Construction will begin next summer on the Coloradan, a $200 million condo tower by Union Station.
East West Partners and Amstar Advisers, both based in Denver, next summer plan to break ground on a $200 million, 342-unit condominium project in the Union Station neighborhood.
The 19-story building, the Coloradan, will be constructed on an acre-site at 1750 Wewatta St.
The Coloradan marks the first partnership between Amstar Advisers and East West Partners.
Condo prices in the Coloradan will range from $250,000 to $3 million.
The Coloradan will be one of the first buildings to be constructed in Denver under the revised Inclusionary Housing Ordinance enacted by Denver City Council in August 2014. Under the ordinance, 10 percent of the residences will be dedicated to providing affordable housing.
“This is a major win for affordable home ownership opportunities right in the heart of Lower Downtown,” said Denver Mayor Michael B. Hancock.
“The scale and location of the Coloradan is simply amazing, and we commend the development team for choosing to meet their affordability requirements on-site at such a premier location,” Hancock continued
“This helps to shape a stronger Denver, providing our hard-working residents the opportunity to take advantage of all that our urban center has to offer.”
The Coloradan will include about 19,000 square feet of ground floor retail. It also will include a 452-space parking garage.
Planned amenities include a rooftop pool deck and club room, residents’ lobby, fitness room and a residents’ garden.
“We are very excited to partner with East West Partners on a luxury condominium development in the heart of downtown Denver,” said Kim Sperry, Amstar’s managing director.
“For over 25 years, Amstar and East West have witnessed the growth of this impressive city that continued growth, coupled with supply side factors, create an excellent opportunity for condo development,” Sperry added.
East West Partner is the master developer of the Union Station neighborhood. East West Partners also developed Riverfront Park, the 25 acres between the former freight line and the South Platte River that includes 1,859 residential homes.
Riverfront Park has been cited as the catalyst for the redevelopment of Union Station.
With The Coloradan, East West Partners will bring to market the first opportunity to own a piece of the Union Station neighborhood, in the last building to be constructed in the Union Station area.
The building, between the under construction Whole Foods and the Terminal Building, will complete the circle of development around the Union Station train platform.
“Since opening in 2014, Union Station has quickly become the new heart of downtown Denver, and the Coloradan will be at the heart of Union Station, making it the most exciting new downtown living opportunity in the city,” said Chris Frampton, managing partner of East West Partners.
“We are proud of everything we’ve built in Denver and Union Station, but the Coloradan may end up being our crown jewel,” Frampton said.