''I'm not at liberty to name either the construction lender or the equity partner,'' MacKenzie tells GlobeSt.com. ''But it allow us to move forward on our project.''
Construction will begin in February.
Currently, the market, which depends heavily on battered telecommunications and technology companies, doesn't need such a large multifamily rental complex. But, hopefully, that won't be the case when the project opens in 16 months, he says.
''We think it will be well-timed,'' he says.
About 65% of the units in the project will be one-bedroom units, where at least half of the units in most of its new, neighboring communities are two-bedrooms.
Many high-tech workers, he notes, are single females who don't want roommates.
''Certainly, two bedrooms are popular right now because people can split the rent,'' says Carey Bruteig, principal of the Denver-based Apartment Appraiser and Consultants. ''But, certainly that could change.''
Also, it apparently is the only new apartment complex built with all steel.
''I can't think of one that is not stick built,'' Bruteig tells GlobeSt.com.
MacKenzie notes there are complicated fire code provisions for complexes that are four-story tall, such as the Summit, that are built with wood. All-steel construction is more expensive initially, but a wood building can easily be delayed and go into cost overruns, he says. That's been the case with some inner-city developers.
''It was important to us to complete the construction on schedule, so we decided to make it all steel and use steel studs,'' MacKenzie tells GlobeSt.com. ''It will make it a very institutional-quality complex.''
Although it is in a suburban location, it also will be very pedestrian-friendly.
''Broomfield, which is pretty much anti-apartments, fully embraced this project,'' MacKenzie notes. ''They very much consider it a New Urbanism-type project.''
The buildings will wrap around a four-story parking garage and every tenant will park on the same floor as his or her unit. In some other projects, a tenant might park on the first floor, but live on the fourth floor, MacKenzie says.
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