Origin Investments, Sherman Associates Break Ground on Metro Denver Project
- Apr 19, 2019
A joint venture between Origin Investments and Sherman Associates have broken ground on Aspire of Westminster, in Westminster, Colo. The 226-unit, Class A apartment community, featuring 34,500 square feet of ground floor retail space, will welcome first move-ins in early 2021.
Origin Investments, through its Origin IncomePlus Fund, will provide $18 million in preferred equity. Sherman Associates is the developer for Aspire of Westminster. Doran Companies will serve as general contractor, Davis Partnership Architects as project architect and the Westminster Economic Development Authority sales manager.
“The location in Westminster is premier,” Ross Stiteley, Sherman Associates’ senior developer, told Multi-Housing News. “It’s on the turnpike, 10 minutes from downtown Denver, and 20 minutes from Boulder, with light rail potentially coming soon. As part of the first wave of development in Westminster’s downtown, we are strong believers in the city’s vision for this area.”
A five-story building, Aspire of Westminster will feature 203 market-rate studio, one- and two-bedroom residences. Some of the two-bedroom units will feature two-story living spaces. Also included will be 23 affordable-workforce housing units. Residences will feature electric ranges, in-unit washers and dryers and balconies or patios. Among the most notable amenities will be a sports simulator room.
“We picked strong partners,” Stiteley said. “We kept a keen eye on construction material costs affected by both weather events and tariffs. Additionally, we have a good pulse on the Denver market. We are early in the city’s redevelopment of the area.
“As we lease-up, we have to ensure we educate prospective residents about all of the exciting developments the city is planning, but that’s the upside as well. The city of Westminster has great character. They have a passion and vision for the area and what they’re building downtown is unique.”
Former regional mall
The 2.4-acre Aspire of Westminster development site is a component of the larger 105-acre Downtown Westminster master-planned development. Once the site of a regional shopping mall, the land will become 22 designated blocks and 18 acres of green space.
Downtown Westminster’s first phase is to include a 1.2-acre public plaza, as well as a hotel, retail, office and market-rate and affordable housing. A commuter rail line is being built. The City of Westminster expects the redevelopment to feature about 2,300 residential units, 300 hotel rooms, 2 million to 3 million square feet of office space and 750,000 square feet of retail space. Projections call for 10,000 to be employed in the area. Westminster has seen a number of properties change hands in the last year. Last September, Hamilton Zanze acquired Environs for $82 million.