High Street, CBRE Investment Management to Start Construction on Denver Apartments
The Residences at Olde Town Station is scheduled for completion by 2023.
The Residences at Olde Town Station. Image courtesy of High Street Residential
High Street Residential (HSR) and joint venture partner CBRE Investment Management have announced plans to develop a new apartment community in the historic suburban Denver enclave of Olde Town Arvada.
The Residences at Olde Town Station will be a four-story, 252-unit development with two levels of structured parking. Construction is slated to begin this month, with completion scheduled for the fourth quarter of 2023.
The apartment community will feature apartments and for-rent walk-up units, with a mix of studio to two-bedroom residences. Select units will add a den.
The transit-oriented development will be situated next to the Olde Town Transit Hub on RTD’s Gold Line to the northwest, and accessed via 56th Avenue from Vance Street and Wadsworth Bypass.
Rail oriented
“Arvada is a first-ring suburb of Denver, and Olde Town is an historic downtown, about 16 blocks all together, dating to the late 1800s, rail oriented with historic buildings and lots of restaurants,” Bill Mosher, HSR senior managing director, told Multi-Housing News.
“This (parcel) was essentially a vacant lot used as a park-and-ride for our regional bus system. When the decision was made to put a train stop in Olde Town Arvada, there was also a decision to build a transit hub there with parking, a train station and the bus facility. The original park-and-ride facility was then vacant and the city and urban renewal agency put it all up for redevelopment. There’s a 130-room hotel project to come later that we’re hoping to do, with construction starting next year,” he added.
The JV has confronted a trio of challenges thus far, including designing with community input to ensure the development fits with the neighborhood history, dealing with a 35-foot hillside and finding affordable materials to build and receive those on time.
Architectural firm The Eisen Group designed the project. PCL Construction is the general contractor. Citizens Bank furnished the project’s financing. Two months ago, HSR announced the start of a mixed-use high-rise development in Raleigh.
