Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Local developer Stephen Owen, who developed some of the most luxurious inner-city infill projects in Denver, is turning his attention to the fledgling Ballpark neighborhood, which takes its name from nearby Coors Field. Owen’s firm, Urban Market Development, plans to start construction this fall on the $40-million Lofts on Park Avenue, a block north of the baseball field.

Owen will renovate an existing 70,000-sf office building on the project as well as build 112 new lofts.

Urban Market purchased the site, which includes the warehouse he is developing, in March for $7.2 million. The former warehouse, converted into offices, currently is 90% leased. Tenants include the Hibbert Marketing Group and Josh Comfort/Lawrence Group Architects, as well as Urban Market.

The lofts will start at $125,000. Owen says he is able to make them affordable because the smallest is 500 sf. Eighty-eight percent of the units will be priced below $400,000. The remaining units will be priced in the upper $500,000s.

Families earning less than 80% of the area median income will qualify for 15 of the units priced below $200,000.

Plans call for a three-level, underground parking garage with 240 spaces. The office building includes 133 spaces.

The first lofts are expected to be completed in late fall 2002.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.