JV to Build $75M Denver-Area Luxury Community
- Jan 06, 2017
By Veronica Grecu
Westminster, Colo.—Two California-based development companies, Legacy Partners and Diamond Realty Investments, have joined forces to build 300 luxury residences in the Denver area.
The $75 million development project called Legacy on the Promenade is taking shape on a five-acre parcel within the Westminster Promenade, an outdated shopping center north of West 104th Avenue that’s being redeveloped into a high-end commercial complex to include a combination of theater, commercial, residential, office and hotel uses.
“The Westminster Promenade is the ideal location for a luxury apartment catering to residents who both work in and enjoy the vibrant area of downtown Westminster for its restaurant, retail and entertainment offerings,” said Spencer Stuart, senior managing director of Legacy Partners.
Designed by Humphreys & Partners Architects, Legacy on the Promenade will consist of 276 apartments averaging 923 square feet, as well as 24 three-story town homes, half of which will be live/work units targeting small business owners. The multifamily community will include an internal parking garage, while the town homes will have attached two-car garages.
Construction at the site is scheduled for completion in the fall of 2018, and monthly rents are projected to average around $2 per square foot, according to the Colorado Real Estate Journal. Residential amenities at Legacy on the Promenade will include a garden courtyard, a pool with an outdoor kitchen, fitness center, resident lounge areas and a business center.
Bank of the Ozarks has provided construction financing, while CBRE’s Marty and Eric Roth were the brokers on the project.