(To read more on the multifamily market, click here.)
DENVER-The city's new high-density, transit-oriented infill project, whose total costs equal $35 million, is anticipated to leverage the University Station Light Rail Stop near the University of Denver. The seven-story, 111-unit condo project, located at 1945 South Josephine St., will break ground before year's end, with projected sell-out estimated at more than $45 million.
"This is one of the best areas and sites in the city to do urban infill projects," Raymond Tonsing, president and CEO of the project's development firm, Tonsing Properties, tells GlobeSt.com. "It's a very desirable, livable area where people can drive a mile and a half to go to the best dining and entertainment in the city or jump on the light rail and go to a sporting event. It's really where all the action is taking place in the city."
According to Tonsing, whose firm has offices in San Francisco and Denver, the project's sales center is set to open in two weeks when it launches to the public. Units will range from the high $200,000s to the high $500,000s, and from 724 sf to 1,483 sf.
Investor Mike Ackerman is Tonsing's equity partner in the project, with land acquisition and pre-development financing being provided by Summit Bank and Trust, and Lakewood-based Pinkard Construction acting as the general contractor.
Tonsing believes that, although infill transit-oriented-development sites are extremely challenging, once the amount of activity around the light rail is observed, it will become clear why projects such as this are needed--and why they will be needed for years to come.
"Urban infill as a whole is challenging," he says. "Lots of sites were gobbled up around the proposed light rail stops and that's challenging because there's not a lot of space around that [to begin with]. To achieve the density we've achieved with the R-3 [multiple family residential zoning] we know we've got something that works."
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