First For-Sale Condominiums in Union Station Neighborhood in High Demand
DENVER – Initial sales at The Coloradan, a 334-unit condominium property located directly behind Denver’s Union Station, have outpaced initial projections. The property began taking contracts on August 22nd and has already sold 158 residences, totaling more than $100 million in gross sales — The Coloradan is also offering an interest list for their 33 affordable homes offered under the Inclusionary Housing Ordinance (IHO).
East West Partners, a Denver-based developer devoted to building, selling, and managing high-quality real estate, and its partner Ascentris, a Denver-based real estate private equity firm, announced the news today, “We knew there was great demand for new condominiums in the Union Station neighborhood but to be more than 50 percent sold out in less than three weeks is well beyond our expectations,” said Brad Arnold, vice president of sales and marketing for The Coloradan.
The Coloradan has witnessed strong sales activity across all unit types, and sales prices have ranged from $255,000 up to $2.75 million with an average sales price of $635,000. Buyers have ranged from first time homebuyers to empty nesters, and from second homebuyers to road warriors who value the direct connection to Denver International Airport. Regardless of background, the buyers clearly have one thing in common: an affinity for the redeveloped Union Station neighborhood and all that it offers.
“Everything begins with the Union Station neighborhood, which provides unmatched access to Denver’s best sports, restaurants, arts and culture, shopping and transit so that owners can take full advantage of everything our wonderful city has to offer,” said Arnold. “Our buyers are also taken with the building itself: architecture, thoughtful floorplans, emphasis on natural light, indoor/outdoor spaces, progressive technology and healthy living. Lastly, The Coloradan is focused on building community, giving back to community and being a part of the community, and our buyers are really embracing this concept.”
“Being a Denver native and a resident of the downtown area for over a decade, there hasn’t been a project that has had more excitement surrounding it than The Coloradan,” said Gary Newlin, a new owner at The Coloradan. “Living in a first class building with a full set of amenities in the nucleus of the city was an absolute perfect fit for me, and I’m counting down the days until I can move in.”
The Coloradan has 143 one-, two- and three-bedroom residences as well as penthouses still remaining, priced from $495,000 to $3.35 million. In addition, The Coloradan is one of the first buildings to be constructed under the revised (IHO) enacted by Denver City Council in August 2014, with 10 percent of the residences dedicated to providing affordable housing. The Coloradan’s 33 affordable homes will be offered for sale in 2018, and buyers can join an interest list by calling the sales center directly at (303) 607-7670.
The building is scheduled to be complete in late 2018. The Coloradan will be hosting an open house this Saturday, September 16th from 10am to 5pm and Sunday, September 17th from 12pm to 4pm at their sales center located in the Triangle Building at 1550 Wewatta Street, WeWork, 2nd Floor.
Image courtesy of East West Partners