Behringer Harvard announced today that construction has begun on a luxury multifamily community on the north side of downtown Denver. The 1.15-acre construction site is near the northwest corner of the intersection of 21st Street and Lawrence Street , in the Arapahoe Square/Ballpark area.
Plans for the new community, tentatively called 21 Lawrence, include the development of 212 apartments contained in a five-story residential podium configuration wrapped around a two-level parking facility; one of the parking levels will be below grade. Construction commenced in March 2013 and completion is expected in fall 2014. The site provides excellent access to the central business district, the Five Points and Lower Downtown (LoDo) neighborhoods, Coors Field and Union Station, as well as many venues for dining and entertainment.
"We are pleased to work with Legacy Partners, the project's developer, on this exciting community that is a prime example of our core, urban-infill strategy in Denver," said Mr. Mark T. Alfieri , Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "Residents will be able to walk to downtown employment, restaurants and retail - or to a Colorado Rockies baseball game."
Legacy Partners Residential Development, Inc. is a firm based in Foster City, Calif. that specializes in the acquisition, development, and management of commercial and residential real estate in the western United States. Architects are KTGY Group, Inc. and the general contractor is Catamount Constructors, Inc.
"21 Lawrence will meet the growing demand for luxury in-town living in Denver's fast-emerging north downtown neighborhoods that are increasingly popular with young professionals looking for an urban living experience," said Mr. Spencer Stuart , Senior Managing Director with Legacy Partners.
The community will offer common amenities including swimming pool with deck; state-of-the-art fitness center, cyber-lounge with free Wi-Fi, XM satellite radio and iPod docks; business center with individual offices; screening and gaming room with surround sound; and roof-top terrace with outdoor kitchen. Residents also will have access to a bicycle tune-up shop and recharging stations for electric cars.
The apartment homes, with an average of 823 square feet each, will offer up to two bedrooms and two baths. Units will feature stone countertops, pantries with wood shelving, ranges with ceramic cook-tops, nine-foot ceilings, full-size washers and dryers and a state-of-the-art infrastructure for digital services.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 53 multifamily communities in 14 states comprising 14,584 apartment homes.