East West Partners, a Denver-based developer devoted to building, selling, and managing high-quality real estate, and Amstar Advisers, a Denver-based real estate investment manager, have announced that they will develop the first condominium building in the Union Station neighborhood: The Coloradan on a one-acre parcel at 1750 Wewatta St.
The $200 million, 342-unit condominium project will break ground in summer 2016 with completion of the building planned in 2018. The Coloradan marks the first partnership between Amstar Advisers and East West Partners.
“We are very excited to partner with East West Partners on a luxury condominium development in the heart of downtown Denver,” said Amstar Advisers Managing Director Kim Sperry. “For over 25 years, Amstar and East West have witnessed the growth of this impressive city; that continued growth, coupled with supply-side factors, create an excellent opportunity for condo development.”
With The Coloradan, East West Partners will bring to market the first opportunity to own a piece of the Union Station neighborhood in the last building to be constructed in the Union Station area. The location of the building, between the under construction Whole Foods and the Terminal Building, will complete the circle of development around the Union Station train platform.
“Since opening in 2014, Union Station has quickly become the new heart of downtown Denver, and The Coloradan will be at the heart of Union Station, making it the most exciting new downtown living opportunity in the city,” said Chris Frampton, managing partner of East West Partners. “We are proud of everything we’ve built in Denver and Union Station, but The Coloradan may end up being our crown jewel.”
With emphasis on state-of-the-art healthy living features and amenities, the 19-story building will offer a range of residential options from studios to penthouses, aimed at attracting a diverse group of owners seeking authentic Denver experiences. Prices will range from $250,000 to $3.0 million. The Coloradan will feature approximately 19,000 square feet of ground floor retail connecting residents to the city and will include a 452-space parking garage.
Planned amenities include a rooftop pool deck and club room, residents’ lobby, fitness room and a residents’ garden. In addition, The Coloradan will be one of the first buildings to be constructed in Denver under the revised Inclusionary Housing Ordinance enacted by Denver City Council in August 2014. As such, 10 percent of the residences will be dedicated to providing affordable housing.
“This is a major win for affordable home ownership opportunities right in the heart of Lower Downtown,” said Denver Mayor Michael B. Hancock. “The scale and location of The Coloradan is simply amazing, and we commend the development team for choosing to meet their affordability requirements on-site at such a premier location. This helps to shape a stronger Denver, providing our hard-working residents the opportunity to take advantage of all that our urban center has to offer.”
The development team has engaged GBD Architects as architect of record, GE Johnson Construction Company as general contractor, and BuildMark for construction management services.
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