DENVER — One of Denver’s dilapidated motels has sold, and its new owner is one step closer to redevelopment plans that have long been in the works.
Laramar Group, a real estate firm with offices both in Denver and Chicago, purchased the closed Royal Palace Motel at 1565 N. Colorado Blvd. for $7.3 million on Jan. 16, according to property records.
Laramar Group plans to build a six-story apartment building on the one-acre site with at least 153 units, according to city records, and the project is exempt from Denver’s affordable housing mandate since the proposal came to the city prior to June 30, 2022. The Royal Palace Motel dates back to 1969, per records. Dogged by an unsolved murder and reports of other crimes, the motel eventually closed in 2013, according to previous reporting.
The seller is Denver developer Jeff Oberg. Oberg did not immediately respond to requests for comment. He purchased the property in 2004 for $850,000, per records.
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