Project Description
DMPT, LP (“DMPT”) was formed as a Virginia Limited Partnership to take part in the development of this Denver multi-purpose tower. DMPT shall be the sole equity holder in this project and its general partner is Red Leaf Development, LLC (“Red Leaf”), a Virginia Limited Liability Company which has served as the general partner of over a dozen limited partnerships of EB-5 investors within the last two years. DMPT, LP will be delivering $29,000,000 of equity raised from 58 investors towards this roughly $156 million project that will create nearly 800 jobs in the Denver area. The project is affiliated with Golden Lamp Regional Center, Inc., based in nearby Utah.
Construction itself involves rehabilitation of the historic El Jebel Shrine Temple and the ground-up construction of a 350 unit apartment complex as well as a parking structure. This project takes advantage of considerable tax and government incentives to be realized during the project or upon completion. On January 30, 2015, DMPT’s general partner executed a purchase agreement with the former owner of the property, 1770 Sherman Street LLC (“1770”).
This development has been planned for some time and, with the promise of EB-5 funding, it can now truly begin. It has always enjoyed the support of the City of Denver, where population has boomed recently and there is a current shortage of apartment units, particularly downtown. Construction is expected to begin in approximately October 2015 and last 18 to 20 months.