Mixed-Use Multifamily Community NOVEL RiNo to Break Ground
A new mixed-use multifamily community in Denver’s RiNo Art District will break ground later this month. Located at 1300 40th Street, NOVEL RiNo by Crescent Communities will include 483 luxury residences and 15,800 square feet of retail space, with a percentage of the residences designated for affordable housing.
“We look forward to beginning our work on NOVEL RiNo, a community that reflects the uniqueness and eclectic personality of this thriving area of Denver,” said Ben Krasnow, managing director of the Mountain States for Crescent Communities.
“We are excited to be able to create a high-end residential and mixed-use development that will raise the bar for resident experience while preserving the spirit of the neighborhood,” said Jason Lotz, development director, Denver for Crescent Communities.
The $181 million project will feature a variety of studios, one-bedrooms, and two-bedrooms, with a selection of first floor units offering walkout access to the neighborhood.
Crescent Communities and its equity partner, Dart Interests, purchased the property in February 2021. Financing for the project will be provided by Sumitomo Mitsui Banking Corporation. General contractor Milender White is scheduled to break ground immediately, with first residences available in spring 2023.
“Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” said Jonathan Winson, senior vice president of Investments for Dart Interests. “We look forward to partnering again with the team at Crescent Communities, after our success working together on NOVEL South Capitol in Washington D.C. Crescent Communities’ proven ability to deliver, coupled with the notable scale and quality of this development within a high-growth submarket, makes the RiNo project a strong fit for Dart Interests.”
The design vision for this community pays homage to the history of RiNo Art District through modern industrial architecture and planned art installations commissioned by local Denver artists, which will allow RiNo’s artistic spirit to live on the exterior of the community. Design partners for this project include Davis Partnership Architects, Kimley Horn, Vignette Interior Design, 505 Design, and LandDesign.
In addition, NOVEL RiNo’s retail offering, with retail leasing managed by JLL, will be programmed to bring the adventurous, bohemian energy to the ground floor and invite the neighboring community to engage with the project. Within the 15,800 square feet of planned retail, 2,702 square feet of that will include a rooftop cocktail lounge with stunning views of the city and mountains. Residents will be able to enjoy a sixth-floor pool deck with an oversized hot tub, three expansive outdoor residential courtyards, a covered outdoor pavilion, and a customized food truck reserved for resident use.
“The EXDO Development team couldn’t be more excited to welcome Crescent Communities into the RiNo Art District and Cole Neighborhood,” said Andrew Feinstein, CEO and managing partner of EXDO Development, the land seller on this deal. “Crescent Communities’ NOVEL RiNo project will further advance our longstanding vision of converting low-density and vacant industrial property into a true mixed-use, high-density project that will provide housing for many levels of income as well as catalytic retail space open to all. Moreover, NOVEL RiNo cements that the 38th and Blake Zoning Overlay — adopted nearly three years ago — is working as envisioned and intended.”