Developer Charlie Woolley is building on the success of his previous developments in Denver’s Ballpark neighborhood with a townhouse project at 25th and Larimer streets.
Woolley, president of St. Charles Town Co., plans to break ground in November on Chroma, which will include 23 townhomes and restoration of three existing buildings for use as art galleries.
In a slumping housing market plagued by foreclosures, some might wonder why Woolley would start a project now. But Chroma’s downtown location so far appears immune from the suffering felt in the suburbs.
“There is an overall movement to the center city, both here and nationally,” Woolley said. “It’s because they’re smaller households, an aging population and young, childless households.”
But Woolley knows each project presents unique challenges, and sales are far from guaranteed.
“I don’t think I’ve ever done a residential project that I’ve felt super-confident that something was going to fly off the shelf,” Woolley said.
Sales at nearby projects have done well. Developer Brent Snyder has presold four of the 11 townhomes he’s building at 24th Street and Glenarm Place, which will be completed in November and December. He’s also sold 23 of the 101 condos he plans to start construction on in December.
“Most of our buyers are coming from downtown, some from rental buildings or other loft buildings but want more space,” said Bill Verdon, an agent with Kentwood City Properties who is marketing the project.
Snyder expects sales of the townhomes to pick up when they are finished in November and December.
“There are buyers out there, but they want to see what they’re going to get,” he said.
Ivar Zeile is considering moving his Plus+ gallery two blocks from its existing location to one of the old buildings at Woolley’s development and living in another next door.
Even though it’s not a commercial area, Zeile likes the location in the River North, or RINO, Art District.
“We deal with the type of artwork that is collector-oriented,” he said. “We don’t feel like we need to be in a commercial zone. We want to be destination-oriented.”
Chroma is the final phase of Woolley’s $50 million redevelopment of the former Benjamin Moore & Co. paint factory near Coors Field.
The first phase was 2500 Walnut Lofts, a renovation of the 57,000-square-foot Benjamin Moore Paints building into residential and commercial lofts that all sold before construction was completed in 2005.
Later that year, St. Charles Town Co. finished Brunetti Lofts, an affordable apartment project that’s 100 percent leased.
Chroma’s townhomes will range from 1,597 square feet to 1,722 square feet with prices from $575,000 to $750,000. The buildings will line both sides of Larimer Street near 25th Street.
Woolley said he could have built 100 apartments or condominiums on one side of the street but chose not to.
“The tendency is always to max out the site, but I don’t think it’s the right thing to do for the neighborhood,” he said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com.
