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GREENWOOD VILLAGE, CO-Developer Zack Davidson has replaced the construction loan for the $210-million first phase of Landmark, his mixed-use redevelopment of the Denver Tech Center. The new $182-million loan from Hypo Real Estate Corp. will finance the development of two condominium towers and an adjacent 180,000-sf lifestyle center on 15.25 acres.
Davidson is developing the Landmark under Everest Development Co., the successor company to Eikon Investments. Through Eikon, Davidson acquired and completed the successful One Embarcadero South residential tower adjacent to PacBell Park in San Francisco among other Bay Area projects.
Davidson tells GlobeSt.com that the new loan for the Landmark took out two other lenders who lent their money at a higher interest rate and a lower loan-to-value ratio. "The new loan is more competitive," he says.
The first phase of Landmark will consist of two condo towers totaling 264 units and the retail center, which will include a 30,000-sf theater, a 20,000-sf comedy club, 13 restaurants and 100,000 sf of specialty retail. Nearly 85% of the condominium units have been sold at an average price of more than $400 per sf and the retail is 85% leased, says Davidson.
The retail is set to open this September. The first of the two condo towers is scheduled for completion in April 2008, the second tower for early 2009. The European-style project will feature stone and brick facades, cobblestone streets with granite curbs and ready access to the city's new light rail system.
"The project is located just west of Interstate 25 in the highest income pocket in the state, where the average home sale price was $1.46 million," Davidson says. "It also sits at the highest point in South Denver; the views are amazing."
The $220-million second phase will rise on 11.4 acres of adjacent land and will contain an additional 216 housing units in low-rise buildings. Three-quarters of the units will be housed in seven five-story buildings each containing 23 units averaging 2,300 sf. There also will be 50 brownstones averaging 3,600 sf apiece and five custom estate homes averaging 5,000 sf.
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