BOULDER — A Denver developer, in partnership with Boulder’s Communication Arts, wants to tear down the Daily Camera building at 1048 Pearl St. and replace it with a four-story, mixed-use project in the heart of downtown.
Randy Nichols of the Nichols Partnership has emerged as the highest bidder for the property, which has been on the market since November. Camera officials expect to receive a letter of intent from Nichols within the next few days, said Al Manzi, the Camera’s president and publisher.
Nichols and Camera officials declined to disclose financial terms of the deal. E.W. Scripps and ap — parent of The Denver Post — own the property and would split the sale proceeds.
The agreement includes a lease-back arrangement for the Camera and Colorado Daily newspapers, Nichols said. He did not provide details about the length or terms of that arrangement. Camera officials declined to comment about their future location plans.
If the purchase goes through, something Nichols expects could happen within four months, his firm and Communication Arts would move forward on pre-development work and the necessary city processes for the prominent downtown corner, Nichols said.
“It’s one of the best sites in Colorado, in my opinion,” said Nichols, whose firm developed Clayton Lane in Cherry Creek North and the Spire high-rise in Lower Downtown Denver, among others.
The Nichols Partnership intends to construct a building with retail on the ground level facing Pearl Street and residential on the floors above.
