LoHi getting another 12 homes

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Highlights:

  • LoHi Place will open in about a year.
  • Sagebrush is developing LoHi Place at 35th and Tejon.
  • Tejon is evolving into a hot LoHi corridor.

 

LoHi Place rendering.

LoHi Place rendering.

Trendy LoHi is about to get another dozen luxury townhomes.

Sagebrush Companies plans to start construction in October of LoHi Place Townhomes at West 35th Avenue and Tejon Street, in the Highland neighborhood, which increasingly is being called either Lower Highland or LoHi, even when it is near West 38th Avenue, the northern border of Highland.

The 12 townhomes will be priced from the high $500,000s to almost $800,000. Units range in size from 2,159 square feet to 2,625 square feet. The units are being developed by Denver-based Sagebrush Companies.

Sagebrush, which currently owns about 2,600 units in Colorado and other states, bought the 16,000-square-foot parcel in October 2012 and immediately began designing LoHi Place. They are being designed by K Studios.

Kitchens in the units will feature Ceasarstone quartz countertops and top quality Bosch appliances.

Homes also will include solid hardwood floors and stairs, European cabinetry, and plumbing fixtures from Moen, Koehler, and Aquabrass.

The rooftop decks include an engineered area for a hot tub, and doors are accented with Kwikset “Delta” satin chrome hardware.

“LoHi Place Townhomes will place homeowners in the heart of one of Denver’s oldest and hippest neighborhoods near art galleries, a variety of restaurants, and several historic districts,” said Robert P. “Jake” Jacobsen, the primary principal and founder of Sagebrush Companies.

“Residents will be close to downtown Denver, Lower Downtown, and all the city’s major professional sports venues. LoHi Place Townhomes is ideal for young professionals, young families, and active retirees seeking a vibrant, carefree lifestyle near a wealth of conveniences.”

Despite the price tag, pre-sales have been brisk.

“We have three under contract and one that is probably going to turn into something soon,” said Jan Nelsen, who is listing the homes with Deviree Vallejo, both of Kentwood City Properties.

No generation gap in LoHi

One of the buyers is an investor in his 50s or 60s from New York, two are a couple in their 20s, and the other is a bachelor.

“It’s kind of an eclectic mix,” Nelsen said.

Vallejo said that rising interest rates and more traffic and congestion are not keeping buyers away from LoHi, which boasts some of the trendiest restaurants and watering holes in the city. Tejon Street itself includes the Old Major restaurant and Williams & Graham, a speakeasy-styled bar.

“LoHi is magic,” Vallejo said. “There is so much demand that it is incredible.”

The first infill developments in LoHi were near West 29th Avenue and West 32nd Avenue, with development increasingly migrating to the north.

Nelsen said it was natural that development started more toward the south of LoHi, “because it is close to the pedestrian bridge across I-25, so you are an easy bike ride into Riverfront Park, LoDo and Union Station.”

“Then, people wanted to be south of 38th, but people are not afraid to go north any longer,” Vallejo said.

“I think we will be seeing more development in the future north of 38th,” in the Sunnyside neighborhood, she said.

Tejon, the street in LoHi

Indeed, Rick Flanagan, who owns Red Chair Realty Advisors with Paul Tamburello, which is very active in the area, (including listing the Tejon North phase of Tejon34 across the street from LoHi Place), said that arguably Tejon is the new heart of LoHi.

“Some people will disagree with me and say it is Zuni and 32nd, but if you stand near Little Big Man Ice Cream (at West 30th Avenue and Tejon) and look up the hill, it is pretty cool,” Flanagan said.

Developers had no choice to go north, Nelsen said, as developable lots are disappearing fast.

“There are very slim picking in terms of land right now,” Nelsen said. “There is a very small supply of new product coming on line, at a time when demand is stronger than ever.”

LoHi is not only home to new, expensive real estate, but the luxury apartments in the neighborhood charge the highest rates of any submarket in Denver.

Some apartments are getting north of $2.50 per square foot in rent. In other words, the monthly rent for a 700-square-foot unit would cost $1,750 or more.

“I think we are also going to see more retail in LoHi,” Nelsen said.

“There is a serious demand for retail in the neighborhood,” Nelsen said.

She knows firsthand.

Nelsen moved to LoHi about 18 months ago.

“I just love living here. There is just so much energy in LoHi.”

Interested in finding a home in LoHi? Please visit COhomefinder.com.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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