Dallas-based
Mill Creek Residential has purchased a 2.08-acre site in Observatory Park where it plans to develop 275 apartments in two five-story buildings.
Mill Creek plans to break ground in August and complete the project during the first quarter of 2017.
"We were attracted to the Observatory Park neighborhood for many reasons, including an easy commute to both of Denver's employment centers while being close to some of Denver's best amenities and transit,” says Brian Wynne, managing director of Mill Creek. "We plan to develop a very high-quality community with top-level finishes, a luxury pool deck and more."
The site, formerly a surface parking lot and five single-family homes, is at the southwest and southeast corners of South Josephine Street and East Jewell Avenue. The location between Cherry Hills Village and Cherry Creek is energized by an active college neighborhood.
"With visibility from I-25, light rail within walking distance and surrounded by some of the highest value homes in Denver, this opportunity was one that Mill Creek understood immediately," says Chris Cowan, executive managing director of
ARA Newmark, which represented the seller. "The development will be unique, as it fronts both sides of the Josephine Street, allowing Mill Creek to create a strong streetscape."
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
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