“The Rossonian Hotel is the bellwether of historic Five Points, reflecting the neighborhood through booming successes and a devastating migration away from it.
Many developers have been enticed by the historically black neighborhood’s crowning jewel. Ink on the historic building’s deed is still fresh as ownership switched hands again last month.
People think redevelopment plans will work this time. But they said that about former attempts, too.
And as the Rossonian changes, it watches over a neighborhood that’s starting to perk up again as new businesses open, housing is built and talk of revitalization — or gentrification — makes its way down Welton Street.
Long-time Five Points developer Carl Bourgeois sold the historic hotel to Palisade Partners for $6 million in August, a price tag 650 percent higher than the $800,000 he gave the city for it in 2006. Denver had foreclosed on the hotel after an owner who borrowed $1.12 million from the city to renovate in 1993 failed to find tenants and could not make ends meet.
Palisade also bought two of three other parcels on the 2600 block of Welton Street for $1.7 million. It’s eyeing the last parcel.
How the project shapes up depends on whether the last lot is bought, Palisade development manager Tim Welland said. With it, the block will become a mixed-use development. Without it, the developer is considering turning the Rossonian into a boutique hotel, a jazz club or office and retail space.
Bourgeois, who did not return a phone call or emails requesting an interview, will be involved with the project, Welland said.
Palisade isn’t a newcomer to the neighborhood. It first started talking about the Rossonian in 2013. A year later, it built the apartment and townhome complex called the Wheatley fronting 25th Street at Welton. It’s currently building the Lydian, a mixed-used building on the 2500 block of Welton.The company also is working with Bourgeois’ Civil Technologies to build the Brownstones at King Stroud Court on North Washington and 24th streets.”
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Worthington, Danika. Denver Post 13 September 2017.