Getting your player ready...
When veteran developer Darell Schmidt got invited to dinner at Trattoria Stella, W. 32nd and Lowell, by his son Daren in 2008, the aura of the dining scene in Highlands was “a total eye-opener” for him. Fast-forward five years and 60 restaurants now operate between Highlands and LoHi, surrounded by blocks that command some of the highest apartment lease rates in the city – where Schmidt’s Greenwood Village-based Allanté Properties is building the only apartment/retail project of this caliber set to come on line in West Highlands in 2014.
Highland Place at W. 38th and Julian, six blocks from an epicenter where some of the best-rated bistros in the Denver-Boulder area are, will have 68 class-A apartments (rooftop deck, views, a ‘pet walk,’ carwash bay and dog-wash station) in a 3-story design by Kephart Architect; anchored by 11,000 square feet of retail as an amenity to the residential – space with its own separate parking facility, particularly inviting to restaurants. Change is already happening along W. 38th with Panera Bread under construction a block from Allanté’s site, says Daren Schmidt, who learned the business from his dad while still in school, and lives in Highlands’ Jefferson Park area. Elder Schmidt now credits his son for redirecting the company toward new-urban development, including new residential they’re planning in Jefferson Park, and a 99-unit apartment they’re rehabbing at Fitzsimons, now 85-percent complete. Highlands’ restaurant scene and appallingly low residential vacancy rates only make a mixed-use project there more appealing, says Darell Schmidt. “You have a clientele of millennials who like to eat and socialize in trendy places,” he said. “It’s created a market where not only chains but local chef-inspired restaurants can thrive. We’re not in the path of growth; we’re right in the middle of growth.” Schmidt has focused the project on something he believes adds a margin of success – parking. “What’s made Highlands successful is not only the people who live here, but people who drive here to experience the epicurean delights,” he said. With parking being one of the sole downsides to that experience, Highland Place is set to deliver 42 spaces for retail/dining, and underground parking for apartment renters. “We’ll be the best-parked space in West Highlands,” he adds. And the only one like it, Daren Schmidt underscores, expected to open in West Highlands in fall of 2014. Denver’s restructuring of old zoning ordinances makes multiuse projects like this feasible here; well ahead of suburban areas trying to catch up with Denver’s codes. Meanwhile, the SEC just lifted a ban on advertising and solicitation that makes Allanté-style projects more accessible to small investors who want to invest directly with a developer: Allanté is soliciting the last available positions for a $4 million capitalization required in addition to its major construction financing through Dougherty Funding of Minneapolis. Schmidt, talking to potential investors about $100,000-plus buy-ins, is at 303-359-1210. Kelly Greene and Blake Skinner of Legend Retail Group are doing the retail lease-up, speaking with restaurateurs as well as salons and agencies about rates that will run $32 to $35 triple-net (they’re at 720-529-2983). Apartment leasing at Highland Place launches next spring in the $900-$2,000/month range – “some of the most attainable rents for new product anywhere in the Highlands,” says Daren Schmidt. WHERE: 68 class-A apartments over 11,000-s.f. restaurant/retail pad, by Allanté Properties, with parking, 6 blocks from Highland Square at W. 32nd Lowell; some investor positions left, retail leasing now underway. Construction site 3380 W. 38th Ave. Denver; from Highland Square head east 1 blk to Julian St., north 7 blocks to W. 38th$32-$35 triple-net WHEN: Call for information PHONE: 303-359-1210/investor info 720-529-2999/retail leasing WEB: AllanteProperties.com
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