The price is about 17% less than the maximum of $60 million RTD was willing to pay. The price was reached from two independent appraisals. The city of Denver is kicking in as much as $10 million.
The purchase, which will include $20 million from the Denver Regional Council of Governments, includes the station, which was built in 1881 at Wynkoop and 17th streets. The building sits on an 18.5-acre site.
RTD also purchased the seller's rights to a high-rise development, which could include offices, residential and retail. Observers tell GlobeSt.com it was an opportune time to sell, as the high-end real estate market is softening.
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