Wheatley in Five Points underway

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Highlights:

  • Construction kicks off at the Wheatley.
  • The Wheatley is the first mixed-use project in Five Points in years.
  • Palisade Partners is the developer of the Wheatley.
“This site has a rich history in Denver

The Wheatley, the first major new mixed-use development along the Welton Corridor in Denver’s Five Points in more than a dozen years, celebrated a groundbreaking on Thursday.

The Wheatley, the first major new mixed-use development along the Welton Corridor in Denver’s Five Points in more than a dozen years, celebrated a groundbreaking on Thursday.

Eleven of the 14 town homes in the Wheatley at 2460 Welton St. have been sold.

Of the remaining units, one is priced at $489,900 and the other two are priced at $469,900 each, according to the website of the developer, Palisade Partners.  They each have 1,478 square feet of space and a 288-square-foot deck.

In addition to the 14 townhomes, the Wheatley will have 82 apartments. Of those, 64 will be market rate and 18 will be affordable, based on the area median income of qualified renters. It also will have 3,800 square feet of retail space.

Palisade Partners is involved in three other projects in Five Points. They are: 2560 Welton, the Rossonian Redevelopment and the Brownstones at King Stroud Court. In total, all four projects represent $130 million in development along Welton Street.

“This site has a rich history in Denver as it was once the home of the Wheatley YWCA which operated until 1964,” said Paul Books, of Palisade Partners

He said the Wheatley was named for Phillis Wheatley, a renowned African-American poet who lived between 1754 and 1784.

“We are honored to name our project after her, a freed slave who published poetry at the early age of 14,” Books said.

The last major mixed-use project along Welton in Five Points was the Point, which opened in 2002, he said.

“We are thrilled to be part of the resurgence of developments along the Welton Street corridor, with the close proximity to downtown and a light rail station for residents,” Books said.

The Wheatley, pursuing a LEED Silver designation, will feature loft, one bedroom and two bedroom apartments in a 5-story building. Amenities will include a rooftop deck, underground parking, a community room, a fitness center for residents, and light rail ½ block away.

The 3-story townhomes will face Welton Street. They are expected to be completed in the spring of 2016. Units include quartz countertops, balconies, stainless steel appliances, and in-unit laundry appliances.

Another view of the Wheatley.

Another view of the Wheatley.

The project is within the Five Points Historic Cultural District.

Before construction could begin, Palisade Partners worked with the neighborhood and the Landmark Preservation Commission to get approvals. Through the process, Palisade Partners also worked closely with the Denver Office of Economic Development and the Denver Urban Renewal Authority to receive financing to make the project possible.

“Mixed-income developments that include affordable units for hard-working individuals and families are key to building healthy, vibrant communities,” Denver Mayor Michael B. Hancock said

“Through the Welton Challenge grant and our housing finance funds, we’re proud to have played a role in The Wheatley, shaping the continued revitalization of this great neighborhood and helping to keep Denver livable and affordable,” Hancock added.

The Denver Office of Economic Development named The Wheatley as one of five Welton Design/Development Challenge awarded projects in 2014.

The program provided predevelopment funds to help spur smart development of the Welton corridor with jobs, housing and retail.

In addition, the OED provided $475,000 in financing to help support the development of 18 affordable units at The Wheatley to households earning up to 80 percent of the area median income.

Construction has commenced at The Wheatley and the general contractor, Confluence Builders, is currently working on the first floor of the building.

“We wanted to balance the needs of a modern building for residents with the rich character and architectural elements engrained in this historic neighborhood,” Books said.

“We hired Craine Architecture to incorporate materials, detailing and massing to create a project that fits the neighborhood and will coordinate among our other planned projects in the neighborhood.”

Interested in buying a home in Five Points? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

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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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