New $65.5 Million Multifamily Development Planned for Denver’s River North Art District

News Summary

JLL Capital Markets has secured $65.5 million for a new multifamily development at 3850 Blake in the River North Art District. This 16-story building will feature 310 housing units, 40% of which will be affordable for residents earning 70% of the area median income. Set for completion in 2027, the project is positioned to enhance urban living with extensive amenities, transit accessibility, and a focus on community engagement.

New $65.5 Million Multifamily Development Planned for Denver’s River North Art District

JLL Capital Markets has secured a significant financing deal of $65.5 million for the construction of the new multifamily development at 3850 Blake in Denver. This project is set to add 310 new housing units to the vibrant River North Art District (RiNo).

Project Overview

Located at the intersection of Blake Street and 38th Street, 3850 Blake will stand as a 16-story, fully-entitled development, featuring a mix of studio, one-bedroom, and two-bedroom apartments. With an average unit size of approximately 563 square feet, the project is positioned as Class A multifamily housing, which promises to cater to a wide range of residents.

Completion of the development is projected for the third quarter of 2027, highlighting a long-term commitment to enhancing urban living in the area.

Affordability and Community Benefits

Of the total residential units, nearly 40% will be affordable to individuals earning 70% of the area median income (AMI). Additionally, over 70% of the units will cater to individuals earning below 100% AMI. This approach aims to provide valuable housing options amid Denver’s ongoing demand for affordable living.

Amenities and Urban Experience

The project is designed to offer a highly amenitized urban living experience, which includes 12,000 square feet of amenity space. Residents can look forward to a range of facilities, such as an elevated pool deck with stunning mountain views, a modern clubhouse, co-working spaces, and an indoor/outdoor fitness center. There will also be a lobby engineered for community engagement, fostering a sense of belonging among residents.

Transit Accessibility and Surroundings

Convenient transit access plays a crucial role in the project’s appeal, with the 38th & Blake RTD light rail station just steps away, providing easy transportation to Union Station and Denver International Airport. The development enjoys an advantageous location surrounded by over 150 restaurants, bars, galleries, and entertainment venues within a 10-block radius, enriching the living experience for its residents.

Development Context

The parcel of land for this project was purchased for $9.6 million in April 2022, indicating a strong investment in the growing area. RiNo has witnessed significant population growth, with 26,000 new residents moving into the neighborhood from 2019 to 2020. This trend reflects an increased demand for multifamily developments targeting urban living in Denver.

In summary, the planned 3850 Blake development represents a substantial investment in Denver’s real estate landscape, aiming to provide quality and affordable housing while enhancing the community amenities that RiNo offers. With construction financing in place, the project is a testament to ongoing urbanization efforts and the commitment to meet housing needs in growing urban areas.

Deeper Dive: News & Info About This Topic

Additional Resources

• Denver Post: New $65.5 Million Multifamily Development Planned for Denver’s River North Art District
• Wikipedia: General Knowledge
• CoStar: Denver’s Multifamily Market
• Encyclopedia Britannica: General Knowledge
• Commercial Observer: Affinius Capital $112M Loan
• Google Search: Denver multifamily real estate
• Mile High CRE: New Apartments in Downtown Denver
• JPMorgan: Denver Multifamily Market Outlook