Office building, condos, apartments to kick-start Central Park Station development in Stapleton – The Denver Post

Rendering courtesy of KTGY Architecture + Planning

A long-awaited transit-oriented development in the heart of Denvers Stapleton neighborhood is finally moving forward.

Included in the 35-acre developments first phaseis a 120-unit condominiumproject, something that has been all but nonexistent inrecent years due in large part, developers have said,to the states construction-defects laws.

There is a tremendous need for it, said David Friedman, president of D.H. Friedman Properties,the condo projects developer.

The five-story condo building will join a 190,000-square-foot Class A office building, a300-unit apartment building and 60,000 square feet of retail around a large public plaza south of theRegional Transportation DistrictsCentral Park commuter-rail station.

Master developer Forest City Stapleton and real estate firm Newmark Knight Frank announced the developments first phase Tuesday.

Were kicking it off with office, multifamily and retail we think its very important to have all those going at the same time so we can really start to create a sense of place and help people understand the context of the ultimatebuildout, versus having just one building, Forest Citysenior vice president Jim Chrisman said. This will be a very urban, mixed-use, transit-oriented development.

The buildingsare expected to break ground starting in late first quarter next year or early second quarter, with deliveryin the summer of 2019, Chrisman said. A hotel, too, is the works.

At completion, Central Park Stationcould be home to1million square feet of office space, 1,000 apartments, 400 condos, 120 hotel rooms and 100,000 square feet of retail.

The condo project, anticipated asthefirst of three phases, will include units that range in size from 550 to 1,200 square feet, Friedman said. Prices will start in the mid-$200,000s and go up to the mid-$500,000s.

Our price points are going to be dramatically lower than downtown with all the amenities of Stapleton, Friedman said. The condos youve seen have been inCherryCreek. Youre seeing some in Union Station. We are a different market. Our land costs are less.

Friedman said a recent change to Coloradosconstruction-defects laws, requiring a majority of a complexs condoowners to sign off onlegal action against a developer for shoddy construction,hasnt really impacted the way hell approach the project.

His Greenwood Village-based company has built condos in the past,including Villa Rosso, a seven-story, 65-unit complex in the Denver Tech Center near Belleview Station.

I do think they made big progress yesterday with that case, he said, referring to a related Colorado Supreme Court decision Mondaythat ruled a condo association could not change bylaws requiringbinding arbitration without the consent of the builder.I think that will help, but theres still a lot to do.

Forest City is developing the office building, apartmentsand public plaza in the first phase. Located a block from the train platform at East 37th Place and Uinta Street, the office building, Central Park Station One, will be six stories tall with each office floor offering outdoor terraces and balconies. Ground-floor retail will open onto the public plaza via roll-up doors.

Office is the last piece of the puzzle for Stapleton, Chrisman said. If you go down the checklist of what an office user is looking for, we believe we can check everything on that list.

Zoning generally allows for buildings up to 16 stories high near the train station, but Chrisman saidwhile they may get there eventually, they thought it would be a little aggressive to go that tall right out of the gate.

We have virtually unlimited expansion capability, he said.

And while many office tenants set their sights on downtown Denver, Central Park Station and Stapleton arejust a 15-minute train ride from Denver Union Station and they have lower rents and more affordable parking, Chrisman said.

The public plaza next to the office buildingwill be home to unique shade structures meant to emulate clouds floating over the prairie, he said.

Were trying to do something that will be memorable, that will be iconic, when you say Central Park Station, Oh, thats where that really cool public space is,' he said. Were looking at those elements that can act like the blue bear at the convention centeror themilk jug at Little Man.

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Office building, condos, apartments to kick-start Central Park Station development in Stapleton - The Denver Post