Multifamily firm AvalonBay is developer under contract for Racines site

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Basic drawings of the proposed project. (Credit: Public records via BusinessDen)

DENVER (BusinessDen) — The developer under contract to buy the site of Cap Hill restaurant Racines has come into focus.

Virginia-based AvalonBay Communities, which builds apartment complexes, submitted development plans to the city at the end of last week for the restaurant’s home at 650 Sherman St., as well as neighboring parcels.

Racines owners Lee Goodfriend and David Racine announced in early April that they would close the restaurant in January 2021, and that they were under contract to sell the property to a developer. But they didn’t name the developer at the time.

Although the announcement came in the midst of the coronavirus pandemic, the deal was in the works before that.

In addition to the 0.57-acre Racines lot, the development plans show that AvalonBay, which declined to comment, also plans to control three adjacent parcels: 696 Sherman St. to the north, and 645 and 657 Grant St. to the east.

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