''We would definitely want a joint venture partner for the 30-story portion of our project," Wells adds. "It's big enough so that it's received just about every high-rise residential developer you can imagine, but locally and nationally.''
Last April, CPS Investments paid between $8 million to $10 million for an 8.3-acre site next to City Park, one of the largest parks in Denver. The project currently houses several vacated Mercy Hospital buildings. The only one that will be saved will be a 260-car parking garage.
Eventually, the project will likely have 500 to 800 units with slightly more than 1 million sf.
The project is being designed by the Denver architectural/construction firm of Buchanan Yonushewski Group LLC.
After studying what would fit in best with the surrounding neighborhood, they decided it needs several high-rise towers as anchors, says architect Brad Buchanan.
Neighborhood groups also like the concept. Otherwise eight-story building would be built next to single-family homes, he says.
CPS Investments hired Denver-based Genesis Group as a consultant to recommend whether the project should focus on upscale condominiums or luxury apartments. It could end up with a mix of both, with a heavier emphasis on condos.
Construction could begin early next year.
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