A development group confirmed Monday it has closed on the 2.3 acre site at 123 Speer Blvd., the 51-year home of KMGH Channel 7 news.

New York-based developer Property Markets Group (PMG) and Greybrook Realty Partners, a Toronto -based private equity and asset management firm, bought the site for $35 million and plan a 12-story, 600-apartment development called Society Denver.

The red, octagonal “brutalist” architecture-style building will be demolished to make room.

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“We are thrilled to work alongside Greybrook Realty Partners to bring the first Society Living community to Denver,” said Evan Schapiro, Managing Director of Acquisitions for PMG, in a release. “Beyond providing beautifully designed residences, we are excited to create attainably priced housing that fosters growth and connection among residents. We believe Society Denver will be a welcome addition to the neighborhood and are eager to continue our relationship with local community groups to bring the project to life.”

The developer signed a memorandum of understanding with the Capitol Hill United Neighborhood Association. That came after a months-long fight by some Denver residents to get the City of Denver to declare the old Channel 7 building a landmark.

The Denver City Council in May voted unanimously to deny the building landmark status.

KMGH applied for a certificate of non-historic status in December, so the building could be razed. But in January, three Denver residents filed a notice with the city’s Landmark Preservation Committee that they thought the building deserved landmark status.

Scripps Media Inc., the station’s owner, said it couldn’t find a potential buyer that didn’t want to demolish the building. PMG and a local architecture firm explored the possibility of reusing the building, but it “concluded that such repurposing or incorporation is not feasible.”

KMGH General Manager Dean Littleton said the station is looking for new space “as close to downtown as possible.”

“We diligently identified an experienced buyer in PMG and look forward to how they will work with the community with the goal of giving the site and the surrounding neighborhood a far more welcoming, useful, and engaging gateway to Denver,” said Littleton in a statement. “Our team of nearly 200 local journalists and staff look forward to continuing to serve the people of Colorado from a more modern, collaborative space as close to downtown as possible.”

It’s PMG’s first multifamily development in Colorado under its national “Society Living” portfolio – catering to renters’ “insatiable demand for reasonably priced rental communities close to urban centers.”

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In addition to traditional one- and two-bedroom apartments, the new development will offer “co-living” or “rent-by-bedroom” units. Other amenities include 14,000-square feet of commercial/retail space, co-working spaces, a gym and communal kitchens.

Jones Lang LaSalle’s Managing Director Jamie Roupp represented Scripps Media in the sale.

“Our team looks forward to continuing to work closely with neighbors and local design partners to deliver a thoughtful, contextual and exciting contribution to the community with inclusive street-level activation,” Schapiro told the Denver Gazette in May.