DENVER–Pioneer Capital Development, headed by Joseph Payton, is selling condo units at 1421 Oneida St. in the historic Montclair neighborhood in East Denver. Payton is converting the 16,500-sf Foster’s Frosty Foods warehouse into 15 moderately priced lofts. Construction is slated for completion this summer.

The Oneida Lofts building is west of Lowry. Payton bought the building in July 2004 from the Broker Restaurant, which had been using it as its headquarters and warehouse since 1976. The cold storage warehouse originally was built in 1956 on the site of what had been the Montclair Town Hall.

“Montclair has Washington Park type homes at a discount of $50,000 to $100,000,” Payton says. He says that residential real estate, according to Metrolist figures, appreciated on average 8.6% in 2004, more than tripe that of the 2003 appreciation rate of 2.6% and more than double the rate for the entire Denver area.

Not only its location, but also its architecture will distinguish the loft project, he says. The building will retain its mid-century modernist design, but with a twist. “We went back to the influencers of the modernist style, to the Asian aesthetic,” Payton says. “The lines of the building are beautiful–clean and horizontal.”

Units are priced at $229 per sf, which he says is $100 per sf cheaper than comparable downtown properties. “Homeowners can drywall, decorate and finish floors themselves,” Payton says. John Ludwig of Kentwood City Properties is listing the project.

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