Farbers sell LoHi apartment development site for $9.5M

The Farber brothers have sold a site in LoHi with approved development plans, and a groundbreaking is imminent.

Elevation Development Group, founded by Brent, Brad and Gregg Farber, sold 0.68 acre at 3301-3333 Mariposa St. in Denver on Wednesday to Greenwood Village-based Century Communities.

Century, a large homebuilder that also develops apartments, paid $9.5 million, records show. That works out to $322 a square foot.

The Farbers bought the property in 2019 for $5.65 million, records show. At the time, it was home to industrial buildings, which have since been demolished.

The site is zoned C-MX-5, which generally allows a mix of uses up to 5 stories.

The Farbers, who didn’t respond to requests for comment, submitted initial plans in late 2020 for apartments on the site. The latest version, which has been approved by the city, calls for 116 units.

Century Executive Vice President Jim Francescon confirmed in a statement that the company will build that project. It will break ground this week, he said, and wrap up sometime in 2028.

The Farbers, who operate out of Cherry Creek, have built two office buildings in that neighborhood. Last year, they completed the Steel House office building in RiNo in partnership with Boston, Massachusetts-based Beacon Capital Partners.

The Farbers also own half a city block along Market Street in downtown Denver, where they’ve proposed apartments.

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