Units will range in size from 900 sf to 1,900 sf.
Most of the apartments built in the metro area during the past decade have been high-end. The newest, most expensive units today have the highest vacancy rates. But almost all of them have been garden-style, suburban projects, notes Eric Kenney, managing regional partner for Hanover.
Although he says while you can't dismiss the softening economy, he believes the project in Glendale -- a few miles east of the Central Business District -- and close to Cherry Creek, isn't buffeted by the same overbuilding woes as the suburbs.
And he welcomes the handful of projects under construction in the Central Platte Valley and in the Ball Park neighborhood at the edge of the CBD.
''First off, I think the market is deep enough to support the few projects going forward,'' Kenney says. ''If you add up all of the units, it is not a tremendous amount compared to what has been the supply added to the metro Denver area in the last couple of years. It's still a relatively modest amount. Also, I think because of the geographical separation (between his project and the downtown projects) we should not be too impacted -- nor they by us.''
The first units should open this October, with the building being completed next year.
His project will include 10-foot ceilings, granite counter tops, top-of-the-line appliances. In other words, they will be built out much like the large, custom homes that many of the renters likely will be selling and trading for luxury rental living.
One thing he hasn't decided is whether to provide a concierge.
''We're designing an area where we could have a concierge,'' Kenney tells GlobeSt.com. ''But we're still debating whether we will have a concierge.''
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