DENVER, CO--(Marketwire - Nov 27, 2012) - Wood Partners, the nation's No. 1 multifamily property developer, has broken ground on Alta City House, a five-story, 281-unit luxury apartment community in the heart of the bustling Union Station neighborhood, one of the most ambitious and most-watched urban redevelopment projects in the nation.
Wood Partners and East West Partners, the developer of Riverfront Park and the Union Station district, obtained financing for the $62 million project from USAA Real Estate Company.
Alta City House, located at 1801 Chestnut St., will be built just west of Denver's iconic train station at 17th and Wynkoop streets. Union Station, which opened in 1881, is the centerpiece of a 12-block redevelopment initiative, anchoring an ultramodern transit hub, surrounded by public plazas and gardens, restaurants, and residential and retail space.
"Alta City House is going up in one of the most exciting urban living-working-entertainment centers in the country," said Tim McEntee, Wood Partners director. "With over six modes of transportation -- from light rail to bike paths -- and access to three pro sports venues, 1,200 restaurants and bars, and one of the largest arts complexes in the nation, Alta City House could hardly be better positioned."
Chris Frampton, managing partner of East West Partners - Denver, called the revitalized Union Station one of the most intense development projects in the country. "Over two million square feet of office space has been built over the last 10 years, including headquarters for companies as diverse as Chipotle and DaVita. Ongoing development continues as more than one million square feet is on the boards, over 400 hotel rooms are in various stages of construction and 100,000 square feet of new retail is underway at the base of each of those buildings. Union Station is by far the most active development area than any other region in the United States."
Alta City House will occupy a full block between 18th and 19th streets and Chestnut. The apartment community will be at the base of the Millennium pedestrian bridge on 18th Street, within 100 feet of the new light rail station and just blocks from the train to Denver International Airport, projected for completion in 2016. The Denver Center for the Performing Arts is near, and residents of Alta City House also can walk or bike to the Platte River Greenway, a network of more than 120 miles of bike trails.
The five-story apartment building, with garage, will occupy slightly less than three acres and will offer 183 one-bedroom units, ranging from 645 to 825 square feet; 90 two-bedroom units, from 991 to 1,227 square feet; and eight three-bedroom, 1,300-square-foot units. The residences are expected to rent at over $2 per square foot, and the developer is planning approximately 1.7 parking spaces per unit.
Amenities will include: a rooftop deck with a year-round outdoor kitchen, fireplace, televisions, swimming pool and striking view of Coors Field; a dog wash; a bicycle repair shop; a two-story fitness center; two-story club room; cyber café; wine room with lockers; game room; outdoor courtyards and a plaza opening to the 18th Street pedestrian bridge.
Alta City House will attract single young professionals and couples as well as empty nesters and retirees who are downsizing or seeking second homes in vibrant, highly walkable, neighborhoods, said McEntee.
Construction is expected to take approximately 18 to 24 months.
Alta City House is the second collaboration for Wood Partners, East West Partners and USAA Real Estate in redeveloped downtown Denver. The three companies partnered on the highly successful Glass House high-rise condominium project in Riverfront Park in 2007. Wood Partners long envisioned the new Alta City House as a complementary development and purchased the land in 2006.
Alta City project increases the total cost of projects for which USAA is the capital partner to over $200 million.
Besides its two Riverfront/Union Station projects, Wood Partners recently completed construction on Alta Aspen Grove (a 280-unit garden style multifamily community) located in Littleton. In addition, the following two Colorado projects are currently under construction: Alta Alameda Station (a 338-unit transit-oriented community) located in the historic Baker district west of S. Broadway in Denver and Alta Harvest Station (a 297-unit apartment community) located in Broomfield.
Wood Partners will lead construction on the Alta City House development. Paul T. Bergner Associates is the architect, Harris Kocher Smith is the civil engineer and Norris Design is the landscape architect and land planner for Alta City House.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray Beach, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.
About East West Partners
East West Partners is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. East West Partners was founded in 1986 with the purchase of a piece of land in Beaver Creek. Today, that development is the cornerstone of a portfolio of projects in resort & urban destinations across the United States. East West Partners' development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail and clubs. In all, East West Partners has developed more than 60 projects comprising more than $3 billion of residential and commercial real estate. In 2011, one of its signature developments, Riverfront Park, won the ULI Award for Excellence: Americas. To learn more about East West Partners, please visit our website at eastwestpartners.com.
About USAA Real Estate Company:
With over $12 billion in assets under management, USAA Real Estate Company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
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