Greenline Ventures, a Denver-based investment firm, purchased the parcel in January 2023 and told the Montrose Urban Renewal Authority (MURA) of its plans on June 26.
Construction is expected to start in early 2025 and expected to be completed by mid-2026.
The commercial space could be used for restaurants, retail or boutiques.
The project is situated between Mayfly Outdoors and the new Shelter Distillery, according to plans provided in the MURA meeting packet.
Greenline Ventures was asking for $1.3 million in site improvements from MURA.
The multifamily housing adds up to 76,706 square feet.
