Developer under contract to buy East Colfax hotel, plans to tear it down

A Texas-based development firm says it is under contract to buy the Ramada hotel at 1150 E. Colfax Ave. in Denver. (Photo: Thomas Gounley/BusinessDen)

DENVER — Long-term leases could replace nightly stays at a spot along East Colfax Avenue.

Tyler Sibley, an executive with Texas-based Kairoi Residential, said last week that the company is under contract to purchase the Ramada by Wyndham Denver Downtown property at 1150 E. Colfax Ave., and hopes to close sometime next spring or summer.

The company would tear down the hotel. Kairoi wants to build a seven-story apartment building on the 1.97-acre site, with wood-frame construction on top of a concrete podium.

The approximately 336-unit project would feature about 6,000 square feet of retail space on the ground floor and parking on the first two levels, Sibley said.

The company has submitted an early-stage conceptual plan to the city for the project, but has yet to submit a fuller site-development plan.

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