The growing trend of remote and hybrid work since the pandemic has led to an increased demand for multifamily housing in Denver. No longer tied down by office locations, many professionals have moved to Denver seeking open space, lower prices, and the abundance of outdoor activities. This has led to a boom in Denver’s multifamily developments to meet the demand of the increasing workforce population.
Development Updates in the Denver Area
Joint venture partners Titan Development and Pivot Development are developing the Lock at Flatiron, a 254-unit luxury multifamily development in Broomfield. The complex is a prime location for work access, with major companies like Ball Corporation, Oracle, Salesforce, Uber, and Vail Resorts located nearby. It is also conveniently located near some of Denver’s amazing dining, entertainment, and retail spots as well as some outdoor activities, including several golf courses.
California developer Legacy Partners broke ground on the Araceli, a 236 unit luxury apartment complex that is catering to Denver’s tech workforce. Legacy previously secured a $106 million loan from Pacific Life and a third party investment manager. The location will allow residents to enjoy the outdoors as it is right near the Cherry Creek State Park. It is located within the Denver Tech Center, which houses major employers like AIMCO, Microsoft, Zoom, and Progressive Insurance as well as others in banking, telecommunications, and media.
Perhaps the biggest news in the Colorado development scene is the upcoming CoorsTek campus redevelopment in Golden, CO right outside of Denver. The beer giant is planning a 1.3 million square foot overhaul of its headquarters, which will include office space, multifamily housing, shops, restaurants, and a hotel. The project, which will be the largest in the town’s history, stems from a $900 million investment by the Coors family and will be executed by AC development, a master-planned community developer established by Coors in 2020. After being used for industrial purposes by Coors for over 100 years, the site’s redevelopment will break ground next year.
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Colorado Digest