The Denver real estate market is currently seeing extremely high demand combined with record low inventory. One sector of the market that has been especially lacking is new, multifamily condo projects. There have been few condo projects in Denver since the middle to end of the last decade, when a big wave of condo construction ended. Buyers previously could chose between larger buildings such as Spire and One Lincoln Park, or smaller buildings like Confluence Heights (pictured above), my building in Lohi that was finished in 2007. This comes at a time when development and construction in general is booming. Apartment buildings are under construction all over town, in many of the most desirable city-center neighborhoods, on the heels of dozens of new complexes from the past few years.
The most common reason cited for the dearth of new condo construction is construction defect liability and litigation. This is well documented and no doubt contributing to the shortage since it is adds risk and cost to developers, who instead have been turning to rental product. Some economists believe that there are also other factors at play such as tightened lending standards, and the fact that apartments themselves have been quite lucrative for developers. Condo construction is in fact at record lows across the country.
Regardless of the root causes, several developers are stepping up to the plate, and there are signs that we may see some new condo projects soon.
250 Columbine is a mixed-use project in Cherry Creek that is already well on its way to completion. It will feature 71 luxury units, as well as ground level retail and an office component in part of the development. This is a great project, and the residential condos are nearly all sold during the presale period.
Nava Real Estate Development is planning a project at the St. Anthony's site near Sloan's Lake that will provide 198 condos and 26 townhomes.
The œDrivetrain development in the red hot Rino district, on Brighton Boulevard, is planned to include 100 condos and 23 townhomes.
The Coloradan, in the Union Station neighborhood, is a planned condo project directly next to the historic station. Not much is yet known about this project, but an architectural rendering has been released. This is the one I am probably most excited about!
If you are interested in living downtown or in a core neighborhood, in a loft or condo, call, text, or email me!
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