Multifamily Architecture

2017 Condominium Summit & EXPO: Colorado Real Estate Journal

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By: Sarah Kaplan

The 2017 Condominium Summit organized by the Colorado Real Estate Journal was well prepared and full of great information, speakers and enthusiasm for condo development. Contributing to the event content, Mike Rinner, Senior Vice President of Meyers Research, shared an excellent presentation and overview of the condo market in Denver.  Mike started by speaking about the lessons we’ve learned in the past from poor condo construction to subprime lending.  He then discussed the changes that are being made to reform Colorado’s stifling construction defects legislation and what the future of condo construction might look like in Denver.  He spoke about the large demand for condos in Denver and a variety of things developers and the design team can do to limit their risk should they decide to pursue working on condos.

Developers, designers and industry professionals connected to a handful of condo communities currently in the works in Denver shared overviews and information associated with these projects.  Below is a quick reference of the interesting take-aways for each of these communities.

  • 250 Columbine (Cherry Creek North)
    • HOA dues est. of $4.85 per SF (per year)
    • 33% of Units sold to Single Women
    • 71 Condo Units / 30,000 SF Retail
    • Living Areas: Hardwood flooring field-finished with zero-VOC natural penetrating oil
  • The Laurel (Cherry Creek North)
    • 71 Condo Units / 3,878 SF Retail
    • Completion: 2018 – Now Pre-selling!
    • $800 per SF: 1 BDRM (1.5 bath w/ study)
    • $840 per SF: 2 BRDM / 2 BATH
    • Amenities include Cherry Creek adjacency:
      • UC Health Urgent Care – 1.5 blocks away
      • Cherry Creek Mall – 2 blocks away
      • Port-cochere arrival
      • Saltwater Pool, Summer Kitchen on Roof Top
      • “Attended” Lobby & Reception Lounge
  • The Lakehouse (Sloans Lake)
    • 206 Units: Units start mid-400k (up past 1m mark) – 675 SF in size up to 2,473 SF per Unit
    • Working towards certification to be the First WELL Building in Colorado! (WELL Building Standard)
      • Amenities focus on holistic health and WELL program model:
        • Air, Water, Nourishment, Light, Fitness, Comfort and Mind
        • 18,000 SF outdoor deck w/ Urban Farm
        • Fitness “Lab” w/ yoga room, sauna and juice bar
      • Private “Outdoor Living” for each Unit ranging in size from 400 SF to 1200 SF (w. glass rails)
  • The Coloradan (Union Station)
    • 334 Condo Units including:
      • 33 IHO (Inclusionary Housing Ordinance) Units (725-878 SF) Attainable Housing! to be priced in mid. to high $200Ks.
      • 294 Studios, 1-BDRM, 2-BDRM, 3-BDRM from high $200ks to $1.3M
        • Studio: 486-535 SF
        • 3 BDRM: 1,456-2,122 SF
      • 7 Penthouse Units (1,695-3,235 SF) from $1.6M to $3.0M
      • Amenities include 18th Floor Pool Deck and Club Lounge
      • PARKING: Leased as opposed to Owned
        • “Shared parking makes for a healthier use of garage space for both retail customers and residents”
        • Video Reference: https://vimeo.com/225162837
        • East-West Partners claimed The Glasshouse is parked no more than 20% on average as a “owned” Parking Model
          • Once you sell it, it’s “done”
          • Fixed deed vs. continual change in demand
        • 3 Parking Spaces to 1 Unit – assume garage will never be fully leased out
  • S*PARK (RINO – Curtis Park)
    • 91 Condos / 8 Townhomes: Unit pricing starts under $300k? (Townhomes close to $1m on website)
    • Marketed towards First-time Homebuyers:
      • Amenities Include:
        • Solar Power
        • Shared Community Greenhouse
        • Underground Parking to allow for extensive, private central Park
        • Exterior reclaimed Brick from Denver BLDGS
        • Adjacency includes RINO bars / restaurants, Light Rail
        • Unit appliances include Induction Range

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