Slipstream Properties, KTGY Bring Rehab and Development to Denver’s Capitol Hill Neighborhood
- Oct 22, 2013
Denver—Slipstream Properties is poised to capitalize on the resurgence of Denver’s Capitol Hill neighborhood with the development of its Route 40 community, a mixed-use property comprised of an existing three-story, 1930s era building and a new five-story mixed-use structure. The development is located on East Colfax Avenue between Corona and Ogden Streets.
The existing 1930s-era building is the former home of Smiley’s Laundromat and Cleaners and was purchased by Slipstream in October of 2012 for $2.73 million. The classic Denver building features 28 completely refurbished units that range in size from 400 to 500 square feet for studios, and 500 to 600 square feet for the one-bedroom floor plans. All units in the building will include high-end kitchens and bathrooms, large windows and original hardwood floors, while the first floor will offer 7,000 feet of retail space.
Leasing for that building is expected to begin later this month, but Slipstream has also started development on an adjacent property at the corner of E. Colfax and Corona. That .68-acre development, designed by KTGY Group, will add 74 more units and 8,300 square feet of retail space to the neighborhood. Apartments at the second building, which will include a property management office, will range in size from 470 to 658 square feet. Amenities will include a second-floor courtyard and deck, laundry room, fitness center, extra storage and a rentable guest suite for visiting family and friends of residents.
“Although the vacant Smiley’s Laundromat and Cleaners building was in disrepair and was a gathering place for some of the less desirable citizens of Denver, Slipstream Properties saw the potential in the location as well as an opportunity to help clean up a section of the Avenue,” says Michael Ohara, AIA and principal in KTGY Group. “KTGY is very excited to be a part of this revitalization project.”
The project will cost about $12 million and construction will start on the new building in March of 2014 with the goal of delivering the first units for lease in fall of 2015.
Denver’s Capitol Hill neighborhood, boasts a Walk Score of 90 due to its close proximity to retail, restaurants, grocery and entertainment sources, and it also features reasonable access to transit centers and offers great cycling conveniences. The neighborhood’s northern border, Colfax Avenue or U.S. Route 40, served as the primary road to the Rockies during Denver’s early days and was once lined with mansions. Interest in the area shifted after the construction of Interstate 70 in the 1960s. It has been only recently that developers have shown an interest in the area.
“The new interstate, coupled with a renewed American sense of postwar mobility and movement to the suburbs, left Colfax Avenue behind as a place of years gone by,” Ohara says. “There are festivals celebrating its history and, a change in lifestyle has people moving back to the city core.”
Ohara added that the renovations to Smiley’s and the construction of the new building are going to add an updated look to the area but that there will be a “continuation of the street-level retail/commercial spaces in the existing building.”
The new building’s brick, stucco and “cementitious” panel siding will aim to blend classic Denver architecture with modern flair.
“The combination of giving an 80-year-old building a new life next door to a brand new, modern, five-story mixed-use structure makes this project unique,” says Anthony Loeffler, a principal with Slipstream Properties. “KTGY Group, with their experience in adaptive re-use of existing buildings and multifamily housing has been instrumental in this process of designing both buildings to create a cohesive, yet timeless look.”