News Summary
Construction has commenced on ‘3850 Blake’, a new multifamily residential project in Denver’s River North Art District. The 16-story building will feature 310 rental units, with a commitment to affordability for residents earning around 70% of the area median income. The project aims to enhance community living with ample amenities while meeting growing housing demands in the vibrant neighborhood.
New Multifamily Development “3850 Blake” Breaks Ground in Denver’s River North Art District
Construction has officially begun on a new residential project named “3850 Blake” in the bustling River North Art District (RiNo) of Denver. This ambitious development, which broke ground in March 2025, will feature a total of 310 rental units housed in a sleek 16-story building at the intersection of Blake Street and 38th Street. The project is expected to be finalized by the third quarter of 2027.
The new building will offer a variety of living options to prospective residents, featuring a mix of studio, one-bedroom, and two-bedroom apartments. Each unit will average around 563 square feet. In a positive commitment to affordable housing, the development aims to make nearly 40% of the apartments available at prices affordable for individuals earning around 70% of the area median income (AMI). Furthermore, over 70% of the units will be accessible to people with incomes below 100% of the AMI, supporting the goal of promoting attainable urban living in a high-demand market.
Financing and Development Background
The development is spearheaded by FORMATIV, a firm recognized for its focus on multifamily housing, office spaces, hospitality, condominiums, and master-planned communities across the Denver area. To enable the construction of this vital housing project, FORMATIV secured a substantial financing package totaling $65.5 million, arranged through the Debt Advisory team at JLL Capital Markets. The team played an essential role in navigating the financing landscape for the project.
The parcel of land designated for 3850 Blake is owned by 3850 Blake Owner LLC, which acquired it for $9.6 million back in April 2022. Given RiNo’s rapid growth—evidenced by an influx of approximately 26,000 new residents from 2019 to 2020—the timing of this project could not be better. Notably, the neighborhood boasts more than 150 restaurants, bars, galleries, and entertainment venues, all within a ten-block radius of the new development.
Neighborhood Dynamics and Market Trends
RiNo has firmly established itself as a dynamically growing neighborhood with a strong demand for luxury rental housing. However, not everything in the Denver multifamily market is straightforward. Despite a previous oversupply of new construction, the current market is experiencing notable declines. Recent data indicates a 23% year-over-year drop in the construction pipeline and a 19% decline in proposed projects. With high interest rates and increased construction costs impacting developers, the trend suggests that rent increases might be on the horizon.
Interestingly, while the urban multifamily market still grapples with challenges, suburban markets are flourishing, attracting significant investment in multifamily transactions. Nevertheless, experts believe Denver’s urban multifamily market is poised for a rebound, especially as companies adapt to new work-from-home policies and demand for city living resurges.
Amenities and Community Focus
Beyond the residences themselves, 3850 Blake is set to enhance the community by offering approximately 12,000 square feet of amenity space. Plans for these amenities include a stunning elevated pool deck boasting views of the nearby mountains, a clubhouse, coworking zones, and an indoor/outdoor fitness center. As more individuals and families choose to settle in RiNo, these offerings will undoubtedly enrich the local lifestyle and promote a sense of community.
In summary, the 3850 Blake project marks a significant step toward meeting the housing demands of a vibrant neighborhood in Denver. With a dedicated focus on both affordability and quality living, this development is an essential addition to the River North Art District, promising to serve the evolving needs of its residents.
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Additional Resources
- Denver Post: New Multifamily Development “3850 Blake”
- Bisnow: State of Denver Multifamily Real Estate Market
- Mile High CRE: New Apartments Under Construction in Downtown Denver
- CoStar: As Construction Cools, Denver Multifamily Rents Poised to Rebound in 2025
- JPMorgan: Denver Multifamily Market Outlook
- Wikipedia: Multi-family Residential
- Google Search: Denver multifamily real estate
- Google Scholar: Denver multifamily housing
- Encyclopedia Britannica: Multifamily housing
- Google News: Denver housing market
