DENVER-Local developer Stephen Owen, who developed some of the most luxurious inner-city infill projects in Denver, is turning his attention to the fledgling Ballpark neighborhood, which takes its name from nearby Coors Field. Owen's firm, Urban Market Development, plans to start construction this fall on the $40-million Lofts on Park Avenue, a block north of the baseball field.
Owen will renovate an existing 70,000-sf office building on the project as well as build 112 new lofts.
Urban Market purchased the site, which includes the warehouse he is developing, in March for $7.2 million. The former warehouse, converted into offices, currently is 90% leased. Tenants include the Hibbert Marketing Group and Josh Comfort/Lawrence Group Architects, as well as Urban Market.
The lofts will start at $125,000. Owen says he is able to make them affordable because the smallest is 500 sf. Eighty-eight percent of the units will be priced below $400,000. The remaining units will be priced in the upper $500,000s.
Families earning less than 80% of the area median income will qualify for 15 of the units priced below $200,000.
Plans call for a three-level, underground parking garage with 240 spaces. The office building includes 133 spaces.
The first lofts are expected to be completed in late fall 2002.
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