River Row: Million dollar RiNo homes

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River Row: Million dollar RiNo townhomes.

River Row: 23 townhomes priced from $1.15 million to $1.5 million.

River Row first phase of mixed-use project on South Platte River.

River Row

A preliminary, conceptual drawing of what Drivetrain could look like when completed. Oz Architecture is the architect of the RiNo development.

Million dollar homes are coming to RiNo.

A husband and wife team plan 23 luxury townhomes along the South Platte River.

The 3-story townhome River Row towhomes on an acre-site between 33rd Street and the city’s planned River North Park, will be priced from $1.15 million to just under $1.5 million.

They will range in size from 2,140 square feet to 2,450 square feet.

“I do think RiNo is ready for homes in this price range, because this is such a unique site,” said Deviree Vallejo, a broker Kentwood City Properties.

“I can’t think of anywhere else in Denver where you can be on the river where there is going to be a new promenade, a pedestrian/bike path and you are right next to downtown,” said Vallejo, who is listing the River Row Homes at DriveTrain with Wendy Glazer of Kentwood Cherry Creek.

The River Row Homes will be the first phase of a mixed-use development that could include a boutique hotel, condos, retail and live-work space for artists.

River Row

An aerial view of River Row, which is anticipated to open in the summer of 2017.

Iselo Investment Partners, the family investment company of Brooke and Tom Gordon, is the owner and developer of the 4-acre site between Brighton Boulevard (next to the Great Divide Brewery) and the Platte River.

“When Brook and I bought the property a couple of years ago, I spoke to a number of people about their desire to live In RiNo,” Tom Gordon said.

“These were very affluent people who could afford a $1.5 million home,” Gordon continued.

“They were looking for an alternative for living that just didn’t exist in downtown and RiNo,” he said.

Both he and Vallejo believe the units will be appealing to empty nesters moving from the suburbs as well as well-off millennials.

River Row

Views from the rooftop deck at River Row Homes, to be built in RiNo along the South Platte River.

Zillow recently named Denver as one of the top cities with the most millennials with a household income of at least $350,000.

“These are the same people who would consider buying a $1.5 million home in LoHi,” Vallejo said.

She has shown high-end homes to young physicians, people in medical sales and in the energy business who can afford home that top $1 million

“I know there are a lot of people in the cannabis industry who are making a lot of money, but I personally haven’t dealt with anyone in that industry yet,” she said.

At least that she knows of. It’s possible that some well-heeled buyers are keeping their business on the down-low, she noted.

“You also will have the couple in Greenwood Village, who have kids will be in college by the time these are finished,” in about a year from now, Gordon said.

The River Row Homes were designed and are being constructed by Sprocket Design Build, will have many sustainable features and likely will be LEED certified, Gordon said.

FirstBank of Denver is providing construction financing for River Row Homes. Construction is scheduled to begin this summer.

Oz Architecture and Milender White, a construction firm, are working on a plan for the entire site. That plan will be submitted to the city within the next 60 to 90 days, Gordon said.

River Row

A preliminary drawing of the mixed-use DriveTrain, which includes 23 million dollar-plus townhomes.

Preliminary plans call for 40,000 to 45,000 square feet of retail space and 200,000 to 250,000 square feet of for-sale units.

The units would be probably be in four buildings.

“We have one pad along the river that would be very low rise to preserve the views,” Gordon said.

One idea is to have maybe a 9-story building that would include condos and perhaps 100 hotel units.

The height and number of units is subject to change. Each building would include ground floor retail/restaurant space built around a central plaza area.

Zoning would allow up to 12-story buildings, “but we aren’t going to max out the height with a 12-story building,” Gordon  said. “Everyone is working toward a 2019 completion,” for the entire project, he said.

He would expect to bring a hotel developer to the DriveTrain development, which gets its name from a former company that built drivetrains for trucks in bunker-like concrete buildings on the site, which they have razed.

“We want a hotel developer that shares our vision for the neighborhood,” Gordon said. “We don’t want a developer that would put in a business hotel. Just like the Zeppelins are creating their own vision with their Source hotel, we want to create our own vision with this hotel.”

Condos would be less expensive than the townhomes.

“Would we do micro units? Big floorplans? We don’t know yet,” he said.

River Row

A rendering of the River Row Homes being built in RiNo along the South Platte River.

Until they know the size of the condos, it is impossible to estimate how many would be built, he said.

A key part of their vision for the site is to include subsidized live-work space for artists.

“We don’t want to be developers that move into an area that is cool and exciting because of the magic artists created and then gentrify the area and price them out,” Gordon said.

Brooke put it this way: “RiNo is maintaining its gritty character and integrity as an arts district, and because of that reason, people who want a place with character to call ‘home’ are moving-in…We’re excited to bring another dimension to the community. River Row Homes will be at the forefront of the next evolution of RiNo.”

Vallejo and Glazer will host a sales launch event for River Row Homes from 5 p.m. to 7:30 p.m. on May 5 at RedLine Denver, 2350 Arapahoe St.

Interested in buying a home in RiNo? Please visit 8z Real Estate.

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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