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Pacific Properties LLC Announces a $45 Million Mixed-Use Apartment Community
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Added: 01/02/2004
Type: Summary
Viewed: 824 time(s)
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Pacific Properties LLC Announces a $45 Million Mixed-Use Apartment Community
Pacific Properties has announced the redevelopment of a former hotel site in a high-profile Denver location. A 265,000 square foot mixed-use project containing 291 apartment units, restaurants, live/work units and retail space will replace the shuttered hotel on 6.9 acres at the intersection of Hampden Avenue and Interstate 25 in south central Denver.
“We believe in Denver long term,” said John Ausburn, senior vice president of Pacific Properties (www.pacificpropertiesllc.com), one of the country’s largest private real estate developers. “This submarket between downtown and the Tech Center had no available sites for multifamily development until now. In fact, there are very few sites in Denver that offer the views, access, and adjacent amenities found at this location,” he pointed out. “We’re providing the kind of urban village atmosphere that renters desire without having to move downtown.” He added that the project, set to open in the second half of 2005, will be delivered into a recovering Denver multifamily market.
Ausburn credited Denver City Councilwoman Joyce Foster and the City Community Development department for assistance and support in securing the development approvals. The Mulhern Group, a local firm known for its quality work, is the architect for the project. Brokers Chris M. Saros and Jim Nelms of Coldwell Banker Commercial American Spectrum represented both sides in the deal.
The Southmoor Light Rail Station, scheduled to open in late 2006/early 2007, is an easy walk from the project and will provide quick access to downtown or south to the Tech Center and beyond. Other next-door neighbors include the United Artist Theater and a retail center anchored by a King Soopers grocery store. “When you take into consideration the light rail, nearby entertainment and restaurants, it’s possible for tenants to live comfortably without owning a car,” offered Ausburn.
The project, which has yet to be named, will consist of three buildings featuring luxury apartments and urban lofts situated around internal streets. The 16,500 square feet of retail space will house several restaurants and other specialty shops. Designed with a luxury lifestyle in mind, the upscale studio, one- and two-bedroom flats, townhouses and lofts will feature high quality finishes such as granite countertops and stainless steel appliances. Residents will have full use of a fitness center, pool, spa, clubroom, business center and lushly landscaped courtyards. Parking for residents will be provided in a controlled access parking structure that provides direct access to the buildings. Units will range in size from 517 to 1530 square feet with rents ranging from $800 to $2,100 per month.
Since 1985, Pacific Properties and its principals have developed and acquired more than 20,000 multifamily units with another 2,500 started this year. Headquartered in Las Vegas with additional offices in Los Angeles and Dallas, the firm’s projects are located throughout California, Colorado, Texas, and Nevada.
Artist’s rendering available online at: http://www.pacificpropertiesllc.com/opening.html
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