Developer lists site of proposed third complex for sale

A Chicago developer looks to be canceling its plans for a trilogy. The X Company, which has completed two massive apartment projects in Denver, last week listed for sale a site at the edge of Five Points where it had planned to build a third.

The company is asking $4.5 million for the half-acre 2000 Welton St. parking lot, which is zoned for 20 or more floors. That’s far less than the $6.8 million the firm spent to acquire the land two years ago.

The X Company had planned to construct a 23- story apartment tower with 344 units and ground-floor retail, according to the most recent development plans submitted to the city in 2022. It would be the tallest of the three X complexes in the city.

The X Company did not respond to requests for comment Monday. SVN broker Wesley Perry, who is marketing the property, declined to comment.

In Denver, both of its constructed buildings have faced challenges. Last month, X Denver 1 at 3100 Inca St. in Union Station North closed its private “club.” A mile to the southeast, at 2100 Arapahoe St. in Arapahoe Square, is X Denver 2. That project, completed last fall, has since been hit with numerous liens from the building’s contractors, totaling more than $20 million.

Since Businessden first reported on the liens last week, another two have been filed, tacking on another approximately $100,000. Additionally, True Security Inc, a private security company, filed a lawsuit against The X Company on Monday over about $130,000 in unpaid work.

Additionally, in March 2023, the Washington, D.C.,- based National Fair Housing Alliance published a complaint alleging that a ban on children in amenity spaces at X Denver amounted to discrimination.

The X Company also developed and had plans in the works for apartments in Phoenix, Tampa and Houston. All of those projects either face liens or have paused construction, according to local media reports.