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Apartment developer buys Baker site of pharmaceutical plant for $26M

Apartment developer buys Baker site of pharmaceutical plant for $26M BusinessDen file) A drugmaker ending its operations in Denver has sold the site of its Baker facility to a developer planning apartments. Minnesota-based Upsher-Smith Laboratories’ property at 301 S. Cherokee St. was purchased last week by an entity affiliated with Austin, Texas-based Cypress Real Estate Advisors, according to public records. Cypress paid $26.1 million for the 5.18-acre lot, according to public records. That works out to $116 a square foot. Cypress submitted a development proposal to the city last year, calling for a seven-story, 359-unit complex on the northern portion of the parcel. The plans refer to the southern portion of the lot as a future phase of development.

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