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DENVER-Opus Northwest and Boulder-based Income Property Specialists have started construction of the second tower in its $160-million Pinnacle at City Park South development. As earlier reported by GlobeSt.com, pre-sales were so strong in the first tower the two developers decided to move forward on the second tower several months in advance.
The second tower has 22 stories, with 119 units. The first tower, which is under construction, has 27 stories and will include a two-story lobby and 142 units. Units in both towers will range in size from 940 sf to 2,269 sf and will be priced from the mid-$200,000s to more than $1 million, with two penthouses on the top floor.
"Construction is under way, and interest is strong for both of our towers," says Scott Menefee, a senior director at Opus. He describes the Pinnacle at City Park South "as one of Denver's most elegant high-rise communities." He notes that owners will have virtually the same view from their units as in the often-publicized photo of the Downtown Denver skyline taken from City Park.
The towers are the biggest portion of the $225 million redevelopment on the former Mercy Hospital site between 16th and 17th avenues and St. Paul and Fillmore streets across from City Park. Because the development is about two blocks from East Colfax Avenue, which has a variety of shops and restaurants, the City Park developers agreed to forgo any commercial uses on their property.
The towers will mark the only high-rise towers being built next to City Park. The developers, often represented by architect Brad Buchanan, who is designing low-rise townhomes adjacent to the towers, had more than 50 meetings with neighbors to gain their support.
Ed Natan, a real estate consultant in the area, tells GlobeSt.com that he would like to see even more high-rises along City Park. But it would be difficult to assemble the land and get neighborhood support, he admits. Confirming Natan's prediction, Councilwoman Elbra Wedgeworth tells GlobeSt.com more towers are out of the question. "At least not as long as I am here it's not going to happen," she says. "This is it for high-rise towers along City Park."
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