There is so much happening in Denver that our blog is almost always buzzing about new projects throughout the city. One new project has sparked a HUGE debate about the future of costs in Downtown Denver. The Westword Article “Micro-Apartments Make Their Way to Denver; $900 Will Get You 330 Square Feet” recently reported about a new Micro Apartment project by the Nichols Partnership. These new Micro Apartments will be located in the former Hotel VQ. You may be more familiar with it as the tall circular building located near the Broncos Stadium.
This building will be launching soon as a micro apartment offering with units running just over 300 square feet for a “cost less than $1,000 a month”. These micro apartments, which have proven to be successful in many larger cities such as New York and Boston, will not have full kitchens with stoves but instead will offer convection ovens. The building itself, however, will focus on the strengths of the location (which is pretty awesome) and amenities such as “a pool, a lounge on the top floor for all the residents to use, a workout facility, and covered bike storage”. The building has been named the Turntable Studios.
Keep in mind that Nichols Partnership is the developer who brought us SPIRE, a project that many were pessimistic about but turned into one of the most popular residential towers in Denver.
Why the big debate? This project has sparked some passionate dialogue among Denver residents. On one side, denverites are concerned about the escalating cost of rents in and around the Denver Urban area and what one can reasonable get for $1000, or $1500, or even $2000. Will residents flock to live in smaller square footage units as a trade off for location and amenities. It will remain to be seen but the folks at Boutique Apartments plan to have the offering on their website soon to be able to start a waiting list.
One common comment is “I wish I had bought earlier”. But there are still so many great values in and around Denver that allow one to avoid the craziness of this current rental market that has gripped the metro area. A number of clients are coming in to find a condo to purchase due to ongoing landlord rent increases and a increasingly difficult rental market.
The argument for buying may make more sense than ever before. Contact someone on the Denver Urban Team today and learn what you might be able to afford for a comparable or less amount than your current rent amounts. We think you could be pleasantly surprised.
And comment here about what you think about the future of the Micro Apartment project in Denver. We would love to hear your thoughts.