Residential Development to Spring Up Between Railroad Tracks; Former Qwest Building Will Soon be Up For Grabs
- Sep 26, 2011
Union Station is close to having its first high-rise residential project as a local development company has plans to kick off a $60 million investment. The developer, Zocalo Community Development, intends to break ground some time next year, according to The Denver Post. The project will play an integral role in linking Lower Downtown, Union Station, Riverfront Park and Highland.
The large apartment community, which will tentatively be at the corner of 17th and Chestnut St., will comprise13 stories and 220 units—a behemoth compared to the area’s current offerings. The project will stand at equal 200-foot distances from the area’s rail lines, a consideration that was essential to Zocalo’s partner, Iowa-based Principal Real Estate Investors. Financing for the project—which will be seeking LEED Gold certification—will be provided by Bank of the West.
The Denver office market is waiting for a heavy intake of prime available space in the months to come since a major tenant is looking to vacate its current residence. 1801 California Street’s former Qwest building is currently involved in a tentative sale that will most likely see Qwest’s new owner, CenturyLink, look to exit its acquisition’s former headquarters. The 880,000-square-feet the company currently occupies should be empty in the months to come. This would mean a massive amount of square footage available in Denver’s third highest skyscraper, a property that companies are expected to flock to even considering the market’s current state.