Atlanta-based Wood Partners and East West Partners teamed up five years ago to develop the Glass House, the fastest ever selling condominium tower in Denver’s history.
Now, along with the same finance partner they had on the Glass House in Riverfront Park— USAA Real Estate Co.— the two developers are collaborating on Alta City House, a five-story, 281-unit luxury apartment community by Union Station
USAA Real Estate provided the $62 million in financing for Alta City House at 1801 Chestnut Place. Wood Partners recently broke ground on the development just west of Union Station, the 131-year-old train depot that is the nexus for FasTracks and the centerpiece of a 12-block redevelopment initiative that will include a transit hub surrounded by public plazas and gardens, restaurants and residential and retail space.
“Alta City House is going up in one of the most exciting urban living-working-entertainment centers in the country,” said Tim McEntee, Wood Partners director. “With over six modes of transportation – from light rail to bike paths – and access to three pro sports venues, 1,200 restaurants and bars and one of the largest arts complexes in the nation, Alta City House could hardly be better positioned.”
Chris Frampton, managing partner of East West Partners – Denver, called the revitalized Union Station one of the most intense development projects in the U.S.
“Over two million square feet of office space has been built over the last 10 years, including headquarters for companies as diverse as Chipotle and DaVita,” Frampton said. “Ongoing development continues as more than one million square feet is on the boards, over 400 hotel rooms are in various stages of construction and 100,000 square feet of new retail is underway at the base of each of those buildings. Union Station is by far the most active development area than any other region in the United States.”
Alta City House will occupy a full block between 18th and 19th streets and Chestnut Place.
The apartment community will be at the base of the Millennium pedestrian bridge on 18th Street, within 100 feet of the new light rail station and just blocks from the train to Denver International Airport, projected for completion in 2016.
The community is near the Denver Center for the Performing Arts, the Pepsi Center and Coors Field. Residents of Alta City House can walk or bike to the Platte River Greenway, a network of more than 120 miles of bike trails.
The apartment building, with garage, will occupy slightly less than three acres and will offer 183 one-bedroom units, ranging from 645 to 825 square feet; 90 two-bedroom units, from 991 to 1,227 square feet; and eight three-bedroom, 1,300-square-foot units. The residences are expected to rent at more than $2 per square foot and the community will have about 1.7 parking spaces per unit.
Amenities will include:
- A rooftop deck with a year-round outdoor kitchen, fireplace, televisions, swimming pool and views of Coors Field.
- Dog wash.
- Bicycle repair shop.
- Two-story fitness center, two-story club room and cyber cafe.
- Wine room with lockers.
- Game room.
- Outdoor courtyards and a plaza opening to the 18th Street pedestrian bridge.
Alta City House will attract single young professionals and couples as well as empty nesters and retirees who are downsizing or seeking second homes in vibrant, highly walkable, neighborhoods, McEntee said.
Wood Partners long envisioned the new Alta City House as a complementary development for the Glass House and purchased the land in 2006. Construction is expected to take approximately 18 to 24 months.
Besides its two Riverfront/Union Station projects, Wood Partners recently completed construction on Alta Aspen Grove, a 280-unit garden style multifamily community in Littleton. In addition, it is currently constructing the Alta Alameda Station, a 338-unit transit-oriented community in the historic Baker district west of South Broadway in Denver and Alta Harvest Station, a 297-unit apartment community in Broomfield.
If you would rather own than rent in downtown Denver, check out COhomefinder.com to see what is available to buy.
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