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The Observatory Park neighborhood in Denver will be the site of a new 11 story mixed-use, apartment building and retail space.
 "The tenant mix will end up as a combination of retailers that complement the university and the neighborhood," said Phil Hicks, whose company, Hicks and Lampert will market the space.
Located directly across from DU, the complex will include 213 apartments, and 25,000 square feet of retail space.
This is not intended to be student housing said Developer David Elowe of Urban West. "We want to appeal to professors and young professionals."
The project had just been approved in 2008, when the market went sour and they lost their financing, but the demand for apartments is high right now and investors are turning to multi-family housing. So Urban West obtained new funding through private investors and a conventional construction loan for the project.
"Developers project that 2,500 apartments will be built in the Denver metro area this year. That number is expected to double to 5,000 next year." writes Margaret Jackson for The Denver Post.
Read the full article at DenverPost.com.
 photo credit: dcmaster
Posted on April 19, 2011 07:55:50 by  Scott.Shields
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