B
illionaire Stan Kroenke has acquired a historic office building near his Ball Arena in Denver for $5.6 million, expanding his portfolio of properties in the area. The 21,500-square-foot building at 1123 Auraria Parkway was purchased from Alex Ringsby, owner of locally based Ringsby Realty, who had owned it since 1999. Kroenke's team was represented by Darrin Revious of Pinnacle Real Estate, while Scott Patterson of Ringsby helped facilitate the deal.

    The four-story brick building, built in 1901, was fully leased at the time of sale and is located east of the arena. The purchase price works out to $260 per square foot. Kroenke plans to redevelop the parking lots around Ball Arena into a 70-acre neighborhood as part of his larger vision for the area.

    The Denver City Council has approved rezoning for the project, which includes plans for 6,000 homes, 780 hotel rooms, shops and restaurants, a recreation center, and other amenities. Kroenke's redevelopment plans could break ground as early as next year and be completed in 30 years. As one of the largest landowners in the US, Kroenke oversees over 1.6 million acres of ranches across the country and owns 60 million square feet of real estate, including shopping plazas near Walmart stores.