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TEXAS/SOUTHWEST NEWS
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Construction Underway on 281-Unit Res Community in Denver’s Union Station Neighborhood

11/28/12

Construction has begun on Alta City House, a five-story, 281-unit luxury apartment community in the heart of Denver’s bustling Union Station neighborhood. The project, one of the most ambitious and most-watched urban redevelopment projects in the nation, is a development of Wood Partners and East West Partners, the developer of Riverfront Park and the Union Station district. The venture obtained financing for the $62 mil project from USAA Real Estate Company.

Alta City House, located at 1801 Chestnut St, will be built just west of Denver’s iconic train station at 17th and Wynkoop streets. Union Station, which opened in 1881, is the centerpiece of a 12-block redevelopment initiative, anchoring an ultramodern transit hub, surrounded by public plazas and gardens, restaurants, and residential and retail space.

“Alta City House is going up in one of the most exciting urban living-working-entertainment centers in the country,” said Tim McEntee, Wood Partners director. “With over six modes of transportation – from light rail to bike paths – and access to three pro sports venues, 1,200 restaurants and bars, and one of the largest arts complexes in the nation, Alta City House could hardly be better positioned.”

Chris Frampton, managing partner of East West Partners - Denver, called the revitalized Union Station one of the most intense development projects in the country. "Over two million square feet of office space has been built over the last 10 years, including headquarters for companies as diverse as Chipotle and DaVita. Ongoing development continues as more than one million square feet is on the boards, over 400 hotel rooms are in various stages of construction and 100,000 square feet of new retail is underway at the base of each of those buildings. Union Station is by far the most active development area than any other region in the United States.”

Alta City House will occupy a full block between 18th and 19th streets and Chestnut. The apartment community will be at the base of the Millennium pedestrian bridge on 18th Street, within 100 feet of the new light rail station and just blocks from the train to Denver International Airport, projected for completion in 2016. The Denver Center for the Performing Arts is near, and residents of Alta City House also can walk or bike to the Platte River Greenway, a network of more than 120 miles of bike trails.

The five-story apartment building, with garage, will occupy slightly less than three acres and will offer 183 one-bedroom units, ranging from 645 sf to 825 sf; 90 two-bedroom units, from 991 sf to 1.2k sf; and eight three-bedroom, 1.3k sf units. The residences are expected to rent at over $2 per square foot, and the developer is planning approximately 1.7 parking spaces per unit.

Amenities will include: a rooftop deck with a year-round outdoor kitchen, fireplace, televisions, swimming pool and striking view of Coors Field; a dog wash; a bicycle repair shop; a two-story fitness center; two-story club room; cyber café; wine room with lockers; game room; outdoor courtyards and a plaza opening to the 18th Street pedestrian bridge.

Alta City House will attract single young professionals and couples as well as empty nesters and retirees who are downsizing or seeking second homes in vibrant, highly walkable, neighborhoods, said McEntee.

Construction is expected to take approximately 18 to 24 months.

Alta City House is the second collaboration for Wood Partners, East West Partners and USAA Real Estate in redeveloped downtown Denver. The three companies partnered on the highly successful Glass House high-rise condominium project in Riverfront Park in 2007. Wood Partners long envisioned the new Alta City House as a complementary development and purchased the land in 2006.

Alta City project increases the total cost of projects for which USAA is the capital partner to over $200 mil.

Besides its two Riverfront/Union Station projects, Wood Partners recently completed construction on Alta Aspen Grove (a 280-unit garden style multifamily community) located in Littleton. In addition, the following two Colorado projects are currently under construction: Alta Alameda Station (a 338-unit transit-oriented community) located in the historic Baker district west of S. Broadway in Denver and Alta Harvest Station (a 297-unit apartment community) located in Broomfield.

Wood Partners will lead construction on the Alta City House development. Paul T. Bergner Associates is the architect, Harris Kocher Smith is the civil engineer and Norris Design is the landscape architect and land planner for Alta City House.






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