Chris Cowan and Steve O’Dell, executive managing directors of the Denver office of ARA Newmark, have announced the sale of a 1.15-acre parcel in the most underdeveloped part of downtown Denver.
Cowan and O’Dell represented the seller of the parcel, who sold the land to Dallas-based Trammell Crow Residential.
The sale price was not released.
TRC plans to start constructing the 13-story, 355-unit Alexan Arapahoe Square apartment tower on the site bordered by Park Avenue West, 22nd and Welton streets.
Completion is scheduled for October 2018.
According to the city and county of Denver, the vision for the Arapahoe Square area is to become a densely populated, vibrant, mixed-use neighborhood that is pedestrian friendly.
The Denver City Council recently adopted new zoning and design regulations for the neighborhood to help the transformation succeed.
“Despite downtown Denver’s development boom, this pocket of town has remained largely untouched until the last few years. TCR’s Alexan Arapahoe Square will join a row of transit-oriented developments that are replacing unsightly surface parking lots and deteriorating buildings and will solidify Welton Street as a great place to live and work,” Cowan said.
The Alexan Arapahoe Square will feature two sixth-floor courtyards – including one with a pool deck and spa overlooking the downtown skyline and Front Range – a 13th-floor rooftop and a 1,200-square-foot fitness center.
“TCR is thrilled to close the transaction and begin construction on this 13-story residential community,” said Matthew Schildt, managing director at TCR.
“We worked closely with the neighborhood and the city during the design review process and believe it resulted in a building that will make a strong contribution to this neighborhood as well as to the City of Denver,” Schildt said.
“We believe this will be one of the best buildings we’ve done to date,” he said.
Kephart is designing the Alexan at Arapahoe Square.
