Allied Real Estate is about to start construction of this 332-unit, 2-building luxury apartment community near Speer and I-25.

Allied Realty plans to soon start the demolition of rundown buildings near Speer Boulevard and Interstate 25 to pave the way for a 332-unit, $80 million luxury apartment community.

The development, called 2785 Speer, has been almost five years in the making and is by far the largest apartment development planned in northwest Denver, said Lauren Brockman, principal of the Denver office of Allied Realty.

Now, with the hottest apartment market in memory, he is ready to move forward on the two-building development.

“We’ll probably start demolition in about two weeks,” Brockman said today. “It will take about 22 months to complete construction.”

Brockman bought the first two acres of the 4.5 acre site in 2007. The property is roughly bordered by Speer, Alcott and Bryant streets, West 26th Avenue and the property line between the site and an existing gas station.

5 years in the making

“After we bought the first two acres, the market went sidewise and we decided that it would make sense to assemble a bigger site,” Brockman said. “I then assembled another two acres from nine different property owners. Later, I bought another half-acre. It’s very unusual to have a development of this size in an area so close to downtown. Most new infill apartment buildings are on pretty tightly packed sites.”

The community, he said, “will appear to be five stories on the Speer side and four stories on the 27th (Avenue) side,” Brockman said.

He anticipates initial rent rates will be at $1.92 per square foot, With units ranging from about 600 square feet to more than 1,200 square feet, monthly rates will range from about $1,100 to $2,300. The average sized unit will be 850 square feet, or about $1,600 per month. It will be about 60 percent one-bedroom units and 40 percent two-bedroom units.

“You look at Commons Park (near Confluence Park, off 15h Street) and they are getting $1.91 per square foot,” Brockman said. “There is nothing wrong with Commons Park, but is is 12 years old and this is brand new.”

Another view of the $80 million 2785 Speer apartment community

He expects that after the initial leasing effort, “rents will stabilize at $2.10 per square foot.”

The development will be as nice as any of the new luxury apartment communities underway or on the drawing table in Denver, he said.

“Really, it’s going to be kind of like bringing Clayton Lane quality to Jefferson Park,” he said, alluding to the ritzy development in the heart of Cherry Creek North.

As part of the development, Allied will vacate Alcott Street and make it a private drive, which he said will make the area more pedestrian friendly. “We’re also going to vacate a funky little area on (West) 28th Avenue. The city asked us to do that because people get on it and then make 180-degree turns to turn around, so it is kind of a traffic hazard.”

The development will include a swimming pool, a two-story, glass-enclosed exercise area, and even a bocce ball court.

Talk about rooms with views.

“The views of downtown are simply unbelievable,” Brockman said. “That is why we are enclosing the exercise area in glass with overlooking downtown. We wanted to take advantage of these spectacular views. And while it’s kind of hard to tell, we think the south-facing units and the north-facing units, also will have nice views of the mountains.”

Meeks + Partners is the architect and Swinterton Builders is the general contractors. The building will be LEED-certified. The development will include about 500 parking spaces, some of them underground.

Swinerton on board

“This is just an amazing project and we are proud to be participating in it,”  said Scott Conrad, division manager for Swinerton. “My own view, is that this is a great time to be developing multifamily. Not only is the market unbelievably strong, but I think that we are going to be see inflation of commodities and labor in the future. And interest rates are obviously very favorable and debt and equity are available.”

Houston-based Meeks + Partners, described the development this way on its website: “Set in a redevelopment zone within easy walking distance of downtown Denver, this urban contemporary infill will create a vibrant and modern cornerstone for the transitional neighborhood. Aligned along historic North Speer Boulevard, the architectural team integrated and responded to the client’s specific needs to offer a dense, mixed-use product for this site.”

US Bank is the lender and the Amstar Group is Allied Realty’s equity partners.

Brockman said he anticipates the primary market for 2875 Speer will be the 22- to 35-year old.

“A lot of them will work downtown,” Brockman said. “They also might work in Cherry Creek, which is a straight shot down Speer. And we might have some young couples, where one works downtown and the other works in the Tech Center.”

He said he also expects that the development also will attract some divorced people and well as empty nesters.

“The nice thing is that there is one traffic interchange at Zuni and then you are at I-25, but you are just far enough from the highway that the noise isn’t overwhelming,” he said.

The community will include 10,800 square feet of ground-floor retail space. Brockman said he could imagine locally owned restaurants, such as as a pizza parlor, as well as non-chain operated businesses such as dry cleaners and coffee shops.  “We think the area is pretty under-retailed. We don’t think we will have any problems filling the space.
”

The development is about a mile and a three-minute drive from the 147-units in 5-story one one 4-story building planned by RedPeak Properties in nearby West Highland.

“I think there is enough demand for RedPeak and for us,” Brockman said. “Plus, I think we will open enough in advance of RedPeak that we will be stabilized when they come on line.”

Indeed, he doesn’t share the fears of some observers that downtown and the areas around it, most notably Highland, are in danger of becoming overbuilt.

“If we were all going to start construction at the same time and open 90 to 120 days of each other, things would get pretty ugly,” Brockman said. “But all of these developments take a long time to move forward and not every one will be built. I’m not worried.”

Contact John Rebchook at JRCHOOK@gmail.com

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Frontview 40, which provides postcard-picture views of downtown from its rooftop, is one of five projects on a Jefferson Park tour this Saturday.

Jefferson Park is a hidden gem among Denver  neighborhoods.

Even some veteran Realtors think this neighborhood bordered by Colfax Avenue, Speer Boulevard, Federal Boulevard and the Platte River, is an extension of the nearby West Highland neighborhood.

To familiarize people with this neighborhood, which includes Invesco Field and is minutes from downtown, from noon until 4 p.m. this Saturday, five  Jefferson Park’s properties have partnered to host a Jefferson Park Holiday “Tour & Shop” on Saturday.

The tour will feature homes at Frontview 40, Bryant 25, Jefferson Park Townhomes,  Zocalo Condominiums #301, and 2833 W 25th Ave, with prices ranging from the mid-100s to 600s.

As part of the Holiday Tour and Shop, the properties will showcase local boutique vendors in their model homes so visitors can wrap up holiday shopping while they tour. Guests are encouraged to stop by, no reservations required, to see the homes, shop, and enjoy winter-themed drinks and snacks.

The neighborhood has seen a recent wave of residential development growth, given its easy access to Interstate 25,  a quick bike ride to Sloan’s Lake, and a few blocks to West Highland’s restaurants and retail.

Here is a description of the homes on the tout:

Frontview 40 at 2650 Frontview Crescent,  boasts some of the best views in town from their private and community rooftop decks. With 31 flats and nine townhome-style residences, this project offers one-, two-, and three- bedroom homes ranging from the mid $100,000′s to $500,000′s. Typical upgrades in similar properties are standard for this project, including wide plank hardwood floors and custom concrete shower pans with river rocks. Between unique floorplans, upscale finishes and features, and a diverse color palette, no two homes are exactly alike. For more information about Frontview 40:  Kim Cato (303-669-0781) or Laura Scholtz (720-231-1803).

Bryant25, off West 25th Avene and Bryant Street, offers seven remarkable townhomes priced from $599,000 to $629,000. With beautiful finishes, high-end design and great floor plans, these homes offer ideal features such as a 2 car garages and four plus balconies and terraces. A developer incentive of $15,000 is available for buyers to use toward a menu of items including closing costs, buy down of interest rate, installation of a sound system or security system, central vac, a master bedroom closet organizer, or window coverings. Townhomes at Bryant 25 come in at an incredible $269 per square foot. For more information, contact Barbara Henderson at 303-349-5422.

Jefferson Park Townhomes,  across from Jefferson Park at 2798 W 22nd Ave,  have four of nine units left with stunning views of the city and neighborhood. These new build townhomes feature high-end finishes such as commercial grade energy efficient windows, Bosch appliances, Studio Becker cabinets, imported leathered granite countertops, gas stoves, and exquisite European finishes. Every unit has a least two full baths including one 5 piece master bath. Jefferson Park Townhomes also come with two car attached garages, roof top decks with gas, bar, and electrical services, and no HOA to worry about. Ranging from 1000 to 1600 sq ft., these homes are priced from $499k to $650k. For more information: Brandis Meeks (720-297-1692) or Carrie Craig (303-519-9099).

Zocalo Condominiums offer  a park-front location with dramatic city views.  Zocalo Condominiums #301 at 2195 Decatur Street features a light-filled open floor plan and very desirable corner location. This 2-bed, 2-bath home boasts solid hardwood floors, granite countertops and buffet, custom solid-core doors, custom window coverings, gas stove, stainless appliances, walk-in closet; and 2 car parking spaces, 2 storage units, and 2 bike hooks in the access- and climate-controlled garage. Priced in the low $300’s, this home presents great opportunity for buyers interested in maximizing the federal homebuyer tax credit. Furnished lease option is also available. For more information, contact Sarah Harman at 303-475-0784.

One of Jefferson Park’s premier homes, 2833 W 25th Ave is a one-of-a-kind completely renovated historic Victorian with 3 bedrooms and 3 full bathrooms and almost 2000 square feet. Featuring a huge, jaw-dropping gourmet kitchen with top of the line appliances, a walk-in pantry, custom lighting and a commercial stainless hood, double ovens, vaulted ceilings and radiant floor heat, acres of counter space and cabinets.!  The two- story brick home has two master suites, one upstairs and one downstairs, plus there is a 3rd bedroom/office/nursery upstairs.  It features hardwood floors and  updated electrical, plumbing, roof, and paint.  The home sits on a 10,100- square-foott lot with producing fruit trees, a grape arbor, a potting shed, and a heated, oversized 2 car garage with a workshop. The attic could be finished for an epic master suite with breathtaking city views.  Priced to sell at $449,000, this home offers the opportunity to simply move in and watch your property value soar while you enjoy living just minutes from downtown, Lohi, Highlands Square, and Sloan’s Lake.

Here is a map of showing stops along the self-directed tour of Jefferson Park communities from noon until 4 p.m. on Saturday, Dec. 12

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