Five years after buying a half block in the Highland neighborhood, developer Susan Powers is dusting off and updating plans to build a 101-unit condominium project on the land.
She shelved plans for the parcel, along 16th Street from Central to Boulder streets, in 2002 because of a poor economy.
Now that a pedestrian bridge is being built across Interstate 25 that will connect Highland to the Central Platte Valley, Powers has one of the area’s prime development sites.
“It has unbelievable views of downtown because it’s very hilly, and it has real neighborhood charm,” said Powers, president of Urban Ventures LLC. “It has all the benefits of being close to central Denver.”
Although Powers hasn’t started marketing the project she calls Highland Bridge Lofts, she said she has had calls from about 80 potential buyers.
Among them is Ken Schroeppel, an urban planner with Matrix Design Group and creator of DenverInfill.com who wants to live within walking distance of his downtown office.
“You could find a condo along 17th Avenue, but to get from there to downtown, you have to go through a ring of parking lots – the gap of no man’s land,” he said. “We considered the Glass House (in the Central Platte Valley) but had some concerns about it. The number of units sounded like it would become too much of a party building.”
While a number of developers are working on projects in the neighborhood, Powers’ is among the largest. The first phase will include 29 condos, including two affordable units priced at $130,000 and the rest expected to start at $195,000. Construction is expected to start in October.
Sprocket Design president Bill Moore is working on a 15-condo development at 29th Avenue and Wyandot Street and a six- unit townhouse on Boulder. He has also done a triplex on West 32nd Avenue.
“The topography is great, and you get really nice views,” Moore said. “And the zoning is really good for development and density. Lower parking ratios encourage pedestrian traffic.”
The Highland neighborhood has primarily been a hot spot for residential development, but that’s about to change. Restaurants Duo and Z Cuisine recently opened, and Lola has relocated from South Pearl Street.
“We’ve reached a critical mass in terms of disposable income where we can begin to support good retail,” said Paul Tamburello, a broker with Distinctive Properties Inc. who has been working in the area for about 12 years.
Property values also have appreciated in the past five years, Tamburello said. “In 1994, you could buy houses at a tax sale for $7,000 to $8,000,” he said. “The low now is $250,000.”
The renewed interest in the neighborhood has residents struggling with how it should emerge, said Tim Boers, chairman of the planning and community-development committee for Highland United Neighbors Inc.
“We’ve gone from being concerned with boarded-up and vacant buildings to being concerned with the character of the neighborhood being transformed, with scrape-offs replacing small houses with greater density,” Boers said.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
