It’s been six months since our last tabulation of the multifamily residential projects under development in Downtown Denver, so it’s time for an update!
As before, I am limiting the projects included in this update to those that are new construction multifamily residential (rental or for-sale) of ten units or more since January 2012 and located within a 1.5-mile radius of a geographic central point in Downtown Denver (17th and Arapahoe).
Here’s the September 2013 map. Click/zoom on the image below to view it in a new browser window, or click here to download a high-resolution PDF version.
The accompanying table (click to view at full size):
What’s changed since our March 2013 update?
Four projects totaling just over 100 units have moved from the Under Construction to the Completed category.
Four projects totaling about 600 units have moved from the Proposed to the Under Construction column. The two most prominent of these are the 312-unit 20th & Chestnut project (which includes the full-service King Soopers grocery) and the 187-unit 2100 Delgany development. Additionally, the number of units under construction for the Denver Housing Authority’s multi-phase Mariposa project in La Alma/Lincoln Park increased by over 150. Together, these changes resulted in the total number of units in the Under Construction column increasing by about 700 since our March 2013 update.
The number of units in the Proposed category grew by nearly 200, with the roughly 600 units moving from Proposed to Under Construction offset by almost 800 units being added to the Proposed column. The three biggest new projects added to the Proposed list include a 400-unit project at 3500 Rockmont Drive (former Mail-Well Envelope site next to City of Cuernavaca Park), the 74-unit Colfax Marketplace development, and the 34-story Confluence project. We haven’t featured anything yet on a few of these projects in the Proposed column, but blog posts on them are in the works.
In summary, it appears we have probably hit a peak, for now, in the Under Construction column, with about 5,000 units currently being built within the Downtown Denver area. It is likely that the number of units that will be finished during the next six months—moving from Under Construction to Completed—will probably exceed the number of new units added to the Under Construction column. However, there are a lot of rumors out on the street about more multifamily residential projects on the drawing boards. The apartment vacancy rate is still quite low and I’m hearing reports that these new developments are leasing up quickly so… you never know what will happen!
At the moment, however, the surge of residential development in the Downtown Denver area (as well as the city proper) is astounding; a clear indication of the economic and cultural shifts taking place locally and nationally that Americans are increasingly seeking a more urban lifestyle.