Ground Broken for Denver TOD Apartments
- Jun 07, 2013
Denver—Work has started on Belleview Station, a mixed-use property in the Denver Tech Center district, which is in the southeastern part of the city. The development will include a 353-unit apartment community, as well as more than 32,500 square feet of retail space, and aspire to LEED Silver certification.
The Holland Partner Group is developing the property. Once complete, Holland Residential, the operating arm of Holland Partner Group, will manage it. Common amenities include a rooftop pool, a 24-hour fitness center and a courtyard. Units include 9-foot ceilings, vinyl plank flooring and granite countertops. Many units will also feature patios or balconies.
The property is a transit-oriented development, located near the Belleview Station light rail stop, which is on the E (purple) and F (red) Lines. The Belleview stop is surrounded by 150,000 residents, roughly 8 million square feet of retail space, and 33 million square feet of office space, and provides service to downtown Denver, as well as the southeast suburban market.
There is more development to come. The Belleview Station redevelopment zone, which is adjacent to the light rail stop, will feature more than 250,000 square feet of retail space and 2.2 million square feet of office space upon full build-out.
These are boom times for apartments in the Denver market. According to investment specialist Marcus & Millichap, metro Denver will see about 4,200 multifamily rental units added this year, compared with 1,900 in 2012. Nevertheless, vacancy is still dropping, and the company predicts it will stand at 4.4 percent at year’s end, compared with 5 percent at the end of last year.