Development Updates in Colorado:
Despite today's economic headwinds, real estate developers are pushing forward on two exciting residential projects in Denver and Aurora. The projects, both in very early stages, aim to provide residents with a variety of new luxury and affordable housing options over the next few years. Here's a look into the progress made so far and what's on the horizon.
Plans Submitted for Denver Affordable Housing Community
The Urban Land Conservancy recently submitted plans to the city for the development of a large, income-restricted housing project on vacant land next to the Park Hill Golf Course. For the project to be approved, changes must be made to an agreement with a nearby community, the Park Hill Village West Development. If approved, the project will likely include 350 new "attainable housing" units for residents making up to 80% of the area's median income and 70 units reserved for senior housing. The community will also possibly include a Denver Public Schools vocational school.
$73 Million Loan Secured for Multifamily Complex in Aurora
LA-based real estate investment firm, Banyan Residential, has received a $73 million loan from UMB Bank to finance the construction of a 399-unit multifamily development in Aurora. Called Banyan High Point, the project will be developed in collaboration with Bridge Investment Group, offering one, two, and three-bedroom apartments ranging from 568 to 1,450 sq. ft.
Banyan High Point residents will enjoy many first-class amenities, including a resort-style pool and pool deck, a club room, a cutting-edge multi-level fitness center, meeting spaces, parking garages, a dog park, and a five-acre park adjacent to the complex. Construction is expected to begin in early June 2023, with estimated completion slated for Q1 2025.
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Colorado Digest