A local development team plans to spend more than $11 million on three condominium projects close to downtown.
Rhys Duggan, senior vice president of Southwestern Investment Group, and Bill Moore, founder and president of Sprocket Design-Build Inc., are working on projects that will add nearly 50,000 square feet of residential space in the Curtis Park, Highland and Uptown neighborhoods.
With prices kept at less than $400,000, there already is a lot of demand for the condos, said Dee Chirafisi, broker/owner of Kentwood City Properties, who is marketing two of the projects.
That’s good news in Denver, where condos have been increasing in price faster than single- family homes.
“The emphasis is to create something that’s really good quality but is affordable so people can live in the city who, right now, might not be able to,” Chirafisi said.
Just one unit remains in the Glenarm Triplex, a three-unit brownstone project in the 2500 block of Glenarm Place; and five of the 15 units at Wyandot Overlook, 2900 Wyandot St., have sold.
The Wyandot project is to be completed next summer.
The largest of the developers’ projects is Opus Urban Flats, 1624 Gilpin St. It will have 25 units priced from less than $200,000 for a one-bedroom condo to about $250,000 for a two- bedroom.
The team visited Vancouver, British Columbia, where Duggan lived before moving to Denver seven years ago, to tour condominium projects in that city.
The projects are designed to be modern without being trendy, said Duggan, who has focused on retail development and large master-planned communities in Denver’s northern suburbs.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
