RedPeak Properties will break ground this week on a $65 million, 302-unit apartment complex in Denver’s uptown neighborhood.
The One City Block complex entails four four-story buildings on the block bounded by 18th and 19th avenues and Logan and Pennsylvania streets. The block currently is occupied by surface parking lots.
Mike Zoellner, president and chief executive of Denver-based RedPeak, said he has bided his time since acquiring the property six years ago. He said the uptown market is strong and that he anticipates brisk leasing activity.
The apartments will be a mix of studios and one-bedroom and two-bedroom units. The average unit size will be 700 square feet. Monthly rents are estimated at a range of $1,200 to $2,800, including an underground parking space.
The project is scheduled to be completed in late 2013 or early 2014. RedPeak owns and operates 10 apartment properties accounting for 2,200 units throughout metro Denver.
The metro Denver apartment market has undergone a construction boom in recent months, with developers pulling the trigger on new projects as falling vacancies create increased demand for rental units.
Brian Phetteplace, manager of residential and retail development for the Downtown Denver Partnership, said the RedPeak project will be crucial to connecting the downtown and uptown neighborhoods.
“It is really important and will have a tremendous impact in the neighborhood,” he said.
Roger Armstrong, executive director of Capitol Hill United Neighborhoods Inc., said neighbors voiced some concerns but overall were excited about the mixed-use development.
“The role that CHUN likes to play is … to stay in touch with the developer and keep the residents informed,” Armstrong said.
Neighbors and business owners close to the site say the construction will bring benefits in the long term.
“It’s ultimately going to be a good thing for us,” said Nick Berry, a barista at Fluid Coffee Bar by the site.
Staff writer Michelle Zayed contributed to this report.
