Construction Begins on $32M Project

Denver

GID Urban Development Group, an affiliate of the General Investment & Development Cos. has begun construction on Manhattan II, a residential multifamily development in downtown Denver. The 134-unit luxury apartment building is located in Riverfront Park, an urban master planned mixed-use neighborhood consisting of lofts, condominiums, apartments, shops, restaurants, services, and public open spaces.  The project is owned within a joint venture consisting of GID and an institutional pension fund investment partner. The new development represents the second phase of the Manhattan, an adjacent 236-unit multifamily building also owned by the same joint venture. GID tells GlobeSt.com that the total construction cost of the development is $32 million. The site is located immediately north of Denver’s downtown, the lower downtown district, and Union Station. “The combination of extremely limited new supply, dramatically reduced construction costs and rising rents makes this an ideal time to develop a new luxury property on a premier urban site in downtown Denver,” said James Linsley, President of GID Urban Development Group. “Manhattan II is an exciting multifamily project that offers first-class amenities rivaling that of any other residential development in the area.” Designed by Niles Bolton Associates, Manhattan II consists of a total gross area of approximately 267,000 square feet. The development will include 77 one-bedroom units, 49 two-bedroom units and eight two-bedroom plus den units, as well as an underground private parking garage with 210 parking spaces. Construction of Manhattan II is anticipated to be completed in August 2012.