Union Center, which takes its name from the nearby Union Station train station, further establishes East West Partners as the largest landowner in the downtown core area. East West also is the largest developer in the mountains of Colorado.
East West already has purchased about 25 acres nearby in the Central Platte Valley from Trillium Corp., where it plans 2,500 luxury loft and condo units with a completed value of $1 billion. Trillium is based in Bellingham, WA. The two projects, which are expected to take more than 10 years to complete, will have a combined value of $1.8 billion.
East West Partners plans 1,000 to 1,100-units in Union Center. "I'd guess the average price, in today's dollars, would be $500,000," East West principal Mark Smith told GlobeSt.com, giving the residential portion a completed value of $500 million. It also includes 100,000 sf of commercial space - most of which will be retail - with an estimated completed value of $300 million.
"This is a significant announcement for East West Partners, and for the City of Denver," says Smith. "The remaining Trillium property is the last undeveloped land in downtown's core area and the Central Platte Valley. The area is rapidly evolving into an 'urban lifestyle' where the people of Denver and Colorado can live, work and play. This is a significant step in that evolution."
Says Paula Kurtz, Trillium's executive vice president: "East West Partners has established the Central Platte Valley as a key area for Denver's future with their successful introduction of Riverfront Park. They have a tremendous vision for this area and are acting on the most exciting opportunity for urban development anywhere in the nation."
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