JV Plans Denver High Rise
Denver—A partnership of developers has unveiled plans for a 34-story high-rise apartment in Denver. The property will include 288 units and be at the corner of 15th and Little Raven, at the confluence of the Platte River and Cherry Creek, the historical origin of the city of Denver. Construction is expected to start later this fall, with delivery slated for the fall of 2015.
The tower will offer 360-degree views of the mountains and the city via floor-to-ceiling windows. It will also include a rooftop terrace with an infinity edge pool, cabanas, grills, and fire pits. Adjacent is the skyline lounge, which has a catering kitchen and movable walls. The property’s ground floor, which will feature retail and restaurant space, will be intergraded into Confluence Park, with access to the trails along Cherry Creek and the Platte River.
Development partners include PM Realty Group (PMRG), National Real Estate Advisors (NREA) and Ray Suppa, a founder of several real estate-related companies who has developed property in Denver for over 20 years. PMRG’s portfolio, including projects managed for third parties, includes office buildings, medical facilities, industrial buildings, mixed-use centers, high-rise apartment buildings and redeveloped military facilities. NREA is a wholly owned subsidiary of the National Electrical Benefit Fund, and manages the IBEW-NECA Diversified Underwritten Real Estate Fund, or INDURE Fund.
HFF arranged the JV equity for the development of the project. The HFF team representing the borrower includes managing director Rob Rizzi and real estate analyst Colin Oberg out of the company’s New York office, as well as directors Josh Simon and Jordan Robbins and senior real estate analyst Jake Young from the Denver office.
Newmark Grubb Knight Frank brokered the land for the 50,000-square-foot parcel on which the tower will rise. Newmark Grubb Knight Frank senior managing director Stephen Roesinger and associate broker Wade Fletcher assisted both parties in the transaction.Tags: Mergers and Joint Ventures, National Real Estate Advisors, New Development, PM Realty Group, Ray Suppa