1.65-Acres Adjacent to Broncos Stadium to be Redeveloped
Minneapolis-based The Opus Group has purchased a 1.65-acre land parcel at 19th & Clay in Denver. Newmark Knight Frank (NKF) Multifamily arranged joint venture equity for the development of a future 277-unit luxury apartment development. The vacant lot and parking garage are located adjacent to the Broncos Stadium Redevelopment in the thriving Jefferson Park neighborhood.
Executive Managing Director Chris Cowan, Associate Director Bryon Stevenson and Transaction Manager Mackenzie Walker represented the seller, The Nichols Partnership, in the transaction.
Current plans for the development include a 12-story building offering studio, one-bedroom and two-bedroom luxury units averaging 763 square feet and three levels of structured parking with 288 parking spaces.
According to NKF, the population within a one-mile radius of the land parcel is expected to increase by 19 percent over the next four years.
“Located between the Stadium Redevelopment and the River Mile development, which are adding upwards of 17 million square feet of future mixed-use development to the immediate area, 19th & Clay is well-positioned for the flourishing population growth,” stated Cowan, who led the team in the transaction. “New, Class A multifamily product in the immediate area of 19th & Clay commands premium rents of $2.93 per square foot,” added Cowan.
Rendering courtesy of NKF