Ever since the glory days of the Glass House in Riverfront Park in 2006 the Denver audience has been awaiting news on the rumored City House building in Union Station. At that time developers were concentrating their efforts on condominium developments throughout Denver. Glass House, SPIRE, and One Lincoln came to the market with their high rise lifestyles including great amenities (pools, fitness centers, and more) and walls of glass.
Glass House sold out almost entirely within the first 45 days going on the market. ONE Lincoln and SPIRE came to market later and showed strong sales as well, although nothing like the Glass House.
So it is logical that at that time the focus was on what was for some time nicknamed “Glass House 2”. The name evolved into City House and at that time the expectation was another 23 story tower would be built within the new Union Station Neighborhood.
That was then, this is now.
The design evolved over time. Rental and apartment rates within the Denver market have steadily increased and developers channeled their focus into he rental project scope. A few years ago many thought the City House idea would come as another high rise tower with a purely rental market.
But high rise projects are also more expensive. Concrete and steel construction that creates beautiful glass towers takes considerably more time and resources than a stick build. So many where not surprised to hear the recent announcement by Wood Partnersthat they will be creating a 281 unit 5 story rental building with a “stick build” construction. Other apartment developers have been successful with this model in the local area. Commons Park West, The Station at Riverfront Park, and the new phase of the Manhattan are all great examples of mid rise apartment development.
The new Alta City House is being designed to be amenity rich with the pool, fitness center, and feature rich design that helps to drive up rental rates. For those who bought in the Glass House with a city view and were expecting a 23 story tower in their City view this decision may be a welcome surprise.
This could also have an impact over time on property values in Riverfront Park, LoHi, and the surrounding Downtown Denver condo and loft neighborhoods. More apartment buildings, which has been the trend, mean that there is less available inventory of for sale buildings in the area. That could affect the supply and demand pricing. If prices do increase perhaps it will drive the creation of some new for sale condominium buildings in the area. Until then, existing inventory may be more sought after which is why we offer our clients rapid alerts on their favorite buildings and neighborhoods.
To learn more about real estate at the Glass House, in Riverfront Park, or any of the great Downtown Denver condo and Downtown Denver loft neighborhoods please give anyone on the New Era Realty team a call.
Cheers! Union Station is growing FAST!
