First we hope you all had a wonderful Valentines Day!
A topic that often comes up asks what the next big Denver condo or Denver loft project might be. The buzz around Glass House in Riverfront Park was huge when it launched several years ago. Then SPIRE generated the current buzz as did the new Four Seasons and many other high rise Denver condo projects.
So when we get asked what's next all we can do is say... we don't know. There rumor mill has been talking about a new project on the triangle in Riverfront Park located in front of the Glass House. But remember all those great Denver condo resale deals that are available in the Glass House and Riverfront Park area... those are not doing anything to help the price comps that a developer might need to generate interest in building. When recent per square foot prices on ONE Riverfront, the Park at ONE Riverfront and Glass House are lower (also a great time to buy.. call us to learn more) those estimates factor into what a lender thinks a new project would generate.
Now that triangle in front of Glass House is right on Little Raven and facing Commons Park so there is no doubt at some point it will be a great location for development... maybe just not this year or anytime soon.
The Union Station area offers a great opportunity for development as well... but not likely for some time. The rumored City House (aka Glass House II) was last discussed as a more viable for rent project but that could always change. As the transportation hub and office/retail spaces get developed it's very possible one of those buildings will have residential in a mixed use scenario. But again.. nothing currently announced.
It's possible these larger projects will take more time to go from approval to blueprint to actual sales and existing projects such as SPIRE, ONE Lincoln, and the Four Seasons will remain the best options for those seeking brand new high rise Denver condo choices. And of course resales in the many buildings are offering incredible deals as well. But there is one market where new developments are still popping up.... and it's not the high rise.
Areas like the Highlands, Lohi, and many other small downtown Denver neighborhoods are seeing a number of great and well priced new duplex or mid rise buildings. The Highlands / LoHi area especially has continued to grow in demand and created a market for smaller developers to create some great modern options. So if you want something brand new and are on the lookout for new projects this could be the area to watch. To learn more about these and other developments please contact any of us at New Era Realty.
It's a great buyers market.. come learn why!