Woolley, principal of the St. Charles Town Co. and Hultin, principal of Byers Street Properties, recently paid $16.7 million, or about $167 per sf for two key half-blocks along the burgeoning 14th Street corridor, across from the Colorado Convention Center. One parcel also is across from the 1,100-room Hyatt hotel under construction.

They bought the land from Central Parking. They've been working on it for about eight months. Hultin and Woolley tried to do a deal together in Houston about 10 years ago. Although the deal didn't come together, they kept in touch with a CB Richard Ellis broker, who introduced them to the deal in their back yard.

Woolley explains to GlobeSt.com that they started out as consulting on the land sale, since both he and Hultin were busy on other properties. Plus, they had never developed a high-rise before. But the more they got to know about the deal, the more interested they became. They were the only group that offered to buy all of the land, although others offered to buy parcels, Woolley says.

They broke the land into four parcels. Simultaneously with the closing, they sold off three of the parcels, retaining one for a $95-million, 30-story high-rise with retail on the bottom, some parking and maybe some offices. It will be primarily a condo and an apartment project, Woolley says. He expects to start construction in about a year.

Next to their parcel, they sold another one to the Nichols Partnership, headed by locally based developer Randy Nichols. Most recently, Nichols developed the award-winning Clayton Lanes project in Cherry Creek North, which includes the first J.W. Marriott hotel in Colorado, the world headquarters for Janus, condominiums, restaurants and high-end retail.

They also sold a piece of land in front of an existing parking garage, where Whiteco, a privately held Indiana-based company, plans a 27-story, 250-room extended stay hotel. Whiteco also had an option to buy the existing garage, which it did at closing, Woolley says.

Denver-based entrepreneur Bahman Shafa purchased the final piece of property. He plans to keep the land as surface parking for the short term, but may eventually develop a high-rise on it, Woolley says, noting that Shafa bought the land as part of a 1031 exchange. The first phase, not including Shafa's property, will have an estimated $260 million worth of real estate built on it, Woolley estimates.