DENVER-As GlobeSt.com recently reported, one of the last large infill development opportunities in the Denver Metro area has been sold to WIP Littleton Village LLC. Approved plans for the former Marathon Oil research facility site at 7400 S. Broadway in Littleton, CO—situated on 77 acres—call for 250,000 square feet of retail and 900 residential units, both single- and multifamily product.
Denver clearly has had a surge of new development planned. Another parcel in the area also just changed hands with plans for a mixed use. Approximately 1.21 acres at 2166 15th St., located at 15th and Little Raven at the confluence of the Platte River and Cherry Creek was purchased by a partnership between PM Realty Group, National Real Estate Advisors and Ray Suppa. The property represents one of the best infill development opportunities in Denver, with approved plans for a 288-unit luxury apartment building with 8,300 square feet of high-end first floor retail.
Its name will be reflective of its position at the confluence of Cherry Creek and the South Platte River, the historic origin of the City of Denver. At 34 stories, the glass apartment tower will be the tallest structure in the Riverfront Park neighborhood and will feature top-of-the-line finishes that are unparalleled in the Denver high-rise multifamily market, including a state-of-the-art fitness center, pool lounge and club area, cabanas, a fire pit and a covered parking garage with 300 stalls. Construction is expected to commence in fall 2013 with initial occupancy in the fall of 2015.
“The current approved plan will maximize the potential of the site, and will do justice to its strategic location at the southwest corner of 15th and Little Raven streets in the rapidly developing area of Riverfront Park,” notes Stephen Roesinger, senior managing director with NGKF Capital Markets, who assisted both parties in the transaction with associate Wade Fletcher.
“The caliber of this high-rise development will be the first of its kind to bring luxury high-rise living into our region, elevating Denver's rental market comparable to Dallas, Los Angeles and New York,” adds Fletcher.
NGKF represented the seller in its original acquisition of the site in 2004. Intending to develop the parcel immediately, preliminary preparation work began including the process of rezoning the site to a planned unit development, allowing for higher density. “All that preparation made the land even more desirable for the buyer/developer,” Roesinger says.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
