Work Begins on $42M Loft Rental Project

DENVER-Principal Global Investors’ real estate asset management affiliate, Principal Real Estate Investors of Des Moines, IA, along with development partner Corum Real Estate Group of Denver have broken ground on the $42-million Premier Lofts at 2200 Market near Coors Field in Downtown. Premier Lofts will include 250 luxury rental apartments, along with 15,000 sf of retail and commercial space and several street-level townhomes.

The seven-story building will offer a mix of studio, one- and two-bedroom plans in both loft and traditional apartment designs. The upper floor will feature all premium units, with some having 19-foot ceilings.

Common areas for tenants include a heavily landscaped private courtyard; roof deck with Jacuzzi, grill, large outdoor fireplace and views of Coors Field; a community room with teaching kitchen; a 26-seat movie theater; media and game rooms; fitness center and a business center with conference room. Two levels of underground parking with 350 spaces will be available to residents and visitors. Ten percent of the units are being reserved for affordable housing under a requirement of the city and county of Denver.

Delivery of the first rental units is scheduled for April 2004.

“The positive long-term economic outlook for Denver and particularly Downtown Denver remains strong, making this project–with its incredible location, quality design and tremendous amenities–an extremely attractive investment opportunity,” says Rod Vogel, managing director of development for Principal Global Investors.

Principal Global purchased the 50,000-sf development site from the Premier Tire Co. last January.

The developers are moving forward despite the slow economy and a fear of a glut of apartment units in Downtown.

“While we recognize that there are a number of new Downtown rental properties opening this year, we’re not delivering our first units until the second quarter of 2004–at which time we’re confident that this high-quality addition to the Ballpark Neighborhood will be well received by the marketplace,” says James G. Fitzpatrick, executive vice president and partner with Corum. “Premier Lofts is a well-conceived product, with an excellent location, that will go a long way toward answering the long-term urban-style rental housing needs of Downtown Denver.”

Shears-Adkins Architects, RNL Design Architects and Paul T. Bergner, AIA—all of Denver–are the project architects. M.A. Mortenson Co. is the general contractor.

Premier Loft’s exterior is being designed to blend well with the historic architecture of the Ballpark Neighborhood. Some of the materials used in the construction of the original Premier Tire Co. building were salvaged during demolition and will be incorporated into the project.