Groundbreaking: Observatory Flats Fill Denver’s Condo Void
DENVER – The Ground Breaking Ceremony was held today for a new $11 million, 5-story for sale condo project in the University of Denver neighborhood.
Observatory Flats, located at 2368 S. University Boulevard, features 53 high-end condominiums, developed by Dublin Development, a Denver-based residential development company founded by Shawn Bookout and Jae Edwards. The general contractor on the project will be Bristlecone Construction Corporation. redT Homes, the listing broker for the project, has seen a steady stream of early reservations since presales started in June and currently has 9 of the 53 units (17%) under reservation.
The condos will range from 600 to 1006-square-feet and feature high-end designer finishes including quartz countertops and stainless steel appliances. The onsite fitness center, parking garage, and shared rooftop space offering panoramic views add to the allure of these optimally located units – just steps from Daniels College of Business on the DU campus. Pricing starts in the low $300,000s and the project has an anticipated completion date of fourth quarter 2018.
Observatory Flats fills a growing need for condominiums in the Denver Metro area.
“We are excited to delve into condo development to fill the growing need for more affordable housing options in the City of Denver. The population influx coupled with the risk of defect litigation the past few years has challenged condo inventory. Dublin Development is excited to fill that need for those looking to live in one of the more attractive locations in the metro area. Observatory Flats is conveniently located near light rail and a quick ten-minute drive to the DTC, Downtown Denver, as well as Cherry Creek,” said Dublin Development’s Jae Edwards.
Many developers have turned away from condo development in recent years due to the extra burden of the state’s construction-defect law. In May, the Governor signed House Bill 17-1279 – Construction Defects and this reform creates the opportunity for homeowners to work together with developers to correct issues that may arise.
In 2016, with the knowledge of potential reform on the horizon, Dublin Development along with their Michigan based equity investor, Promanas Group, started to assemble resources to make this project a reality.
“We are excited that our investors also see the unmet need for condo development here in Denver. We’ve been watching other groups take the pioneering steps back into condo development, and felt it was the right timing for us. While we are pleased to see legislators take the first steps in finding a resolution to the construction defect issue we will, however, still adhere to a strong risk mitigation strategy,” said Edwards.