Housing Market in Denver: Remote Work Trends Drives Residential Boom

What’s New In Denver:

Over two years after the initial covid-19 lockdowns sent workers home across the country, more than half of companies nationwide continue to offer hybrid or remote schedules to their workforce. The newfound flexibility has led many individuals and families to relocate to areas offering a higher quality of life, and Denver has become a destination of choice. The city is quickly becoming a hub of multifamily real estate development as local developers work hard to meet increased housing demand. Here’s a look at the new conversion and construction projects on the horizon.

Aurora Hotel Conversion

Chicago-based hotel company Arbor Lodging Partners plans to convert a number of its hotels into apartment buildings. Their first conversion will occur in Aurora, CO, with the Radisson Hotel. Arlo Residential, Arbor’s development subsidiary, plans to transform the 440-room hotel into an apartment community with 331 units. The Arlo at Nine Mile Station project will cost over $25 million in renovation costs and should be completed by the end of 2023. The building plans include space for many amenities, including a pool, fitness center, parking garage, office space, and co-working space.

The Fairlane Downtown

Tennessee-based firm, GBT Realty Corporation, is planning the construction of the Fairlane, a new multifamily development that will replace the Firestone Auto Care on N. Broadway in Denver. The 25-story development will include 262 units, 247 parking spaces, a co-working space, an outdoor terrace, a gym, a pool, and a club room. GBT acquired the lot in 2021 for $5.1 million.

Avant Luxury Apartments

Schnitzer West - a developer with offices in Denver and Seattle - recently broke ground on the Avant, a 337-unit luxury apartment community at Greenwood Plaza and East Caley Ave in Denver. Schnitzer West is operating in a joint venture with Mitsui Fudosan America and expects to open the community in the spring of 2025. The high-end apartments will include luxury appliances, quartz countertops, walk-in closets, and private balconies.

The community will also include other amenities such as a swimming pool, hot tub, clubroom, music room, fitness center, and indoor parking. The building is located in an affluent neighborhood, close to many upscale dining and entertainment options, and will bring an influx of new residents and life to the area.