The project, Chamberlin Heights, marks the first new construction for such a project in more than 80 years, although a number of older buildings have been renovated along the corridor.
Aronowitz says his units are priced at least $100,000 less for comparable units in nearby Cherry Creek North and the Golden Triangle. He says the volatile stock market may give some prospective buyers second thoughts. However, the Federal Reserve's action to cut interest rates should eventually result in lower mortgage rates, which could compensate for depressed stock prices, he says. Commercial Federal Savings & Loan is the lender.
So far, he has pre-sold 11 of the units.
About 800 sf of retail is being listed by Denver-based SullivanHayes Cos., the largest retail brokerage firm in the metro area.
''They tell me they can get $18 to $20 per sf,'' in rents, Aronowitz says. A lot of restaurants want the space, but he rejects them because it would not work well with the owners. He says his ideal tenant would be a combination wine/coffee shop.
The project was designed and is being built by Denver-based Buchanan Yonushewski Group LLC.
''This could serve as a model on how to design a project on a high-traffic road,'' says architect John Yonushewski. ''''Imagine a neighborhood store with apartments on top. What could be more wonderful?''
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