Hines Buys Land in RiNo for 10-Story Multifamily Development
Hines and investment partner Cresset Real Estate Partners have purchased 2.35 acres of vacant land in the North Wynkoop 14-acre master plan located in RiNo, from Denver-based Westfield Company Inc. Hines plans to develop a 10-story, 392-unit multifamily building on the site.
“This acquisition represents one of the last available developable sites in RiNo, which is experiencing a transformation into an exciting live-work-play destination,” said Chris Crawford, senior managing director of Hines. “Hines and Cresset have a demonstrated longstanding partnership and we look forward to delivering another best-in-class multifamily product to this market in partnership with Westfield as a co-developer alongside Hines.”
World-class architect Arquitectonica will design the project, equipped with best-in-market amenities for residents and feature panoramic city and mountain views. The development will also contain 32,000 square feet of retail and is located adjacent to Mission Ballroom, where future residents will be able to enjoy the exciting music scene just steps from their front door.
“We are delighted to continue our partnership with Hines on another best-in-class project in the RiNo neighborhood, said Jason Ross, director of Cresset Real Estate Partners. The submarket has experienced tremendous growth and this project will be an integral part for many years to come.”
The purchase marks the second acquisition of land for Hines and Cresset Real Estate Partners in the North Wynkoop 14-acre master plan. Mica RiNo, the partners’ other multifamily project, is currently under construction a block away and will feature 397 units, scheduled to deliver its first units at the end of the year. Additionally, Hines’ T3 office building is currently under construction in the neighborhood.
The development’s prime location will provide convenient access to RiNo’s popular restaurants, bars and entertainment centers, as well as the 38th and Blake RTD light rail station. Upon completion of the surrounding North Wynkoop mixed-use district, residents will enjoy even more dynamic retail, entertainment, dining, and creative office space, as well as a boutique hotel, all in the immediate vicinity.