After a failed landmark battle, the corner lot at Speer Boulevard and Lincoln Street has been busy over the last year with the demolition of the Brutalist tower once home to Channel 7 (KMGH) to make way for a new apartment complex.

But now that the building has been cleared out, a new sign on the fencing wrapped around the 2.3-acre property is advertising the lot is “available.”

It was put on the market in February, according to an online listing.

New York-based developer Property Markets Group (PMG), the co-owners of 123 Speer Blvd., told The Denver Gazette in an emailed statement that they are looking for partners to help finish the project and did not completely rule out selling their full stake in the property.

“Given the value our team has created through the entitlements and demolition process, we are exploring options for new partners to benefit from the project’s next phase of development,” the statement said. “As this process is still in the early stages, it is too soon to confirm additional details on what next steps look like at this time.”

When asked if the project is on hold, a media representative for PMG said they are “assessing the best paths forward.”

PMG and Greybrook Realty Partners, a Toronto-based private equity and asset management firm, bought 123 Speer Blvd. in 2021 for $35 million. At the time, it was home to the brown, brutalist architecture-styled building developed in 1969. It was the headquarters for Channel 7 until the broadcaster moved into the River North Arts District ahead of the building’s demolition.

Local historic preservationist activists sought to save the brutalist building by seeking landmark status, but Denver City Council unanimously denied it — paving the path for developers to raze it.

Since then, its owners have worked the last few years on getting the necessary zoning and permitting approval to make way for a new apartment complex called Society Denver.

Original plans proposed two towers — 12 stories and 14 stories tall — to add nearly 600 apartment units. The developers later downsized their ambitions in 2024 and filed permits for a complex no taller than 11 stories with 481 units so it wouldn’t require an exemption for the 12-story height limit established to protect views of the Rocky Mountains.

The development project is coming at a time when the development of apartment projects have drastically slowed in the Denver metro area after a flurry of new housing flooded the market. Vacancies have risen across the region and apartment rents dropped in price.

The project is located on the outskirts of the Golden Triangle, which has been one of the hottest residential building markets in the region.

There are more than 8,000 residential units that have been built or are in the planning stages within a half-mile radius from 123 Speer Blvd., a sales brochure for the property said.

The owner’s main preference is to find more investors to help finance the project, according to the brochure listed through real estate broker Shames Makovsky. 

“The joint venture is expected to advance the development and execution of the business plan,” it said.

It also said the current owners are willing to sell their full stake — if it’s a good deal. 

“While the Co-Sponsors’ preference is to establish a long-term partnership, they retain the flexibility to pursue a sale transaction should it represent the most compelling outcome for the project,” the listing said.