The $102-million project is the third high-rise condominium project that Nassi will have developed in the up-and-coming neighborhood, which includes the main Denver Public Library and the Denver Art Museum. The Golden Triangle is at the opposite end of Lower Downtown, a haven for restaurants, lofts and sports bars as well as Coors Field. But Golden Triangle proponents say the neighborhood will become even trendier because cultural facilities ultimately do more for a neighborhood than sports facilities.
Units in Nassi's latest project, called the Beauvallon, will be priced from the high $100,000s to $2 million. There will be a swimming pool on top of a 600-space parking garage being positioned between the two identical towers. Denver-based Martin Design Inc. is the project architect.
Nassi favors European-style architecture and the Beauvallon is no different than his other two projects in the Golden Triangle - the completed and sold out Belvedere and the Prado, which is under construction. Nassi also has developed luxury condominium and townhome projects in Cherry Creek North and near the University of Denver. The French baroque-style Beauvallon takes its cues from 19th century buildings in Paris, he says. Antique doors found in Paris will grace the building.
Although Nassi's projects sell well, not everyone is a fan. Jennifer Moulton, Denver's planning director and an architect by training, told GlobeSt.com she thinks Nassi's buildings are out-of-scale for the neighborhood and she doesn't like the style. But she admits that many people do like it, and he'll probably sell units as quick as he did with the other two projects.
Nassi has made sure the height and mass of the Beauvallon meet city's zoning requirements so he didn't need to get a zoning variance. Nonetheless, the project will take 18 months to 22 months to complete. It will be built on the existing parking lot of Channel 4, Denver's CBS-TV station. Nassi had bought the land from CBS, closing the deal one-day before it had been sold to Viacom Corp.
"I knew if I had to start dealing with Viacom, it would be back to square one," Nassi says. In addition to the units, he already has leased 28,000 sf on the ground floor to a nationwide health club chain, the name of which is being kept under wraps. He also is close to signing a lease for a 7,000-sf gourmet grocery store.
Nassi says Lehman Brothers is supplying the equity through mezzanine financing. He is looking at an Ohio-based bank for the construction loan although he says several banks have expressed interest in the project.
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