“Built up demand” driving all these projects coming to University, University Hills and University Park

“There’s a lot of built up demand” for apartments, said Austin Peterson, principal at Apex Real Estate Solutions. “You can’t build them fast enough.”
7 min. read
The glimmering University of Denver steeple seen past construction on a new administrative building on East Colorado Avenue. (Kevin J. Beaty/Denverite) denver; colorado; univeristy; development; kevinjbeaty; denverite;

The glimmering University of Denver steeple seen past construction on a new administrative building on East Colorado Avenue. (Kevin J. Beaty/Denverite)

The head of the University Park Community Council has lived in this neighborhood near the University of Denver for going on 11 years.

"I'm a repeat offender. I lived in this neighborhood back in the early '80s," Debbie Harrington said. "It's just a nice place to live — very nice."

But Harrington and others in the areas surrounding DU think it could be nicer yet. While housing developers are flocking to the area, there's not a lot of stores, restaurants and entertainment places geared toward non-students coming on line.

"We like having the vibrancy of the student population and the international population the university brings," Harrington said. "We want in the end to have not just a peaceful coexistence but a mutually enriching coexistence with the university."

DU seems to want that too. The school's chancellor told Denverite last week that she wants the university as it works on its new master plan to pull together developers and community leaders to make the area surrounding the campus more live-work friendly. Some of the ideas being floated are new restaurants and a hotel that could be at least partly owned by the school.

DU is expected to wrap up work on its master plan in early 2018. Until then, it's likely new residential projects will continue springing up in the area.

"There's a lot of built up demand for units," said Austin Peterson,
principal at Apex Real Estate Solutions. "You can't build them fast enough."

Apex is building on 17 townhomes and three single family homes in the area. Those projects and others are below.

High Street — University

1927-1933 S. High St. in the University neighborhood. (Kevin J. Beaty/Denverite)

At least nine residential projects have been planned for South High Street since 2014, according to city records. The latest project approved in March calls for three townhomes at 2257 S. High St. Denver-based Cypress Investments LLC is listed as the owner and developer of the site.

Yale Street Station — University Hills

A rendering of Yale 25 Station, a residential development along East Yale Avenue. (Courtesy of OZ Architecture)

Jordon Perlmutter & Co. is developing a five-story, 112-unit apartment building within walking distance of the Yale Light Rail Station, west of Yale Avenue and Interstate 25. The Yale 25 Station is expected to open at 5101-5125 E. Yale Ave. in spring 2018.

Alpha Phi Sorority House — University Park

1985 S. Josephine St. in the University neighborhood. (Kevin J. Beaty/Denverite)

The DU chapter of the Alpha Phi Sorority is planning to move in the fall from South Race Street to a new house at 1985 S. Josephine St., according to the organization's Facebook. Plans for the five-story, 10-unit house were approved by the city in September.

DU Administrative Office — University Park

A rendering of the administrative building the University of Denver is building at 2601 E. Colorado Ave. (Courtesy of the University of Denver)

DU started work this spring on a $14 million administrative building at 2601 E. Colorado Ave. The four-story, 48,932-square-foot building is expected to be completed during spring 2018. The school is planning to move its Shared Services and Advancement departments to the space, according to DU.

Millennium Colorado Station — University Hills

The Dinerstein Companies acquired the Criterion Shopping Center that used to house Amish Furniture Gallery at 2154 S. Colorado Blvd. last summer. The Houston-based developer told Denverite it wants to clear the space, as well as two adjacent homes on Ash Street, to build a five-story, 350-unit apartment building. The project is being advertised as "Millennium Colorado Station" on the company's website.

Work on the project started in June and is expected to wrap up Spring 2019, the company said Friday.

Tower III at the Colorado Center — University Hills

A rendering showing Tower III at the Colorado Center near Interstate 25 and South Colorado Boulevard. (Courtesy of Lincoln Property Co.)

Work wrapped up last month on 16-story Tower III office building at the Colorado Center, according to Lincoln Property Co. The Denver real estate firm that owns the center where Dave & Buster’s and United Artists Colorado Center 9 & IMAX theater are housed is planning major improvements in coming years at the center. New additions could include restaurants, luxury apartments and a hotel.

CareNow urgent care — University

A rendering of the HealthONE urgent care center planned at 1405 E. Evans Ave. (Courtesy of HealthONE)

HealthONE is planning to open an urgent care facility at 1405 E. Evans Ave. in November, according to the Denver-based medical company. The location will be HealthOne's first urgent care in central Denver. The company recently opened facilities in Aurora, Greenwood Village and Highlands Ranch. The facility will deal with minor injuries like cuts and sprains and partner with the nearby Swedish Medical Center for larger issues like strokes and heart attacks.

Asbury Court — University

Development at S. Downing Street and Asbury Avenue in the University neighborhood. (Kevin J. Beaty/Denverite)

Apex Real Estate Solutions and Pando Holdings are squeezing in 17 townhomes and three single-family houses at the southeast corner of South Downing Street and Asbury Avenue, said Peterson, of Apex.

Construction started last month and is expected to continue into summer 2018, Peterson said. "We think it's obvious with the land being vacant there for the last 10 years that the community wants something nice to be built there instead of having raw dirt."

SOBI Heights — University Hills

SoBi Townhomes at 2176 - 2190 S Birch St. (Courtesy Photo)

IV Capital is developing eight, three-story townhomes on Birch Street in the University Hills neighborhood. The homes are expected to sell in the low- to mid-$400,000 price range once construction wraps up early 2018, said Henry Adams, principal at the Denver real estate company.

"I may sell the entire project as an investment to someone looking to take advantage of an early entry into a neighborhood bustling with possibilities, or I will sell individually," Adams said.

Chipotle remodel — University

The original home of Chipotle's giant burritos at 1644 E. Evans Ave. closed in May so it could get an updated look and a new kitchen. The fast-casual restaurant is expected to reopen in the summer or early fall, according to Westword.

Atelier at University Park — University Park

Work on the 252-unit, five-story Atelier at University Park apartments is expected to wrap up this summer, according to the development's website. The project by New York-based Tessler Developments was approved in August. An email to the company wasn't immediately returned Friday.

First Universalist Church of Denver — University Hills

The First Universalist Church of Denver, 4101 E. Hampden Ave. (Courtesy of First Universalist Church of Denver)

The First Universalist Church of Denver is holding Sunday services at Hamilton Middle School as it redevelops its sanctuary in southeast Denver and becomes a green church. The multimillion-dollar project includes increasing the size of the circular-shaped sanctuary in University Hills, adding a gender-inclusive bathroom and installing new solar panels and a geothermal energy system.

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Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.

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