Pacific Properties Plans Mixed-Use Project

"We believe in Denver in the long term," says John Ausburn, SVP of Pacific Properties. "This submarket between downtown and the Tech Center had no available sites for multifamily development until now. In fact, there are very few sites in Denver that offer the views, access and adjacent amenities found at this location. We're providing the kind of urban village atmosphere that renters desire without having to move downtown." He adds that the project, set to open in the second half of 2005, will be delivered into a recovering Denver multifamily market.

Ausburn credited Denver City Councilwoman Joyce Foster and the City Community Development department for assistance and support in securing the development approvals. The City Council recently approved zoning for the project.

The Denver-based Mulhern Group is architect for the project. Brokers Chris M. Saros and Jim Nelms of Coldwell Banker Commercial American Spectrum represented both parties in the deal.

The Southmoor Light Rail Station, scheduled to open in late 2006 or in early 2007, is an easy walk from the project and will provide quick access to downtown or south to the Tech Center and beyond. In addition to the Continental, owned by United Artists Theaters, other neighbors include a retail center anchored by a King Soopers."When you take into consideration the light rail, nearby entertainment and restaurants, it's possible for tenants to live comfortably without owning a car," says Ausburn.

The project, which has yet to be named, will consist of three buildings featuring luxury apartments and urban lofts situated around internal streets. The 16,500 sf of retail space will house several restaurants and other specialty shops. The upscale studio, one- and two-bedroom flats, townhouses and lofts will feature high quality finishes such as granite countertops and stainless steel appliances.

Amenities will include a fitness center, pool, spa, clubroom and business center. Parking for residents will be provided in a climate-controlled structure that provides direct access to the buildings. Units will range in size from 517 to 1,530 sf with rents ranging from $800 to $2,100 per month.

Since 1985, Pacific Properties and its principals have developed and acquired more than 20,000 multifamily units with another 2,500 started this year. In addition to Las Vegas, it has offices in Los Angeles and Dallas. The firm's projects are located throughout California, Colorado, Texas and Nevada.