principal parcels and an incorporated vacated right-of-way conveyed by City of Denver quitclaim deed following vacation per Ordinance No. 135, Series 2008.

Half-acre C-MX-12 corners with I-25 frontage, permanent downtown skyline views, a filed 162-unit concept, a built 12-story residential comp at the property line, and a land basis at $20,000 per door do not recur in Jefferson Park. The corridor around this site 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.