Principal hired Denver-based Corum Real Estate Group to build an eight-story mixed use retail and luxury rental apartment building. The complex will cover half a city block on Market Street between 22nd Street and Park Avenue West. The ground level will include15,000 sf of retail and commercial space as well as several street-level town homes. The upper levels will feature 236 luxury rental units, with a mix of studio, and one- and two-bedroom plans in both loft and traditional apartment designs.
Plans call for 10% of the units to be reserved for affordable housing, meeting city and county requirements.
Principal Capital Real Estate Investors retained Corum Real Estate Group as fee developer and partner on behalf of RESA. Groundbreaking is scheduled for July with delivery of the first rental units expected in December 2003.
"We are very confident that demand for quality housing in Downtown Denver will continue to grow and that this project will be positioned to meet this growth," says Rod Vogel, managing director of development for Principal Capital. "The positive long-term economic outlook for the Denver area combined with the property's outstanding location make this a very attractive investment opportunity for our client."
Some of the building materials used in the construction of the recently demolished Premier Tire Building have been salvaged and will be incorporated into the project. Its exterior is being designed to blend well with the historic architecture of the Ballpark Neighborhood.
"This project answers the growing desire for luxury rentals in Downtown Denver and will offer tenants an incredible mix of an urban lifestyle with the modern convenience of new construction and designs, " says James G. Fitzpatrick, executive vice president and partner with Corum. "At this early stage of the building design process, we are considering a wide range of unit types from open, loft-style floor plans to the more conventional apartment-style finishes."
Shears & Leese Architects and RNL Design -- both of Denver -- are project architects. M.A. Mortenson is the general contractor. Richard Sampson of Richard Sampson & Co. and Don O'Brien brokered the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
