DENVER-AMLI Residential plans to build a $49 million apartment building on a 3-acre site it just purchased here in the Riverfront Park area. The company paid about $9 million for a site at 20th and Little Raven streets.
The 242-unit property will include a parking structure and a courtyard, Scott Koppelman tells GlobeSt.com. He is the SVP of development for AMLI for Seattle and Denver. He says the company will start on the five-story project on April 12 and should be finished by the first quarter of 2014.
The site for this AMLI Riverfront Park is getting a boost by the more than $500 million, 50-acre public-private mixed-use project located in lower downtown Denver to expand the city’s transportation hubs. New facilities include a bus terminal with 22 bays, a light rail terminal consisting of three tracks and two platforms for existing and planned routes, and an intercity and commuter rail facility consisting of eight passenger tracks, platforms and service and storage improvements. Also included are the extension of the 16th Street Mall and the shuttle service, accommodation of the Downtown Circulator service, as well as pedestrian improvements and improved street and replacement parking and utility infrastructure.
Koppelman says AMLI already has acquired more than 1,000 apartment units in Denver for about $185 million, and the company has an additional 1,089 units in a development pipeline around the city. “I think 2012 is going to be a very strong year,” he says. “We’re very bullish on Denver as a whole, its employment growth is much outpacing the rest of the nation.” The city should be able to handle the roughly 2,500 apartment units that are set to open in 2012, Koppelman says, with the supply side only ramping up to more than 10,000 new units by 2016.
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