Apartment developer pays $24M for site of planned 483-unit RiNo complex Courtesy of Crescent Communities) A new-to-Denver multifamily developer has acquired land for its first project in the city. Charlotte-based Crescent Communities and equity partner Dart Interests paid $23.7 million this week for 1300 40th St. The lot is 117,486 square feet, or 2.7 acres. That makes the deal worth $202 a square foot. BusinessDen reported in June 2019 that Crescent had submitted a development proposal for the site, which is home to a large industrial building previously leased to New Tech Machinery. That structure will soon be demolished. Crescent said in a statement that it will break ground this month on its planned 483-unit Novel RiNo apartment complex, which will include a mix of studios and one- and two-bedroom units. Plans call for 15,800 square feet of retail space, including 2,700 square feet intended for a rooftop cocktail lounge.