The former StarTek property on South Seventh Street is currently under contract with a Canada-based developer that plans to build energy- efficient apartments on the property.
The company, s2e Technologies, has led multiple projects across North America and focuses on creating communities that promote sustainable living. The company could close on the property by the end of the year or in January and hopes to break ground by summer 2020.
The 50,000 square-foot warehouse that previously was the home of business management consultant StarTek could end up part of the development. S2e is doing its due diligence on the building to see what possibilities exist for the structure, according to S2e Director of Business Development Marissa Adelstein.
The multi-family apartments would promote a sustainable and active lifestyle that includes green spaces, shared amenities and platforms to promote alternative forms of transportation, including ride sharing, bicycles, walking and public transportation.
S2e also plans to use renewable energy resources such as solar power and other technologies to limit the project's carbon footprint.
"We want to move the needle on the status quo on high rental units," Adelstein said. "Trying to do that is at the core of the focus in our design."
The company did not disclose the number of apartments in the development or the design, but those details will become available as the project moves forward.
The property, 630 S. Seventh St., spans from the train tracks up to South Avenue.
The project would be the first in Colorado for s2e. Adelstein and Marketing Coordinator Brenda Palma said the company was intrigued by Grand Junction's growth.
"It's so exciting to see what Grand Junction is turning into," Adelstein said.
The property is in an opportunity zone, which was a provision in the 2017 federal tax reform bill to spur investment in underserved areas. The zones allow investors to defer capital gains taxes if they reinvest the profits or real estate sales into the zones. The taxes can be waived after 10 years. Adelstein said it was appealing to see an opportunity zone in an urban area.
Downtown leaders hope the apartments are the first step in connecting downtown Grand Junction to the Colorado River and projects around Las Colonias Park.
In discussions with the Downtown Development Authority and the Grand Junction Economic Partnership, the company learned that the Seventh Street corridor is identified as a bridge between downtown and the Colorado River. The property was also identified in the DDA's recently approved plan of development as an opportunity for a catalytic redevelopment project.
"It's a great opportunity for Grand Junction to have this," Palma said.
DDA Director Brandon Stam said he's excited about the potential for the project.
"When we looked at it, we felt like it was further off, so the fact that they are looking at sooner, would really be huge."
He added that the project will also fill a need for apartment units in the city and it was encouraging to see s2e interested in Grand Junction as it is a larger company compared to others that have looked at developing in the Grand Valley.
GJEP Executive Director Robin Brown is also encouraged by the project and the need it could help fill for more urban living opportunities.
"I think it's pretty significant. It says a lot about what our economy is doing," she said. "I think we're going to have some real urban options."