A new 20-story apartment building is planned for the Globeville neighborhood near Denver’s emerging Fox Park neighborhood, according to plans submitted early last month to the city by Architectural Workshop, a Denver-based architecture, design and planning group.
The project, West 39th Avenue and 3901 Elati St., will feature an approximately 125,000-square-foot parking garage with a total of 323 parking spaces, 417 units ranging from studio, 1- and 2-bedroom apartments and nearly 20,000 square feet of amenity space dispersed throughout the building.
Though the property is still in the concept phase, residents can expect amenities such as community areas, a fitness center and an elevated park on the seventh floor, according to Isiah Salazar, president at Central Street Capital, Inc., a private investment management company based in Denver that is working on the development.
“We’re very excited about the potential of this project,” Salazar said. “We’re just very bullish and excited for this neighborhood. We think it’s one of the last great pockets in metro Denver that has yet to see its full potential.”
Concept plans also reveal the building is designed to capture views of downtown Denver and the mountains to the west as well as focusing on maximizing sunlight across the elevated park.
The building will have a ground floor dedicated to the lobby and some amenities, a five-story parking garage above and 14 stories of multi-family residential units.
Out of the 417 apartment units, over 70% of them will be studio bedrooms, based on the project’s concept plans.
According to record details of the project, the units will not be 100% affordable housing, however, Salazar said they acknowledge that there is a huge need for attainable housing for people still moving into Denver.
“We would enjoy the opportunity to continue working with City of Denver to figure out the percentage of the units that we would have be labeled for a certain AMI (area median income) level,” he said.
Founded in the late 1990s, Central Street Capital Inc., has investments in real estate development projects, student housing, healthcare companies and operating businesses in a range of industries.
The company has been behind several notable projects, including the 4 Mile District, a 10-acre entertainment venue in downtown Glendale, Denver’s Assembly Student Living and the upcoming 4040 Fox Street Apartments, which Salazar said will be completed by late August of this year.
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