Kmart building collapses after years of empty rest
DENVER – An old Kmart building that sat empty for several years in Southeast Denver is finally collapsing to make way for a new development.
Crews started demolition work at the old Kmart site in Monaco and Evans this week. It should take 3-4 days.
The building was constructed in 1965, but the retailer closed the store in 2012. It has been collecting dust ever since.
Kmart signed a 99-year lease when she acquired the building over 50 years ago and was paying $ 400,000 in annual rent for the devastated place.
The property‘s neighbors in Southeast Denver and a member of city council were struggling to make good use of the property, but the company was unwilling to terminate the lease. But in 2019, everything changed.
The building was purchased by Forum Real Estate Group, a private real estate investment company based in Glendale. The real estate company has big plans for the location.
The 13-acre property at 2150 South Monaco Parkway will become Edera at Highline, a residential community development.
The development will include 287 apartments spread across six three-story buildings, an acre of open public space along Monaco Parkway, as well as tree-lined streets and sidewalks.
Apartment buildings, designed to resemble townhouses, will include garages on the ground floor. Forum said the apartments will be available at market rates.
The project is currently undergoing permit review, according to the development website. Construction of the Edera at Highline is expected to begin later this year after the demolition of the old Kmart building is completed.