News Summary
Construction has commenced on ‘3850 Blake’, a new multifamily residential project in Denver’s River North Art District. The 16-story building will feature 310 rental units, with a commitment to affordability for residents earning around 70% of the area median income. The project aims to enhance community living with ample amenities while meeting growing housing demands in the vibrant neighborhood.
New Multifamily Development “3850 Blake” Under Construction in Denver’s River North Art District
Construction has kicked off on a new 310-unit multifamily development, known as “3850 Blake,” located in the River North Art District (RiNo) of Denver. The project aims to provide modern rental housing alongside affordable options, set to be completed by the third quarter of 2027.
The construction site is a vacant lot situated at the corner of Blake Street and 38th Street, where a sleek 16-story building will rise. This development is part of an ongoing trend that showcases the demand for urban living in a neighborhood that has recently flourished.
Financing and Growth in the Area
The real estate firm FORMATIV has secured $65.5 million in construction financing for this project, facilitated by JLL, a company renowned for its real estate services. The financing was arranged by a specialized Debt Advisory team, which noted the project’s strategic placement within a neighborhood experiencing rapid growth. From 2019 to 2020 alone, approximately 26,000 new residents made their way to this vibrant area, contributing to a notable rush in demand for housing.
Unit Features and Affordability
The development will consist of a variety of living options, including studio, one-bedroom, and two-bedroom apartments, with an average size of 563 square feet. In a bid to provide accessible urban living, nearly 40% of the residences will have pricing aimed at affordability for individuals earning 70% or less of the area median income (AMI). Moreover, over 70% of the units will be available for those earning below 100% of the AMI, making urban living attainable for a broader range of citizens.
Amenities Designed for Modern Living
Residents can expect an array of modern amenities, totaling approximately 12,000 square feet of shared space. Highlights include an elevated pool deck that offers stunning views of the mountains, a clubhouse, coworking zones for professionals, and an indoor/outdoor fitness center. These facilities aim to enhance the living experience and cater to the aspirations of those seeking a balanced lifestyle within the community.
Market Trends and Future Outlook
The construction of “3850 Blake” comes at a time when Denver’s multifamily market is experiencing a decrease in new developments. The city has seen a 23% year-over-year drop in the construction pipeline, and a 19% decline in proposed projects has also been noted. High-interest rates and rising construction costs are impacting developers and may potentially lead to increased rents in the future.
While urban developments face challenges, suburban areas are witnessing a surge in activity as investors focus on multifamily transactions outside the city center. Nonetheless, there is optimism that as work-from-home policies evolve, demand for city living will rebound, allowing urban developments like “3850 Blake” to capture the interest of prospective residents once again.
Community Amenities and Lifestyle
The River North Art District boasts approximately 150 restaurants, bars, galleries, and entertainment venues within a 10-block radius of the new development, offering an appealing lifestyle for its residents. This vibrant cultural atmosphere supports the growth of the community and aligns with the ongoing initiatives like the city’s Inclusionary Housing Ordinance and sustainability efforts that are shaping the future of urban development.
With its strategic location, diverse living options, and plans for extensive amenities, “3850 Blake” stands as a promising addition to Denver’s evolving landscape in multifamily housing, seeking to balance luxury with accessibility.
Deeper Dive: News & Info About This Topic
Additional Resources
- Denver Post: New Multifamily Development “3850 Blake”
- Bisnow: State of Denver Multifamily Real Estate Market
- Mile High CRE: New Apartments Under Construction in Downtown Denver
- CoStar: As Construction Cools, Denver Multifamily Rents Poised to Rebound in 2025
- JPMorgan: Denver Multifamily Market Outlook
- Wikipedia: Multi-family Residential
- Google Search: Denver multifamily real estate
- Google Scholar: Denver multifamily housing
- Encyclopedia Britannica: Multifamily housing
- Google News: Denver housing market
